Telehealth Services Allowed for HDHPs
High deductible health plans (HDHPs) require minimum insurance deductibles to be met before insurance coverage begins. HDHPs are a prerequisite for contributing to a health savings account (HSA). The CARES…
Dollar Limits on Depreciation for Vehicles in 2022
Passenger vehicles, including light trucks and vans, that are purchased for business and placed in service in 2022 can be depreciated only up to a set dollar amount. And if…
Farmers and Fishermen Get Penalty Waiver
Usually, farmers and fishermen are only required to make one estimated tax payment if they are “qualified.” Being qualified means having two-thirds of gross income in the current or previous…
IRS Launches Taxpayer Experience Office
On March 4, 2022, the IRS announced the start of the Taxpayer Experience Office, which is a new office designed to focus on taxpayer transactions with the Service (IR-2022-50). The…
Homeowners Could Deduct Mortgage Interest Lender Received on Short Sale
A short sale occurs when a homeowner in financial distress sells their property for less than the amount due on the mortgage. In one case, homeowners filed for bankruptcy and when…