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Taking care of an elderly parent or grandparent may provide more than just personal satisfaction. You could also be eligible for tax breaks. Here’s a rundown of some of them. Medical expenses.If the individual qualifies as your “medical dependent,” and you itemize deductions on your tax return, you can include any medical expenses you incur…

Spring has sprung — and summer isn’t far off. If your business typically hires minors for summer jobs, now’s a good time to brush up on child labor laws. In News Release No. 22-546-DEN, the U.S. Department of Labor’s Wage and Hour Division (WHD) recently announced that it’s stepping up efforts to identify child labor…

New reporting requirements for leases are effective for audits of local governments for fiscal years beginning after June 15, 2021 (i.e., fiscal years June 30, 2022 and December 31, 2022). It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. …

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts being increased more than they have been in recent years. HSA basics An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses” of…