On March 9, 2023, the IRS released updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). For calendar year 2024, the adjusted $2,000 penalty amount is $2,970 … Continue reading
Tag Archives: tax
ACA Pay or Play Penalties Will Increase for 2024
More Galleries
Comments Off on ACA Pay or Play Penalties Will Increase for 2024
IRS Releases Final Rule to Fix ACA’s Family “Glitch”
On October 13, 2022, the IRS finalized regulations (the “Final Rule”) intended to revise the method of determining affordability under the Affordable Care Act (ACA) for an employee’s family members by considering whether the coverage offered by the employer to … Continue reading
Posted in Being prepared, Economy, Insurance Agent, Tax
Tagged Insurance, IRS, tax
Comments Off on IRS Releases Final Rule to Fix ACA’s Family “Glitch”
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
Posted in Coronavirus, Government, Tax, Taxes
Tagged health, IRS, tax, taxes
Comments Off on Face Masks and Other PPE Treated as Deductible Medical Expenses
Infographic: HSA By the Numbers
Posted in Health Insurance
Tagged account, advantage, health, HSA, infographic, Numbers, Poster, savings, tax
Comments Off on Infographic: HSA By the Numbers
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Transportation Fringe Benefits As part of the Further Consolidated Appropriations Act, 2020 (the “Act”), Congress repealed Section 512(a)(7) of the Internal Revenue Code of 1986 (the “Code”).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
Posted in Congress, Government, Tax
Tagged act, benefits, bill, business, congress, employee, exempt, income tax, repeal, tax, transportation
Comments Off on Congress Repeals UBIT on Non-Profits with Transit Plans
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
Posted in Affordable Care Act, Taxes
Tagged ACA, cadillac tax, dental, expectations, FSA/HSA/HRA, health, HIT Tax, medical, tax
Comments Off on Congress Expected to Pass Spending Bill that Repeals Three Major ACA Taxes, Extends PCORI
