Products February 23, 2017

Stock Option Tax Reporting Support From myStockOptions.com

“Anyone who received income from equity compensation or sold shares in 2016 must understand the related reporting on IRS tax forms to avoid costly errors on tax returns.”

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The Tax Center provided by myStockOptions.com is offering expanded articles and FAQ discussions that spell out the most common mistakes people make with stock grants on their annual tax return.

“Anyone who received income from equity compensation or sold shares in 2016 must understand the related reporting on IRS tax forms to avoid costly errors on tax returns,” the firm warns. “In the articles and FAQs of its Tax Center, myStockOptions.com provides trustworthy, easily understandable guidance that can help taxpayers and their tax-return preparers file accurate and error-free IRS tax returns.”

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Examples and annotated forms in plain English show taxpayers and their advisers “exactly how to report stock compensation and stock sales on tax returns.”

The core articles and FAQs help tax filers, financial advisers and accountants “quickly run through” tax forms to be sure they submit error-free returns. A special FAQ released this tax season sets forth the top 10 questions that taxpayers should ask about the reporting of stock sales on their tax returns.

Other features delivered via myStockOptions.com include the following:

  • The reporting of stock sales is made clear with annotated how-to diagrams of IRS tax-return forms.
  • Diagrams of Form W-2, Form 3922 (for employee stock purchase plans), and Form 3921 (for incentive stock options) show how companies report equity compensation income to employees.
  • Animated videos include a succinct tutorial on key IRS tax forms related to stock-sale reporting and a video guide to avoiding costly mistakes that can lead to the overpayment of taxes.
  • Educational podcasts that convey tips for tax returns.
  • An interactive quiz on tax-return topics lets users “test their reporting knowledge in a painless way,” before they file their returns, and links to related content from the answer key.

There is also significant guidance available for “understanding the potentially confusing cost-basis reporting on IRS Form 1099-B.”

“In general, cost-basis reporting is now more complex and vulnerable to errors,” the firm warns. “A diverse set of content at myStockOptions.com relates the background issues, explains how to understand Form 1099-B after selling shares from stock compensation or an ESPP, and shows how to avoid mistakes with the cost basis that can lead to the overpayment of taxes.”

There are numerous other forms addressed in the Tax Center, including IRS Forms 3922 And 3921.

For more information, visit www.myStockOptions.com. 

Benefits February 23, 2017

Employees May Be Getting the Point of HSAs

Devenir’s research shows HSA investment assets reached an estimated $5.5 billion in December 2016.
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Health savings accounts (HSAs) can be used to save for out-of-pocket medical expenses now and in the future, and research from Devenir shows employees are getting it.

HSAs have grown to an estimated $37 billion in assets and 20 million accounts at year-end 2016 and have grown to over $41 billion in assets during the month of January, according to Devenir’s 13th semi-annual HSA survey and resulting research report.

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This represents a year-over-year increase of 22% for HSA assets and 20% for accounts for the period of December 31, 2015, to December 31, 2016. Devenir found that during 2016, health plan partnerships were the leading driver of new account growth for HSA providers, accounting for 37% of new accounts.

Research has shown that HSAs with investments had higher account balances than those that do not offer investments. Devenir’s research shows HSA investment assets reached an estimated $5.5 billion in December, up 29% year over year. The average investment account holder has a $14,971 average total balance (deposit and investment account).

Devenir projects that by the end of 2018, the HSA market will likely exceed $50 billion in HSA assets covering more than 27 million accounts.

The full research report is here.

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