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IRS Updates Private Delivery Services

The IRS has updated their list of private delivery services for the first time in over ten years. The update has added three FedEx and one UPS service to the list and removed five discontinued services that were previously acceptable for the timely mailing equals timely filing/paying rule (Sec. 7502).

There are only 15 delivery services that taxpayers can use (outside of the post office) that will satisfy the mailbox rule. These services are provided by FedEx and UPS only, the complete list can be found here. This change is effective as of May 6, 2015.

By |June 9th, 2015|Categories: Business Tax, Individual Tax, IRS|Tags: , , , , , , , , |Comments Off on IRS Updates Private Delivery Services

IRS Issues HSA Contribution Limits for 2016

The IRS announced on May 4, 2015 the HSA contribution limits for 2016. For individuals with self-only coverage the 2016 deductible contribution limit is $3,350 (same as 2015) and for family coverage the limit has increased to $6,750.

To be eligible to contribute to a HSA you must participate in a high deductible health plan, which for 2016, is a health plan with an annual deductible that is higher than $1,300 for self-only coverage and $2,600 for family coverage and with an annual limit of out-of-pocket expenses lower than $6,550 for self-only coverage and $13,100 for family coverage.

To learn about the new contribution limits click here. To find out more about HSAs and other tax-favored health plans click here to review IRS […]

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