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Showing posts from December 16, 2018

IRS reminds those with disabilities of new ABLE account benefits

IR-2018-239, December 4, 2018 WASHINGTON — The Internal Revenue Service wants to remind those with disabilities that the Tax Cuts and Jobs Act (2017) made major changes to Achieving a Better Life Experience (ABLE) accounts. Eligible individuals may now put more money into their ABLE account and also roll money from their qualified tuition programs (529 plans) into their ABLE accounts. And certain contributions made to ABLE accounts by low- and moderate-income workers may now qualify for the  Saver's Credit . ABLE accounts are designed to help people with disabilities and their families save and pay for disability-related expenses. Though contributions are not deductible, distributions, including earnings, are tax-free to the designated beneficiary if used to pay qualified disability expenses. These expenses can include housing, education, transportation, health, prevention and wellness, employment training and support, assistive technology and personal support services and oth

Court Finds That the ACA Is Unconstitutional, But the Law is Still in Effect

from National FV: No doubt you have heard by now about the recent ruling in a case challenging the constitutionality of the Affordable Care Act (ACA),  Texas v. United States  (also known as  Texas v. Azar ). A federal district court in Texas held that the entire ACA is unconstitutional because the law is premised on the congressional taxing power, and the tax penalty for not having insurance was effectively repealed in 2017 (by reducing the tax penalty to zero). The taxing power was the basis of the 2012 Supreme Court decision ( NFIB v. Sebelius ) to uphold the ACA. See  Texas Judge Strikes Down ACA as Unconstitutional, But Long Legal Path Remains  (FierceHealthcare, Friday, 12/14/18).   Since the court announced its decision on the eve of the last day of this year's federal open-enrollment season, HHS issued a statement the following day: "The district court decision in  Texas v. Azar  is still moving through the courts. The Marketplaces are still open for business,