April 2021 By George Paulsen, CPA, Tax and Advisory Partner of Hood & Strong LLP There is a lot of pending legislation in Congress right now. Of note, Senator Bernie Sanders is proposing a far-reaching estate tax that would apply to the top 0.5 percent of American taxpayers, which he is calling the “For the 99.5% […]

March 2021 By George Paulsen, CPA, Tax and Advisory Partner of Hood & Strong LLP The Tax Cuts and Jobs Act was enacted in the last administration’s second year and created two revenue raisers that impact people with business losses. When COVID-19 closed businesses, Congress deferred these revenue producers until 2021 and provided tax benefits […]

By George Paulsen, Hood & Strong LLP December 2020 IRS Code Section 139, written for 9/11 victims in 2001, may help small businesses assist employees with unforeseen costs due to COVID-19 and other recent disasters. A business can write a disaster relief program to give employees nontaxable help. The program must describe the type of […]

By Morgan Carpenter January 2021 If you have looked at insurance plans before, it is likely you have stumbled upon these acronyms at one time or another. But what exactly are HSAs, HRAs, and FSAs? While the letters differ, they all are ways to cover health expenses. Below, we will outline the major similarities and […]

Let’s say you are getting ready to make your favorite breakfast—avocado toast. You’ve toasted the bread, cut the avocado in half, and are ready to remove the dreaded pit. Of course, your knife slips and you end up slicing your hand—making you the latest victim of “avocado hand.” It seems you cannot stop the bleeding […]

On November 29, 2018, the IRS released Notice 2018-94 to extend the due date for employers to furnish 2018 Form 1095-C or 1095-B under the Affordable Care Act’s employer reporting requirement. Employers will have an extra month to prepare and distribute the 2018 form to individuals. The due dates for filing forms with the IRS […]

On November 5, 2018, the Internal Revenue Service (IRS) released Notice 2018-85 to announce that the health plan Patient-Centered Outcomes Research Institute (PCORI) fee for plan years ending between October 1, 2018 and September 30, 2019 will be $2.45 per plan participant. This is an increase from the prior year’s fee of $2.39 due to […]

Since the ACA was enacted eight years ago, many employers are re-examining employee benefits in an effort to manage costs, navigate changing regulations, and expand their plan options. Self-funded plans are one way that’s happening. In 2017, the UBA Health Plan survey revealed that self-funded plans have increased by 12.8% in the past year overall, […]

Vince Murdica, chief revenue officer at ThinkHR, discusses what it takes to become scalable and sustainably staff companies through bursts of rapid growth. I’ve seen it in my own career: When companies go through rapid growth — quickly moving from 50 to 100+ employees — things start to get shaky. This period of acceleration can […]

Friday, April 27, the Internal Revenue Service (IRS) announced that the 2018 annual contribution limit to Health Savings Accounts (HSAs) for persons with family coverage under a qualifying High Deductible Health Plan (HDHP) is restored to $6,900. The single-coverage limit of $3,450 is not affected. This is the final word on what has been an […]