New Tax Burden, New Tax Break

New Tax Imposed on Nonprofits Prior to the Tax Cuts and Jobs Act, certain for-profit employers were allowed a tax deduction for the costs related to qualified transportation and parking benefits provided to their employees. However, this deduction was eliminated by the Tax Cuts and Jobs Act. As a result, nonprofits that provide transportation and…

Summer Tax Update

2018 HSA Contribution Deduction Limit Restored to Original Level of $6,900 Before the Tax Cuts and Jobs Act was passed, the 2018 limit on deductible HSA contributions for account owners with family coverage was scheduled to be $6,900.  However, the Tax Cuts and Jobs Act included changes to how annual inflation adjustments are calculated for…

Increasing Number of Refund Scams

The IRS is warning of an increase in refund scams this filing season. The criminals who are perpetrating these scams are using victim’s Social Security numbers, dependent data, and bank account information to file fraudulent returns. The criminals are also calling tax preparers posing as IRS agents or collections agents demanding that the refund money…