High-deductible health plans (HDHPs) are gaining popularity among employers as a cost-saving strategy for healthcare coverage. This article examines how HDHPs work, the benefits of pairing them with health savings accounts (HSAs), and the implications of recent market trends and IRS guidelines. While HDHPs can offer substantial savings for some employees, they may not be the best fit for everyone, particularly those with lower incomes or chronic health conditions. Explore the details to find out if HDHPs are the right choice for your organization.

As the IRS ramps up its scrutiny of executive compensation and fringe benefits, businesses must take proactive measures to avoid potential audits. This article discusses the types of executive perks that can lead to complications, such as corporate credit cards and relocation expenses, and provides insights into the IRS’s auditing process. By understanding the compliance requirements and the tax implications of executive benefits, companies can safeguard themselves from costly IRS scrutiny. Consult your tax advisor on whether your executive compensation plans are in compliance with the Internal Revenue Code.

Vasquez + Company LLP participated in the NCPACA’s 37th Annual Convention, focusing on “Overcoming challenges through excellence and diversity in the Accounting profession.” With attendees from multiple countries, the event provided valuable insights on embracing change and leveraging technology. Partner Tonette Santillan delivered a presentation on maximizing profitability through offshoring and outsourcing. Read the full article for details on Vasquez's commitment to supporting diversity and innovation in the accounting industry.

Vasquez + Company LLP proudly sponsored the Teamsters Local 848 All Charities Golf Tournament, held to raise funds for numerous charitable programs in the community. The event provided an opportunity for Vasquez to network with business associates while supporting the charitable work advocated by the Teamsters Union. Read the full article for details on this meaningful event.

Vasquez + Company LLP proudly sponsored the 2024 Los Angeles Latino Chamber of Commerce (LALCC) Biz Expo, where over 1,000 attendees connected with exhibitors and participated in workshops and breakout sessions. The event was a celebration of networking, empowerment, and growth for the Latino business community. Read the full article for highlights and insights from the successful expo.

The temporary universal charitable deduction enabled many donors to contribute to charities during the COVID-19 pandemic, but it expired after 2021. This article explores the effects of the deduction on charitable giving, particularly among middle and lower income donors, and outlines current legislative efforts to revive and expand this tax break. Understanding these changes is crucial for nonprofits and donors alike. Read the full article for insights on the future of charitable giving legislation.

This article addresses the challenges seniors face when considering the sale of highly appreciated homes amid rising real estate values. It outlines key tax implications, including capital gains tax, and explores tax-saving strategies such as aging in place. By understanding the financial landscape, seniors can make informed decisions that could significantly impact their tax liabilities and inheritance for their heirs. Read the full article for comprehensive strategies and insights.

If you’ve requested an extension for your 2023 federal income tax return, you still have time to explore potential tax breaks that could save you money. This article presents the top ten tax benefits available, from family tax credits and charitable deductions to home energy credits and medical expense write-offs. Don’t miss the chance to maximize your tax return before the October 15 deadline. Whether you’re self-employed or filing jointly, there are options to help you reduce your tax burden and possibly increase your refund.

Long-term care (LTC) is a critical concern for many Americans, as approximately 70% will require some form of assistance in their lives. This article outlines the significant costs associated with LTC and presents various funding options such as self-funding, LTC insurance, and hybrid policies. Learn how to navigate these choices and the tax benefits available to help you make an informed decision about your LTC planning. Read the full article for a comprehensive guide.