Cash earnings are non-taxable? Enrolled agents discuss most common taxpayer misconceptions

AccountingWEB
March 1, 2011 — 220 views  


One of this year's widest-spread misconceptions came in the wake of the IRS announcement that employers must now report medical insurance paid for employees. Duped by a viral e-mail, taxpayers across the country mistakenly believe that medical insurance must now be reported as income and taxed. Not true. The expense will be reported on the W-2, and not added to income.


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