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IRS provides details on qualified research credit
During a December 1 payroll industry conference call, the IRS discussed the recent increase in the qualified small business payroll tax credit for increasing research activities as provided under the Inflation Reduction Act. Background: A provision of the Inflation...
FAQs associated with SIHRAs
Back in the spring, NueSynergy wrote about the basics of a Spousal Incentive Health Reimbursement Arrangement (SIHRA). Now, as the year closes, NueSynergy is excited to list off many frequently asked questions (FAQs), associated with this account. Here they are as...
5 benefits of enrolling in an HSA
A Health Savings Account (HSA) is an individually owned, tax-favored account that allows participants to pay for qualified healthcare expenses, such as pregnancy test kits, eyeglasses, and more. Here is an overview of the five potential benefits that an HSA provides....
5 FSA Myths Debunked
With the contribution limits set to increase for Flexible Spending Accounts (FSAs) in 2023, now is a good time to debunk any myths that are often associated with FSAs. Here are easy to understand answers to common FSA questions. Will I lose the money in my FSA if I...
2023 FSA limit increases: What to know
During the first week of November, the IRS announced 2023 contribution limits for all Flexible Spending Account (FSA) plans. Below is an overview of the limit increases across all the types of FSAs except for Dependent Care FSAs, which remain the same at $5,000 per...
2023 draft instructions released for Form 1042-S
The IRS has released a draft version of the 2023 instructions for Form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding). For those unaware, withholding agents file Form 1042-S to report amounts paid to foreign persons (e.g., salaries,...
IRS announces 2023 retirement plan dollar limits and thresholds
The IRS has announced the 2023-dollar limits and thresholds for retirement plans, which reflect the latest cost-of-living adjustments. Note: Dollar limits and thresholds primarily affecting health and welfare plans were announced last week. Here are the limits most...
IRS announces maximum failure to report penalty amounts on late field 2023 returns
The IRS has announced the penalty amounts for failure to file correct 2023 information returns, and failure to furnish correct 2023 payee statements in 2024. IRS Code 6721 imposes a penalty on a taxpayer for failing to file a correct information return (any 1099...
5 HRA FAQs to keep in mind
Health Reimbursement Arrangements (HRAs) are tax-advantaged, employer-funded accounts geared to help pay for qualified medical expenses not covered by a health plan. Months ago, NueSynergy explained the benefits of an HRA. Now, it’s time to discuss five frequently...
Adoption Assistance FSA: 5 Facts
An Adoption Assistance Flexible Spending Account (FSA) allows participants to set aside pre-tax dollars for eligible domestic (in U.S.) or foreign adoption expenses; notably court costs, attorney fees and agency fees. Below are five facts regarding this account. Fact...
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