Sheila Schroyer CPA PC

The United States Department of Labor recently updated the regulations regarding overtime rules. Starting January 1, 2020 the income threshold of $23,660 will be raised to $35,568. This means that starting in 2020 employers will be required to pay overtime to employees who make less than $35,568. For more information you can visit https://www.ecfa.org//Just-Announced-Overtime-Law-Changes-. If you need any assistance preparing for these changes please feel free to contact us at [email protected]

2020 HSA Limits Released The IRS released Revenue Procedure 2019-25 which contains the Health Savings Accounts (HSA) and High Deductible Health Plan (HDHP) limits for 2020. The limits from 2019 to 2020 will change as follows: HSA Contribution Limits... The self-only maximum HSA annual contribution limit will increase from $3,500 to $3,550. The family maximum HSA annual contribution limit will increase from $7,000 to $7,100. There will be no change to the $1,000 HSA catch-up contribution limit. HDHP Limits The self-only minimum HDHP annual deductible will increase from $1,350 to $1,400. The family minimum HDHP annual deductible will increase from $2,700 to $2,800. The self-only maximum HDHP annual out-of-pocket limit will increase from $6,750 to $6,900. The family maximum HDHP annual out-of-pocket limit will increase from $13,500 to $13,800.

Here is quick update on regulations governing HSA accounts: The IRS in Rev. Proc. 2019-25 announced the annual inflation-adjusted limits on deductions for contributions to a health savings account (HSA) allowed for taxpayers with family coverage under a high-deductible health plan (HDHP) for calendar year 2020. Under Sec. 223, individuals who participate in an HDHP are permitted a deduction for contributions to HSAs set up to help pay their medical expenses. The contribution ...deduction limit is subject to an annual inflation adjustment. To be eligible to contribute to an HSA, an individual must participate in an HDHP, which is a health plan with an annual deductible that is not less than a certain limit each year and for which the annual out-of-pocket expenses, including deductibles, co-payments, and other amounts, but excluding premiums, do not exceed a certain limit each year (Sec. 223(c)). HSA contribution limits for 2020 For 2020, the annual limit on deductible contributions is $3,550 for individuals with self-only coverage under an HDHP (a $50 increase from 2019) and $7,100 for family coverage (a $100 increase from 2019). The limits on annual deductibles are also subject to annual inflation adjustments. For 2020, the lower limit on the annual deductible for an HDHP is $1,400 for self-only coverage and $2,800 for family coverage, both increased from 2019. The upper limit for out-of-pocket expenses is $6,900 for self-only coverage and $13,800 for family coverage, both increased from 2019.

Hello everyone, the recently passed Tax Cuts and Jobs Act has disallowed entertainment, amusement, recreation and qualified transportation fringe expenses for taxpayers begining in 2018. The American Institute of CPAs has requested immediate guidance about meals and entertainment deductions from the IRS. https://www.aicpa.org//aicpa-says-taxpayers-need-immediate

Tax time is upon us! Corporate, partnership and s Corp taxes are due on March 15, 2018. Individual tax returns are due April 16, 2018 (One day later due to the weekend). We can assist you or your business in filing your personal or corporate tax returns. Send us an email or message us on Facebook to get started.

Hello everyone, this is the start of regular Facebook posts for the company page. IRS deadlines, important information about the company and messages about how our company may assist your organization in financial administration, will be the information you may expect.