MAXIMIZE YOUR SAVINGS POTENTIAL THROUGH HEALTH SAVINGS ACCOUNTS (HSAS)
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Course Details

Overview of Topics

  • Health Saving Account (HSA) Background5 mins
  • High - deductibl health plan (HDHP) 201919 mins
  • HSA Contribution Basic Rules38 mins
  • Qualified HSA funding Distribution61 mins
  • Qualified Medical Expenses75 mins

Course Description

Regardless of what comes out of Congress with regard to the Healthcare Bill, we know that healthcare costs will continue to be significant for retirees. One of the most efficient and valuable ways to help pay for these expenses is through health savings accounts (HSAs). While more and more companies are moving to High Deductible Health Plans, the C-suite is always looking for additional ways to save money while keeping employees happy. It's crucial for employers and their service providers and advisors to understand what kind of coverage is required for HSA eligibility, and what types of programs and benefits can make employees ineligible for HSA contributions.

HSAs are one of the most favorable tax investment vehicles in existence today. Unlike IRA contributions, HSA contributions do not have an income limit which phases people out of making contributions. Thus, someone making $5M annually still has the ability to make an HSA contribution if they are covered under an HDHP and don’t run afoul of the other restrictions mentioned previously

You will also learn how HSAs offer investors triple tax savings: You will also learn what benefits shall be paid i.e examples of qualified medical expenses include most medical, dental, vision, and rehabilitative or chiropractic expenses also Tax-free distributions for medical expenses. Generally, if distributions are made for any other purpose besides a qualified medical expense the distribution is subject to a 20% penalty. However, once people reach the age of 65, they can make distributions from an HSA for any purpose without penalty. At this point, the HSA essentially turns into a traditional IRA and distributions for non-medical expenses are merely subject to income taxes

This training session is designed to get the Tax professionals, CPAs, CFOs, Financial Planners up to speed quickly with the complex contribution and distribution rules applicable to health savings accounts (HSAs) and serve as an advisory to their clients or companies on effective strategies for saving the bottom line while keeping the compliance in check and increased employee satisfaction and retention.

Learning objectives

  • To understand the eligibility requirements for making contributions to HSAs
  • To understand the tax ramifications of distributions from HSAs
  • To know the complex rules applicable to HSAs.
  • How participation in a flexible spending account (FSA) or health reimbursement arrangement (HSA) can impact HSA eligibility.
  • Whether and how Medicare or VA eligibility affect HSA eligibility.

About Presenter

Pat Garverick is a Certified Public Accountant who currently lives in the Phoenix, Arizona area. He began his career in public accounting in 1988 after obtaining his Bachelor of Science in Business Administration (BSBA) in Accounting from The Ohio State University. After receiving his Master of Taxation (MT) degree from Arizona State University in 1992, Mr. Garverick began operating his own tax and financial planning business. He also started writing, reviewing, and teaching tax and financial planning continuing professional education courses around the country.

In addition to being a CPA, Pat is also a Certified Financial Planner (CFP®). This role serves to enhance the knowledge he brings as he writes and presents continuing education material. Mr. Garverick is a member of the Arizona Society of Certified Public Accountants and the American Institute of Certified Public Accountants. Pat has presented continuing education sessions throughout the country and has won awards for both his skills as an instructor as well as for the content he has created. His knowledge, expertise, and high energy have made him one of the profession’s most highly rated speakers. He is in a very small group of instructors that are both extremely knowledgeable and interesting.

During his time in college, Pat earned a letter as a member of the Ohio State Basketball squad. He remains a staunch supporter of the sports programs at his alma mater.

Awards & accolades

  • Multi-time winner of the California Education Foundation’s 1) Award for Instructor Excellence and 2) Award for Outstanding Course materials
  • Rated top tax instructor in nearly every location he has presented 
  • One of the few instructors to have received perfect scores (multiple times) from attendees for both presentation skills and knowledge. 

Phoenix Beach was developed to provide comprehensive and up-to-date educational content for business professionals of all types. As part of our mission we strive to make sure that the material we present is delivered by knowledgeable and skilled instructors so our session participants receive a great educational experience and value.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:05
  • Question 5 : 01:25
  • Question 6 : 01:45
  1. What is HDHP health plan?
  2. Who can establish an HSA?
  3. When taxable distribution are not subject to penalty?
  4. Which is permitted low deductible insurance?
  5. What is included in preventive care for purpose of Section 223 (c) (2) (C)?
  6. What is the penalty for having an HSA and Medicare?
  1. • When was Medical Savings Accounts (MSAs) started?
  2. Which insurance premiums are qualified for medical expenses?
  3. Who can be a qualified trustee?
  4. Which are qualified medical expense for HSA purpose?
  5. What is the penalty rate for taxable distribution in HSA?
  6. What happens if I contribute too much in HSA?
  7. Which form is there for health saving accounts?
  8. What is the due date of contribution of HSA?
  9. What are the disadvantages of an HSA?
  10. Which form is use to report distribution?

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • Upon achieving a passing score, test takers will be notified of the correct answers to the questions missed.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

Reviews

4.7
(56)
73%
27%
0%
0%
0%
  • WS
    Wendy Stout , MBA, CPA
    Dec 27th 2019
    very good,easy to use
SR
Stephen Ross , CPA
5 Stars
MM
Michael Moughan , MBA, CPA
Excellent webinar. Learned greatly through the presentation. Very informative ans it touched on issues I was unaware of. Did not know that HSA were so complicated. Thank You for the presentation.
JVW
Jesse V Walter , AFSP
Great job! Exactly what I needed. Didn't know much about HSAs and this really covered the topic. Extremely informative session. Thank you
TD
Theresa Davis
This was an eye opening presentation. I know much more about HSA's now than I did before and I have been preparing taxes for 10years!
CD
Cedrick Draper , Bookkeeper
Material by presentation base and exception to oversee the point of interest; alot of the audio is blocked out changes 5 star to 4 star; Good Effort

NASBA Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

IRS Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: GEHNZ) has entered into an agreement with the Internal Revenue Service, to meet the requirements of 31 Code of Federal Regulations, section 10.6(g), covering maintenance of attendance records, retention of program outlines, qualifications of instructors, and length of class hours. This agreement does not constitute an endorsement by the IRS as to the quality of the program or its contribution to the professional competence of the enrolled individual. Credit earned by attendees with a PTIN will be reported directly to the IRS as required of all providers. To ensure your CPE hours are reported, update your profile in My Account to include your PTIN number. Please note: IRS CE is only mandatory for EAs and ERPAs. For all other tax return preparers, CE is voluntary

CTEC Approved

MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor ID# : 6273) has been approved by the California Tax Education Council to offer continuing education courses that count as credit towards the annual “continuing education” requirement imposed by the State of California for CTEC Registered Tax Preparers. A listing of additional requirements to register as a tax preparer may be obtained by contacting CTEC at P.O. Box 2890, Sacramento, CA, 95812-2890, toll-free by phone at (877) 850-2832, or on the Internet at www.ctec.org.

On-Demand Webinars

Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register
Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
Friday, July 24, 2020 View Details/Register
  • Cost $30
  • CPE Credits 2
  • CE Credits 2
  • IRS Course ID GEHNZ-T-00079-19-S
  • CTEC Course ID 6273-CE-0091
  • Subject Area Taxes
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date June 22 ,2020
  • Published Date June 22 ,2020
  • Who should attend? Tax Attorney Tax Practitioners Accountant Accounting Firm Tax Pros Tax Firm Tax Accountant (Industry) Tax Director (Industry)
  • Handout Material Download

On-Demand Webinars

Revenue – Five Steps to Recognition
Wednesday, July 29, 2020 View Details/Register
GUIDE TO DEPRECIATION UNDER THE TCJA
Wednesday, July 29, 2020 View Details/Register
PAYROLL FRAUD INFORMATION AND DISCUSSION
Wednesday, July 29, 2020 View Details/Register
Forecasting in a Time of Uncertainty (COVID-19)
Tuesday, July 28, 2020 View Details/Register
TAX IMPLICATIONS AND PLANNING DUE TO COVID-19
Tuesday, July 28, 2020 View Details/Register
UBIT Under The TCJA
Tuesday, July 28, 2020 View Details/Register
Tax Planning Under Tax Cuts & Job Act : 10 Tips to Reduce Taxes for your Clients
Tuesday, July 28, 2020 View Details/Register
Tax Consequences on the CARES Act – Overview of major tax issues from the CARES Act and related notice including planning tec
Monday, July 27, 2020 View Details/Register
CECL Overview
Monday, July 27, 2020 View Details/Register
Accounting for Business Combinations Overview
Monday, July 27, 2020 View Details/Register
Accounting Principle Changes
Monday, July 27, 2020 View Details/Register
CIRCULAR 230
Monday, July 27, 2020 View Details/Register
UNDERSTANDING THE ENTITIES: PLANNING AND COMPLIANCE
Monday, July 27, 2020 View Details/Register
BEYOND WORKING REMOTELY – CASE STUDIES | BENEFITS | CHALLENGES FOR ACCOUNTING & TAX FIRMS.
Friday, July 24, 2020 View Details/Register
Excel Accountant: Auditing Excel Workbooks
Friday, July 24, 2020 View Details/Register