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Hoffman Insurance Group Blog

IRS Maintains Health FSA Contribution Limit for 2021, Adjusts Other Benefit Limits

On October 26, 2020, the Internal Revenue Service (IRS) released Revenue Procedure 2020-45, which maintains the health flexible spending account (FSA) salary reduction contribution limit from 2020, which is $2,750, for plan years beginning in 2021. Thus, for health FSAs … Continue reading

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IRS Extends Deadline for Furnishing Form 1095-C to Employees, Extends Good-Faith Transition Relief for the Final Time

The Internal Revenue Service (IRS) has released Notice 2020-76, which extends the deadline for furnishing 2020 Forms 1095-B and 1095-C to individuals from January 31, 2021 to March 2, 2021.  The Notice also provides penalty relief for good-faith reporting errors … Continue reading

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Texas Gulf Coast bracing for Tropical Storm Beta

https://www.fox26houston.com/news/voluntary-evacuation-issued-for-galveston-county-bolivar-peninsula-ahead-of-ts-beta HOUSTON – A coastal flood watch has been issued along the Texas coast ahead of Tropical Storm Beta. A historically busy 2020 hurricane season, Tropical Storm Beta is the third tropical weather system to impact Texas so far this … Continue reading

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Live Well, Work Well – Emergency Preparedness

Health and wellness tips for your work, home and life—brought to you by the insurance professionals at Hoffman Insurance Group, LLC Are You Prepared For An Emergency? Disasters such as hurricanes, tornadoes, floods and earthquakes can strike with little or … Continue reading

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President Trump Issues Executive Orders Intending to Lower the Cost of Prescription Drugs

On July 24, 2020, President Trump issued several Executive Orders intending to lower prescription drug costs by (1) modifying anti-kickback laws to lower drug prices, (2) reducing trade barriers to increase importation of drugs and lower prices, and (3) improving … Continue reading

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HURRICANE PREPARATION AT HOME

From June through November, hurricanes are at their peak. During a hurricane, heavy rains and catastrophic winds barrel through coastal areas and can severely damage or destroy homes and businesses. To help you plan and remain safe at home during … Continue reading

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Client Alert – U.S. Supreme Court Upholds Final Rules Allowing Employer-Sponsored Health Plans to Decline to Cover Contraceptives Due to Moral or Religious Objections

U.S. Supreme Court Upholds Final Rules Allowing Employer-Sponsored Health Plans to Decline to Cover Contraceptives Due to Moral or Religious Objections On July 8, 2020, the United States Supreme Court upheld the Final Rules issued by the Department of Health … Continue reading

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IRS Releases Updated Form 720 Used For PCORI Fee Payments

As we recently reported, on June 8, 2020, the IRS released the applicable PCORI fee for plan years ending between October 1, 2019 and September 30, 2020.  As we indicated in that alert, an updated Form 720 had not yet … Continue reading

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IRS Relaxes Election Change, Other Rules for Cafeteria Plans and FSAs

As the country continues to feel the impact of the COVID-19 National Emergency declared by President Trump on March 13, 2020, the IRS has provided some much needed guidance and relief for employees.  On May 12, 2020, the IRS issued … Continue reading

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Agencies Extend Deadline to Pay COBRA Premiums

Extend Certain Other ERISA and Internal Revenue Code Deadlines Due to COVID-19 The impacts of the COVID-19 National Emergency, as declared by President Trump on March 13, 2020, have been vast.  As a result, many employers and employees are struggling … Continue reading

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