-
What to Consider When Transferring IRA Funds to an HSA
December 15, 2022
The Health Opportunity Patient Empowerment Act includes a provision which allows the owner of an Individual Retirement Account (IRA) to make a one-time, tax-free transfer into a Health Savings Account (HSA). This distribution gives HSA owners an additional way to fund their accounts and save on taxes while planning to cover future qualified medical expenses.
-
Dependent Care: What It Means
December 15, 2022
In recent years, the Federal Government has passed several pieces of legislation to offer relief and much-needed flexibility to employers that offer dependent care assistance programs (DCAPs). But many employers are struggling to make these benefits attractive to all levels of their workforce who may not see the value in putting away pre-tax dollars for care of children.
-
New Cafeteria Plan Changes Fix “Family Glitch” in ACA Subsidies
October 18, 2022
Last week, the Department of the Treasury and the Internal Revenue Service released regulations designed to close a loophole known as the “family glitch.”
-
IRS Releases 2023 Qualified Benefit Plan Limits
October 18, 2022
The IRS has announced new Flexible Spending Account and Commuter contribution limits for 2023.
-
Cyber Attacks: Why Russia and Korea are Targeting Health Plans
September 22, 2022
In March President Biden gave an official statement regarding Russian cyberattacks against the U.S. and in July the FBI warned of attacks on health plans by North Korea. All covered entities should be alert and enforce best practices.
-
Is Your Flexible Spending Account Configured to Meet Your Company’s Needs?
September 22, 2022
FSA plans must be designed to meet the requirements defined in federal tax code, but employers have several opportunities to choose features that best fit the needs of their organization.
-
Philadelphia Adds Commuter Benefit Requirement
September 22, 2022
On June 22, 2022, Philadelphia Mayor Jim Kenney, signed the Employee Commuter Transit Benefit ordinance. The ordinance takes effect on December 31, 2022, and requires employers with 50 or more covered employees to provide commuter transit benefits for their workers.
-
What Happens to Unused Amounts in an Employee’s HRA When Their Employment Terminates?
September 22, 2022
When an employee who has a balance in their health reimbursement arrangement (HRA) terminates from the plan the employer is not permitted to “cash out” the HRA, but there are three ways employers may decide to handle this situation.
-
ACA Deadline Changes and Elimination of Transitional Good Faith Relief
September 22, 2022
Earlier this year the proposed regulations updating deadlines and ending good faith relief for Affordable Care Act (ACA) reporting became law. Among other things, the regulations require that the deadline for furnishing IRS Forms 1095-C to employees will be March 2 (or March 3 in a leap year) – which is 30 days more than what was previously allowed; and the transitional “good faith relief” for employer ACA reporting would no longer apply to tax years after 2020.
-
Health Savings Accounts as a Retirement Plan
September 22, 2022
There has been a focus on Health Savings Accounts (HSA) in recent years. This is a valuable vehicle that extends even beyond the "triple-tax-free" benefit that most employers are aware of. HSAs can reduce taxable income in retirement, which may affect Medicare premiums and the portion of Social Security benefits subject to federal income tax. There are many questions that revolve around HSAs and so we will attempt to address them here.