WASHINGTON, DC –U.S. Treasury and Internal Revenue Service today issued guidance regarding how employers can rollover their health Flexible Spending Arrangements (health FSAs) and Health Reimbursement Arrangements (HRAs) to Health Savings Accounts (HSAs) for their employees. 

The Tax Relief and Health Care Act of 2006, Pub. L. No. 109-432, enacted December 20, 2006, allowed employers to amend their health FSAs or HRAs, with balances on September 21, 2006, for a one-time roll over to an HSAs by 2012.  The guidance clarifies the requirements for making these rollovers, which must be made directly to the custodian or trustee of the HSA. 

Payments that you receive from your IRA or qualified retirement plan before you reach age 59

By Krista J. Kapralos
Herald Writer
EVERETT - Lyudmila Bogeta paid $50 last year to have her taxes prepared at the office of a national chain in Everett.

Bogeta, a Russian-speaking immigrant, is a single woman who cares for her elderly mother.

To her, like many refugees and immigrants in Everett’s diverse northeast neighborhoods, every penny counts.

When a friend told her about a new United Way program that offers free tax help with interpreters available for the neighborhood’s most-spoken languages, Bogeta jumped at the chance.

Almost everything you own and use for personal purposes, pleasure or investment is a capital asset. When you sell a capital asset, the difference between the amounts you sell it for and your basis, which is usually what you paid for it, is a capital gain or a capital loss. While you must report all capital gains, you may deduct only capital losses on investment property, not personal property.

Here are a few tax facts about capital gains and losses:

If you were recently divorced and are paying or receiving alimony under a divorce decree or agreement, you need to consider the tax implication for your 2006 federal income tax return.

Here are the general guidelines: