Category: Tax Reform

Tax Reform

IRS Raises HSA Contribution Limits in 2020 by Adam Cohen, CPA

Posted on July 26, 2019 by Adam Cohen

Taxpayers who participate in high-deductible health insurance plans will be able to save a little more in their Health Savings Accounts (HSAs) in 2020, when contribution limits will increase to $3,550 for individuals or $7,100 for family coverage, up from their 2019 limits of $3,500 and $7,000 respectively. This 1.4 percent increase represents significant benefits […]

Businesses Face Challenges of New Limits to Excess Business and Net Operating Losses by John G. Ebenger, CPA

Posted on March 22, 2019 by John Ebenger

Two provisions of the Tax Cuts and Jobs Act (TCJA) are throwing some business owners for a loop as they prepare to file their federal income tax returns for 2018. The new law introduced a limit on the deductions that non-corporate taxpayers could claim for excess business losses while also limiting deductions for net operating […]

Washington Outlines Its Vision of Tax Reform by Edward N. Cooper, CPA

Posted on September 28, 2017 by Edward Cooper

On September 27, 2017, President Trump and top Republican leaders unveiled the latest round of updates to what they see as the future of the Tax Code. While it remains to be seen whether the tax reform package in its current state will become the law, it is important for taxpayers to understand what the […]

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