Commuter

Posted November 6th, 2019 in Employers, Producers, Individuals

The IRS has released Revenue Procedure 2019-44 which details the 2020 pre-tax limits for the Health FSA and Commuter Plans. These limits are effective for plan years that begin on or after January 1, 2020.

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Posted May 21st, 2019 in Employers, Producers, Individuals

New Jersey has become the first state to require certain employers to offer qualified transportation benefits (i.e. Commuter Plans) to employees. Some metropolitan areas including New York City, San Francisco, Seattle and Washington D.C. have passed similar laws that require certain employers to make Commuter Plans available to their employees, but no state has mandated this benefit until now.

Posted November 16th, 2018 in Employers, Producers, Individuals

On November 15th, the IRS released Revenue Procedure 2018-57 which includes inflation adjustments for certain employee benefit programs and other items. 

Posted January 30th, 2018 in Producers, Employers, Individuals
The Tax Cuts and Jobs Act was signed into law on December 22, 2017. It has been making headlines for many reasons over the past few weeks, but some parts of the law aren’t receiving as much attention – such as the provisions pertaining to the use of the Chained Consumer Price Index for Urban Consumers, also known as the Chained CPI.
 
Posted October 23rd, 2017 in Producers, Employers, Individuals

IRS Revenue Procedure 2017-58 was released last week. It includes a number of inflation adjustments to various benefits and other items for 2018 including the following for Consumer-Driven Accounts:

Posted November 1st, 2016 in Producers, Employers, Individuals
The 2017 contribution and reimbursement limits for consumer-driven accounts (CDAs) are now available and have been provided below:
 
Health Care Flexible Spending Account (Health Care FSA)
 
The salary reduction limit is $2,600 ($50 increase from 2016) for the 2017 plan year. Employers may also contribute the greater of $500 or up to a dollar-for-dollar match of the employee’s salary reduction. The maximum carryover amount remains unchanged at $500.
 

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