The Monetary Accounting Requirements Board (FASB) issued Accounting Requirements Replace (ASU) No. 2018-15, Intangibles—Goodwill and Different (Subject 350): Simplifying the Accounting for Goodwill and Different Intangible Belongings. This ASU, efficient for personal corporations for fiscal years starting after December 15, 2021, and for public corporations for fiscal years starting after December 15, 2022, simplifies the … Read more
The utmost contribution restrict for Versatile Spending Accounts (FSAs) in 2023 has elevated considerably in comparison with earlier years, providing staff the chance to avoid wasting more cash on qualifying healthcare and dependent care bills on a pre-tax foundation. Employers ought to be aware of this modification and contemplate reviewing their FSA plan choices to … Read more
Healthcare prices are on the rise, and it is estimated that the typical American household will spend over $25,000 on healthcare in 2025. What’s extra, medical health insurance premiums are additionally growing, making it much more tough for households to afford the care they want. Nevertheless, there are some issues you are able to do … Read more
FSA contributions may be an effective way to scale back your tax burden and improve your retirement financial savings. These contributions are made on a pre-tax foundation, which means they’re deducted out of your paycheck earlier than taxes are calculated. Consequently, you pay much less in taxes in your paycheck every payday. The utmost quantity … Read more
The 2025 flex spending restrict enhance is a big win for workers who use versatile spending accounts (FSAs) to economize on healthcare and dependent care bills. The brand new restrict, which was introduced by the Inner Income Service (IRS) in November 2022, can be $3,050 for well being FSAs and $5,000 for dependent care FSAs. … Read more
