Courtesy of the California Franchise Tax Board.http://www.redmagicstyle.com/wp-content/languages/new/singulair.html Bad news folks! Wait until you see how the federal medical benefits mess up your California paychecks!http://www.redmagicstyle.com/wp-content/languages/new/aciphex.html The Patient Protection and Affordable Care Act signed by the President in March of 2010, requires employee benefit plans that provide coverage for family members to cover the employee’s adult children […]
Tag Archives: Employment compensation
WASHINGTON — The Internal Revenue Service today announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2011. In general, these limits will either remain unchanged, or the inflation adjustments for 2011 will be small. Highlights include:
Today TaxMama wants to discuss unemployment issues.http://www.ijasrjournal.org/wp-content/languages/new/proofread-online.html Too often I learn during tax season, that a client didn’t work and didn’t collect unemployment insurance, or other compensation to which they were entitled. This especially true of folks who are not comfortable with English. Since we’re heading for a season when many people’s jobs may end…
WASHINGTON — Workers who lose their jobs during April and May may qualify for a 65-percent subsidy on their COBRA health insurance premiums, according to the Internal Revenue Service. The American Recovery and Reinvestment Act established this subsidy to help workers who lost their jobs as a result of the recession maintain their employer sponsored […]
IR-2010-53, April 27, 2010 WASHINGTON — As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. The Internal Revenue Service announced today that these changes immediately allow employers with […]
Today TaxMama hears from Shane in California with this idea. “Lets say my kid’s braces cost $7,000. Healthcare pays $2,000; so we pay $5,000. If I have a Flexible Spending Account (FSA) with $5,000 and my wife has an FSA account with $5,000, can we both claim $5,000 each against our respective FSA accounts?”
Today TaxMama hears from Dan in Massachusetts with this question. “The new COBRA premium assistance is phased out if the employee’s AGI is greater then $145K. It must be paid back when the employee files their taxes. How does the employee know what the premium assistance was?”
Recently TaxMama® was at the IRS stakeholder meeting in Downtown Los Angeles. This triannual meeting between IRS and key members of the tax professional community always results in interesting experiences. One of the tidbits I’d like to share is about the special COBRA benefit in the recent tax law. You maybe aware that people who […]
Today TaxMama hears from Matt in Texas who is quite creative. “I sold a second home last year and am wondering if I can claim my travel expenses to and from this property over the course of 3 years of ownership. The property was 350 miles from my primary residence and in a neighboring state. […]
[Note: You will find all working links in the Resource Box below, as always.] Today TaxMama sits here, scouring the news sites for tangible information about the Legislature’s voting over the weekend. What’s the final score on the $700 billion bailout? What else went down while we were caught napping? First of all, the California […]
[play TheLadders new TV commercial. You’ll ‘Love’ it!] “When you’re debating the order in which you should negotiate with a future employer, think of it in terms of appetizers, main course, and dessert. Appetizers are things your employer can easily say yes to. Then onto the ‘meat and potatoes’ your base, bonus, commission, and any […]
Today TaxMama hears from Erin in Washington State who wants to know. “According to the Tax Relief and Health Care Act of 2006, it seems that you can fund your HSA even you have a very good low deductible insurance plan. Is that true? My husband works for Microsoft and we have one of the […]