Author: Alexa Key

18

November

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Flexible Spending Account 

Do you have a Flexible Spending Account (FSA) with your employer? Make sure to take full advantage of it in the new year. For 2020, the contribution limit will rise to $2,750 (up from $2,700 in 2019). If an employer chooses, employees can carry over up to $500 of unused funds into 2021. Otherwise, FSAs … Continued

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21

October

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Passport Revocation

The IRS is restarting passport revocation for some delinquent taxpayers. The tax agency has announced that it’s stopping the temporary program that had halted certifying certain taxpayers for passport revocation. That included taxpayers that had tax debts but also had an open Taxpayer Advocate Service case. When the IRS certifies to the U.S. State Department … Continued

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14

October

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Insurance Policy

The IRS has expanded the definition of “full-time insurance salesman.” Under the tax code, a full-time life insurance salesman is a statutory employee. Thus, commissions attributable to insurance contracts sold by full-time life insurance salesmen are “wages” subject to FICA taxes when paid. However, statutory employees can deduct business expenses on Schedule C, like independent … Continued

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04

October

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Take advantage of the gift tax exclusion rules

As we head toward the gift-giving season, you may be considering giving gifts of cash or securities to your loved ones. Taxpayers can transfer substantial amounts free of gift taxes to their children and others each year through the use of the annual federal gift tax exclusion. The amount is adjusted for inflation annually. For … Continued

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19

September

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Meet ATA’s Newest Team Member, Cali

FOR IMMEDIATE RELEASE September 19, 2019 Alexander Thompson Arnold PLLC Announces Furry Hire Alexander Thompson Arnold PLLC (ATA) is pleased to announce its newest addition Cali, who joined the ATA team as a service dog in training for Leader Dogs for the Blind. In this pre-training time, Cali is responsible for learning basic commands, avoiding … Continued

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