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Significant Increase on Penalty for Information Return Failures, effective for 2015 Forms
As a result of new legislation (the “Trade Preferences Extension Act of 2015,” passed by congress and signed by President Obama into law on June 29, 2015), penalties for failure to file information returns or to provide payee statements have been increased significantly. The new penalties are effective for 2015 forms that are due in early…
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IRS Issues HSA Contribution Limits for 2016
The IRS announced on May 4, 2015 the HSA contribution limits for 2016. For individuals with self-only coverage the 2016 deductible contribution limit is $3,350 (same as 2015) and for family coverage the limit has increased to $6,750. To be eligible to contribute to a HSA you must participate in a high deductible health plan,…