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The U.S. Senate passed a bill April 5 that would repeal PPACA’s 1099 tax reporting requirement. The measure benefited from bipartisan support, passing on an 87-12 vote.
Under the reporting requirement, businesses would have to file a 1099 form for any person or company to whom they paid more than $600 in a tax year. It was slated to raise nearly $21 billion over 10 years by making it easier for the IRS to identify and pursue those who failed to report the required information.
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Health savings accounts continue to expand as more workers invest contributions, even as perplexity around eligibility and account rules continues.
President Donald Trump unveiled a federal plan offering government-backed retirement accounts with a $1,000 annual match for workers without employer-sponsored plans.
HR leaders can help employees maximize HSA investments, boosting savings for future medical expenses.
The industry asked for and received a delay in the rule from the IRS in 2023. Now that it's going into effect, here are the key implications for sponsors and savers.
As many as 70% of Americans don't have a will, trust, health or funeral directive as the nation gears up for its largest wealth transfer ever.
