The IRS is Beginning 2016 Pay or Play Enforcement: Here’s What You Need to Know In late 2018, the IRS began issuing enforcement letters related to employers’ compliance with the employer shared responsibility rules under the Affordable Care Act (ACA) for the 2016 calendar year. These letters, known as Letter 226-J, inform employers of their…Details
2019 Plan Limits: Everything You Must Know If you offer high deductible health plans (HDHPs), health savings accounts (HSAs), flexible spending accounts (FSAs) or 401(k) plans, your plans are subject to inflation-adjusted dollar limits.
Top 10 ways to save for retirement 1. Know Your Retirement Needs: Retirement is expensive. Experts estimate that you’ll need about 70 percent of your pre-retirement income (90 percent or more for lower earners) to maintain your standard of living when you stop working. 2. Find Out About Your Social Security Benefits: Social Security pays…Details
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What Are You Doing to Prevent the Flu? Last year was the first flu season to be classified as high severity across all age groups, according to the Centers for Disease Control and Prevention (CDC). This shows that no one can afford to ignore flu prevention. With that in mind, what are you doing to…Details
Options for HRAs Would Be Expanded Under Proposed Rule On Oct. 23, 2018, the Departments of Labor, Health and Human Services, and the Treasury (Departments) issued a proposed rule that would expand the usability of health reimbursement arrangements (HRAs). Effective in 2020, the proposed rule would: Click here to view the full article.Details
WINTER SAFETY: DRIVING Losing control of a car is undoubtedly one of the most frightening experiences behind the wheel. Unfortunately, it is a potential side effect when the temperatures turn frigid and the roads get slick with ice or snow. One of the most dangerous winter driving hazards is skidding, which, at high speeds, could…Details
Many employee benefits are subject to annual dollar limits that are periodically increased for inflation. The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the annual dollar limits for various welfare and retirement plan limits for 2019. Although some of the limits will remain the same, many of the limits will increase for 2019.…Details
The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to health flexible spending accounts (FSAs) offered under cafeteria plans. This dollar limit is indexed for cost-of-living adjustments and may be increased each year. On Nov. 15, 2018, the Internal Revenue Service (IRS) released Revenue Procedure 2018-57 (Rev. Proc. 18-57), which…Details