Adam’s Tax Blog

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IRS Releases 2021 Amounts for Health Savings Accounts

IRS Releases 2021 Amounts for Health Savings Accounts

The IRS recently released the 2021 inflation-adjusted amounts for HSAs (Health Savings Accounts). HSA basics An HSA is a trust created or organized exclusively for the purpose of paying for “qualified medical expenses” of an “account beneficiary.” An HSA can only be...

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The CARES Act Liberalizes Net Operating Losses

The CARES Act Liberalizes Net Operating Losses

The Coronavirus Aid, Relief, and Economic Security (CARES) Act eliminates some of the tax-revenue-generating provisions included in a previous tax law. Here’s a look at how rules for claiming certain tax losses have been modified to provide businesses with relief from...

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