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Hoffman Insurance Group Blog

Congress Repeals UBIT on Non-Profits with Transit Plans

Congress Repeals Unrelated Business Income Tax for Tax-Exempt Entities Offering Qualified Transportation Fringe Benefits As part of the Further Consolidated Appropriations Act, 2020 (the “Act”), Congress repealed Section 512(a)(7) of the Internal Revenue Code of 1986 (the “Code”). This Code … Continue reading

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5 Employee Wellness Trends to Watch in 2020

Brought to you by the insurance professionals at Hoffman Insurance Group, LLC As we start a new year, how are you feeling? This is an important question to consider since wellness will continue to be a huge factor for companies … Continue reading

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Congress Expected to Pass Spending Bill that Repeals Three Major ACA Taxes, Extends PCORI

On December 17, 2019, the House and Senate agreed to a bipartisan legislative package of spending bills to avoid a government shutdown.  This package of bills is collectively referred to as the Further Consolidated Appropriations Act, 2020 (the “Act”). The … Continue reading

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2020 Plan Limitations!

401(k)/403(b)/457 Salary Deferrals: For participants under age 50 by 12/31/2020 – $19,500 For participants over age 50 by 12/31/2020 – $26,000 Maximum Annual Defined Contribution Plan Limit: For participants under age 50 by 12/31/2020 – $57,000 For participants over age … Continue reading

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IRS Increases Health FSA Contribution Limit for 2020, Adjusts Other Benefit Limits

On November 6, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-44, which raises the health Flexible Spending Account (FSA) salary reduction contribution limit by $50 to $2,750 for plan years beginning in 2020. The Revenue Procedure also contains … Continue reading

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IRS Releases Guidance for Employers Offering Individual Coverage HRAs

On September 27, the Internal Revenue Service (IRS) released proposed regulations on the application of the Affordable Care Act’s (ACA) employer shared responsibility provisions to a new type of Health Reimbursement Arrangement (HRA) available starting in 2020.  In June 2019, … Continue reading

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Summary of the 2019 Employer Health Benefits Annual Survey

Each year, the Kaiser Family Foundation and the Health Research & Educational Trust conduct a survey to examine employer-sponsored health benefit trends. This article summarizes some of its main points. Request a full summary from Hoffman Insurance Group, LLC for … Continue reading

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IRS Confirms ACA Pay or Play Penalties Still Apply

Overview The IRS Office of Chief Counsel recently released an information letter regarding the employer shared responsibility (pay or play) penalties under the Affordable Care Act (ACA). This information letter confirms that the pay or play penalties continue to apply … Continue reading

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New Overtime Rule Raises Salary Cut-Off to $35,568

Employees who make less than $35,568 are now eligible for overtime pay under a final rule issued today by the U.S. Department of Labor (DOL). The new rate will take effect Jan. 1, 2020. To be exempt from overtime under … Continue reading

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Benefits 101 – Intro to Group Health

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