Health Savings Accounts (HSAs) have become a popular option in the medical benefits arena. Most people are familiar with the basics of how the HSA works- you contribute money into the account, get a deduction for the contribution, earn tax free growth and get tax free reimbursements for qualified medical expenses. However, there are some details you should know about HSAs or you may find yourself making non deductible contributions or subject to penalties. Read more
If you’re a non-profit organization you may have heard about FASB Interpretation No. 48, Accounting for Uncertainty in Income Taxes (FIN 48) and just brushed it aside. But pay attention, as FIN 48 now applies to not-for-profit entities. The effective date for nonpublic entities, including not-for-profit entities to adopt FIN 48 is for fiscal years beginning after December 15, 2008. That means for entities that have a 12/31 year end, FIN 48 is applicable for 2009. The IRS will require a copy of the FIN 48 accrual footnote that is presented in the audited financial statements with the entity’s Form 990. Read more