IRS

Posted May 1st, 2018 in Employers, Producers, Individuals

On April 26, the Internal Revenue Service (IRS) announced relief for taxpayers with family coverage under a High Deductible Health Plan (HDHP) who can contribute to a Health Savings Account (HSA).

Posted April 19th, 2018 in Producers, Employers, Individuals
This month, our featured Ask the Expert question comes from Melissa in South Carolina. Melissa asks:
 
“I keep hearing that 213(d) expenses are eligible for reimbursement under a Flexible Spending Account. What exactly is a 213(d) expense?”
 
There are a few things to consider when talking about 213(d) expenses in relation to Flexible Spending Accounts. Let’s start off with a definition of 213(d) expenses.
 
Posted March 27th, 2018 in Employers, Producers, Individuals
On Monday, March 5, 2018, the IRS published Internal Revenue Bulletin (IRB) 2018-10 that contains Revenue Procedure (Rev. Proc.) 2018-19. 
 
Effective for calendar year 2018, the family contribution limit for Health Savings Accounts (HSAs) has been lowered to $6,850 from the previously set amount of $6,900. 
 
There has been no change in the individual contribution limit of $3,450 or the catch-up contribution limit of $1,000 for calendar year 2018.
 
Posted January 4th, 2018 in Producers, Employers

The Internal Revenue Service (IRS) issued Notice 2018-06 which provides some relief for those entities who are subject to reporting requirements under the Affordable Care Act (ACA).

In summary:

Forms 1095-B and/or 1095-C now must be furnished to employees and individuals by March 2, 2018, for the 2017 calendar year. This is a 30-day extension from the original deadline of January 31, 2018. No additional extensions will be granted by the IRS, even if requested by an employer.

Posted December 19th, 2017 in Producers, Employers, Individuals
The state of Maryland passed a law known as the Contraceptive Equity Act which is scheduled to take effect on January 1, 2018. The law requires fully insured health plans issued in the state of Maryland to cover male sterilization procedures (i.e. vasectomies) as preventive care without any copay, deductible or other cost-sharing requirements for the member. 
 
Posted November 22nd, 2017 in Producers, Employers

The Internal Revenue Service (IRS) has updated its Questions and Answers website in regards to the Employer Mandate, and it appears they have started to send initial notices to employers who are subject to a penalty for the 2015 year (generally, this will be employers with 100 or more employees since transition relief was available in 2015 to employers with 50-99 employees).

Posted May 9th, 2017 in Producers, Employers, Individuals

The Internal Revenue Service (IRS) issued Revenue Procedure 2017-37 last week with information on the Health Savings Account (HSA) and qualified high-deductible health plan (HDHP) limits for 2018.

These limits are updated annually and reflect cost-of-living adjustments.

HSA contribution limits

Posted April 25th, 2017 in Producers, Employers

The Treasury Inspector General for Tax Administration (TIGTA) issued a report dated April 7th and entitled “Affordable Care Act: Assessment of Efforts to Implement the Employer Shared Responsibility Provision.” In other words, TIGTA issued a report about the efforts of the Internal Revenue Service (IRS) to collect Employer Mandate penalties.

Posted November 22nd, 2016 in Producers, Employers, Individuals
Last week, we posted a blog on the future of the Affordable Care Act (ACA). That blog focused on what types of things could potentially be repealed under President-elect Donald Trump. In this blog, the focus is on when things could start to get repealed, with an understanding that this is all speculation.
 
Posted October 21st, 2016 in Producers, Employers

The only way for an employer to provide certain benefits tax-free to its employees, such as health, dental or vision insurance, is through a Cafeteria Plan, as defined under Section 125 of the Internal Revenue Code. The only way for an employer to have a Cafeteria Plan is by preparing a written plan document which meets the requirements of Code Section 125. Failure to have a written document, or failure to operate a Cafeteria Plan in accordance with the terms of Code Section 125, disqualifies the plan as a Cafeteria Plan and results in gross income to the participants. In other words, any participant in the plan will lose the tax favorable status of the benefits that he or should would have otherwise received.

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