Visiting the Social Security office

 At some point you may need to make an in person visit to the social security office to handle some problem that has come up with your benefits. It does not have to be a frustrating experience. You do not have to go to your nearest social security office. You can go to any such office in the country, and they can handle your problem. For example, my closest office is in Marietta but that office sometimes has a three hour wait to meet with someone. I would go to the Gainesville office in the future where there might not be any wait at all. 

Georgia Tax Rules and the IRS Rules

 The Governor just signed the 2020 conformity bill making the Georgia tax rules follow  the recent changes in the IRS rules enacted on or before March 27, 2020 with some significant exceptions. Georgia did not adopt any of the recent federal changes in the net operating loss rules. Also Georgia did not not adopt the 100 percent bonus depreciation rules or the twenty percent qualified business income deduction. 

What Insurance Premiums can be covered by an HSA(Health Savings Account)?

 The following 4 types of health insurance can be paid for from your HSA: 1. long-term care insurance 2. health care continuation coverage under COBRA 3. health care coverage while receiving unemployment and 4. Medicare parts B and D if you are 65 or older. You cannot use your HSA to pay for any medicare supplemental plans like Medigap. 

Give your employees a raise!

 A Presidential Memorandum has authorized the deferral of the employee share of the social security tax of 6.2% for the period Sept 1, 2020 to December 31, 2020. This is a voluntary program for the employer, and is only a deferral not a forgiveness of the tax. Employers are responsible for paying the deferred tax between Jan 1, 2021 and April 30, 2021 even if the employees no longer work for the company. Employees that make more than $104,000 are not eligible for the program. This is a great way to increase take home pay now for your employees while they are dealing with this crisis. In 2021, the employees will have their take home pay reduced by the pay back.