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IRS Issues HSA Contribution Limits for 2019
The IRS issued the calendar year 2019 inflation-adjusted figures for the annual contribution limits for health savings accounts (HSAs) and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans (Rev. Proc. 2018-30). Under Sec. 223, individuals who participate in a high-deductible health plan (HDHP) are permitted a deduction for contributions to HSAs set up to help pay their medical ...
Read MoreIRS Offers Automatic Method to Change Accounting for New Revenue Recognition Standard
The Internal Revenue Service has released a new revenue procedure that provides a new automatic way that companies can use when changing their accounting method to conform to the Financial Accounting Standards Board’s new revenue recognition standard. In Revenue Procedure 2018-29, the IRS noted that under the new FASB standard, an entity must recognize revenue, for financial statement purposes, for goods and services promised ...
Read MoreCompanies Foresee Major Impact from Lease Accounting Standard
More than three-quarters of the top 100 U.S. companies with the biggest lease obligations expect to see a material impact on their balance sheet from the new lease accounting standard, according to a new report. The report, from the technology company LeaseAccelerator, analyzed a recent set of Securities and Exchange Commission filings related to the adoption of the leasing standard, also known as ASC 842, which takes effect for ...
Read MoreUnderstanding the New Sec. 199A Business Income Deduction
Understanding the New Sec. 199A Business Income Deduction Sec. 199A allows taxpayers other than corporations a deduction of 20% of qualified business income earned in a qualified trade or business, subject to certain limitations. The deduction is limited to the greater of (1) 50% of the W-2 wages with respect to the trade or business, or (2) the sum of 25% of the W-2 wages, plus 2.5% of the unadjusted basis immediately after ...
Read MoreA New World: The View from Noel Tagoe
Given the technology landscape, the focus of finance professionals needs to shift from data collection and processing to the use of data. Digital technology has ushered us into a new business era. Huge volumes of data are being generated at record speed. Business is well placed to exploit this brave new world because it is supported by the right infrastructure for storing data cheaply, and for accessing, processing, and analyzing data at ...
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