Flexible Spending Account Options

By Bill Corson, AEPG® Wealth Strategies

Flexible Spending Accounts (FSAs) allow employees to pay pre-tax dollars for medical expenses and dependent (child) care expenses not covered by company health plans. Until recently, money in an FSA not used by the employee before the end of the calendar year was forfeited, reverting back to an Employer. This "use-it-or-lose-it" concept has been a major limitation to FSA’s since their inception in the 1970’s but this has changed due . . .

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The 2018 Form 1040 replaces prior year Forms 1040, 1040A and 1040EZ. The 2018 Form 1040 uses a building-block approach that allows individuals to file only the schedules they need with their federal tax return. Many people will only need to file Form 1040 and no schedules. Electronic filers may not notice these changes as the tax software will automatically...

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The Mississippi Bankruptcy Court in The Huntington National Bank vs. Ashley Mosby, case #21-11614, adversary case #21-1028, on September 1, 2022, denied the bank’s request to declare a debt non-dischargeable because the bank did not rely upon the debtor’s false statement. In this case the Debtor purchased a 2020 Dodge Challenger, financed by the bank, without disclosing she intended to...

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From the Editor

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Post-Petition Causes of Action, Inheritances and Windfalls Are Property of the Estate and Must Be Reported to the Trustee – Part 2 of 5

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The Academy

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