Tax

What Is Form 1099-SA: Distributions From an HSA, Archer MSA, or Medicare Advantage MSA? Form 1099-SA: Distributions from an HSA, Archer MSA, or Medicare Advantage MSA is an Internal Revenue Service (IRS) form that reports distributions made from various health accounts. These include distributions from a health savings account (HSA) , an Archer medical savings account (MSA) , or a Medicare Advantage (MA) MSA. It also provides reporting information on the inheritance of accounts by spouses, non-spouses, and estates. Amounts shown on Form 1099-SA must be reported on the taxpayer's federal income tax form. Key Takeaways Form 1099-SA form is sent to individual taxpayers who receive distributions from health savings, medical savings, and Medicare Advantage accounts. Information from Form 1099-SA is reported on either Form 8853 or Form 8889. Unused distributions from an HSA must be reported as income. You can repay a mistaken distribution from a health savings … [Read more...] about IRS Form 1099-SA: What It Is, Who Has to File and How

What Is Form W-2G: Certain Gambling Winnings? Form W-2G is an Internal Revenue Service document that a casino or other gambling establishment sends to customers who had winnings during the prior year that must be reported as income to the Internal Revenue Service (IRS). Its full title is Form W-2G, Certain Gambling Winnings. The form contains information that the taxpayer needs to file taxes for the year. It includes the total amount of winnings, the date or dates they were won, the type of wager, and how much federal and state income tax has already been withheld. All gambling winnings are taxable but only some gambling winnings are recorded with a Form W-2G. Key Takeaways The IRS requires U.S. citizens to report all gambling winnings as income, whether or not they receive a W2-G. Winnings from gambling, lotteries, and contests all must be reported as "Other Income" on Form 1040. Cash and the cash value of prizes are taxable. State and local taxes may be due on … [Read more...] about Form W-2G: Certain Gambling Winnings, Guide, and Filing How-to’s

Key Takeaways Tesla lowered the prices of its most expensive models for the second time this year. The price cuts come just days after investors expressed disappointment the company didn't unveil a new model at last week's investor day. The average price for a new Tesla has fallen by half in the past five years; the least expensive models now account for 95% of sales. Other automakers could follow amid gloomy profit forecasts. Shares of Tesla fell as much as 2% today after the company reduced U.S. prices of its most expensive models. Tesla cut the prices of its Model S sedan by 5% to $89,990 from $94,990 and its Model X SUV by 9% to $99,990 from $109,990. The company also reduced the upscale Plaid versions of each model to $109,990, down $5,000 and $10,000, respectively. The price reductions came days after investors expressed disappointment that Tesla didn't unveil a lower-priced model at its first-ever investor day . They also follow cuts of up to 20% on … [Read more...] about Tesla Cuts US Prices on Most Expensive Models

The U.S. President Joe Biden signs the CHIPS and Science Act of 2022, on the South Lawn of the White House in Washington, DC on August 9, 2022. [AFP/YONHAP] The United States is pushing foreign chip makers to disclose sensitive business data, including yield rates, to receive subsidies under the CHIPS and Science Act. Onerous is the requirement that some companies might decide not to apply for funding. The yield rate, the amount of a silicon wafer that is successfully made into dies, is considered a key indicator to determine a chip producer's manufacturing capabilities. It is often confidential. Other required information includes production capacity for each wafer, operation rates, estimated production yields, semiconductor prices on first-year production, annual production figures and the increase or decrease rate of the cost. All of the information need to be submitted as Excel files. It can be used to verify the final numbers and the calculation process, the U.S. … [Read more...] about Korean companies may walk away from CHIPS Act money

Share to Twitter Share to Linkedin Turkey's President Recep Tayyip Erdogan casts his ballot at a polling station in Istanbul, Sunday, ... [+] June 23, 2019. Polls have opened in a repeat election in Turkey's largest city where Erdogan and his political allies could lose control of Istanbul's administration for the first time in 25 years. (AP Photo/Emrah Gurel) For President Recep Tayyip Erdogan, losing control of Istanbul, Turkey's economic and political powerhouse, at the local elections yesterday is a big blow, possibly the most stinging defeat of his political career. If the AK Party hadn't pushed for the cancellation of the March election, it would have been easier to recover from a narrow defeat in Istanbul and several other major cities, including Ankara and Adana. Now, however, after a defeat of a far more significant margin, the ruling party is in a much weaker position. Istanbul's importance The elections have been viewed widely as … [Read more...] about Istanbul Elections: Failure Of Polarising Tactics In Turkey

Share to Twitter Share to Linkedin Topline A conservative activist group led by Ginni Thomas, wife of Supreme Court Justice Clarence Thomas, received nearly $600,000 from anonymous donors, the Washington Post reports , the latest in a series of controversies Thomas has faced for her work as a right-wing activist that raise the specter of possible ethical conflicts with her husband’s work. Key Facts Crowdsourcers for Culture and Liberty, which was formed in 2019 and is described in tax filings as an “informal … incubator for ideas across a network of conservative leaders, cultural entrepreneurs, and cultural influences,” received $596,000 between 2019 and the end of 2021, the Post reports. The payments were funneled through the right-wing think tank Capital Research Center (CRC) as a “fiscal sponsorship,” according to the Post , which means Crowdsourcers did not have to disclose donors behind the payment, or information about the group’s … [Read more...] about Ginni Thomas-Led Conservative Group Reportedly Raised $600,000—But We Don’t Know Who From