Tax Day now July 15, 2020.
Mar24

Tax Day now July 15, 2020.

The Treasury Department and Internal Revenue Service announced today that the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020. Taxpayers can also defer federal income tax payments due on April 15, 2020, to July 15, 2020, without penalties and interest, regardless of the amount owed. This deferment applies to all taxpayers, including individuals, trusts and estates, corporations and...

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High-deductible health plans can cover coronavirus costs.
Mar16

High-deductible health plans can cover coronavirus costs.

The Internal Revenue Service today advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). In Notice 2020-15 (PDF), posted today on IRS.gov, the IRS said that health plans that otherwise qualify as...

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Happy Saint Patrick’s Day 2020
Mar16

Happy Saint Patrick’s Day 2020

St. Patrick’s Day is coming, and you might think it’s a joke. But we are sure you like to get your hands on one of the little Irish folk. For they say in good old Ireland if a Leprechaun you hold. You’ll go to the end of the rainbow to his treasure pot of gold. Even if you don’t get his pot of gold stop in and see Account On Us and we will do our best to keep your pot of gold from getting smaller. Account on Us offers many services...

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Newly-revised IRS publication explains tax benefits for members of the military.
Mar08

Newly-revised IRS publication explains tax benefits for members of the military.

The Internal Revenue Service has released its newly-revised tax guide, designed to help members of the military understand the many special tax benefits available to them under the law. Publication 3, Armed Forces’ Tax Guide, now posted on IRS.gov, is packed with useful filing tips for any member of the military, including reservists and the National Guard, regardless of whether they are stationed in the U.S. or abroad. Among...

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Two updated IRA publications, other online resources can help anyone planning for retirement.
Mar08

Two updated IRA publications, other online resources can help anyone planning for retirement.

The Internal Revenue Service has updated two comprehensive publications designed to help anyone making IRA contributions or receiving IRA distributions for tax year 2019 or considering making retirement donations before April 15, 2020. The 2019 editions of Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs) and Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs), are both now...

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