-
COVID-19 Extended Deadlines Ending Soon
May 4, 2023
Informal guidance provided by the Department of Labor, Treasury Department, and Department of Health and Human Services has indicated that the COVID-19 Outbreak Period will end on July 10, 2023.
-
ACA Employer Shared Responsibility Payments Increasing for 2024
March 23, 2003
The IRS has issued Revenue Procedure 2023-17 announcing the 2024 indexed adjustments to the amounts used to calculate employer shared responsibility payments under Internal Revenue Code Sections 4980H(a) and 4980H(b)(1).
-
Nondiscrimination Testing - The Basics
March 9, 2023
Individuals enjoy a favorable tax advantage when their benefits are part of a cafeteria plan. Nondiscrimination testing shows whether tax-advantaged plans are discriminating in favor of highly compensated employees or key employees. All employers that provide a cafeteria plan must complete this testing by the last day of the plan year.
-
Which Employee Benefit Plans Require Form 5500 Reporting?
March 9, 2023
You may know that Form 5500 filing is required for your 401(k) plan or your medical insurance, but were you aware that it must be done for other employee benefit plans as well? If you are unsure whether a plan requires a Form 5500 filing, read on.
-
Understanding COBRA Qualifying Events and Employer Responsibilities
March 9, 2023
COBRA allows employees to continue coverage under their employer-sponsored health plan if they lose coverage due to a “qualifying event.” It also allows dependents of employees who were enrolled in the plan to continue their coverage. It is important for employers to recognize when a “qualifying event” occurs, as they are required to send impacted individuals an election notice explaining their COBRA rights and enrollment opportunities.
-
Which Dependents are Covered by a Flexible Spending Account (FSA)?
March 9, 2023
In general, dependent care FSA funds can be used to cover children through age 13 and family members who cannot care for themselves; and health FSA and limited-purpose FSA funds can be used to pay for expenses of spouses and children through age 27, but there are some nuances to be aware of.
-
Reducing 2022 Income Tax Liability is Still Possible with an HSA
March 9, 2023
Every January, employees collect W-2 forms and other information to file their income taxes. After crunching numbers, the amount of tax they owe the IRS may come as an unpleasant surprise. Once a tax year is closed there aren't many ways to reduce a tax bill, but a prior-year HSA contribution can help.
-
COVID-19 National Emergency Expected to End May 11, 2023
February 2, 2023
President Biden has announced his intent to extend the national emergency concerning the COVID-19 pandemic through May 11, 2023. Associated deadline extensions for health and welfare plans would end July 10, 2023.
-
Two-Year Extension on Telehealth Services Granted
January 5, 2023
The recently enacted Consolidated Appropriations Act of 2023 (CAA 2023) granted a two-year extension allowing high deductible health plans (HDHPs) to waive the deductible for telehealth and other remote care services without causing plan participants to lose the ability to contribute to an HSA.
-
IRS Grants Permanent Extension to ACA Reporting Deadline
December 20, 2022
The IRS has issued final regulations granting a permanent, automatic extension of time to comply with the Affordable Care Act (ACA) reporting requirements.