Category Archives: Taxes
Face Masks and Other PPE Treated as Deductible Medical Expenses
The Internal Revenue Service has issued Announcement 2021-7, clarifying that amounts paid for certain personal protective equipment (PPE)—such as masks, hand sanitizer and sanitizing wipes—used for the primary purpose of preventing the spread of coronavirus (COVID-19) are deductible medical expenses. … Continue reading
Key HSA Features – 2021 Compliance
Health savings accounts (HSAs) are a popular type of tax-advantaged medical savings account available to individuals enrolled in high deductible health plans (HDHPs). Individuals can use their HSAs to pay for expenses covered under the HDHP until their deductible has … Continue reading
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
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
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
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
PCORI Fees Due By July 31, 2019
REMINDER: PCORI Fees Due By July 31, 2019 Employers that sponsor self-insured group health plans, including health reimbursement arrangements (HRAs) should keep in mind the upcoming July 31, 2019 deadline for paying fees that fund the Patient-Centered Outcomes Research Institute … Continue reading
2019 Health Plan Compliance Deadlines
2019 Health Plan Compliance Deadlines Employers must comply with numerous reporting and disclosure requirements throughout the year in connection with their group health plans. This Compliance Overview explains key 2019 compliance deadlines for employer-sponsored group health plans. It also outlines … Continue reading
Client Alert: DOL Releases proposed Rule
DOL Releases Proposed Rule Expanding Association Health Plans Earlier this month, the U.S. Department of Labor (DOL) issued a proposed rule to expand the opportunity of unrelated employers of all sizes (but particularly small employers) to offer employment-based health … Continue reading
HSA Contributions
As the year comes to a close you may want to look at putting some more money into your Health Savings Account or contributing some to your employee’s account if your business offers a qualified plan. Limits for 2016: … Continue reading
