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IRS Releases Updated Form 720 for PCOR Fees

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The IRS has released a revision to IRS Form 720 and Form 720 Instructions, which is to be used for the PCOR fees due July 31, 2019.
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Categories: Health Care Reform, Compliance | Tags: PCOR , PCOR fee , Patient-Centered Outcome Research Fee , July 31 , IRS Form 720 , HRA

Debit Cards: To Swipe or Not To Swipe

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The IRS has specific rules about when and how debit cards can be used for FSAs, HRAs and HSAs, which can cause confusion for card holders. We will answer some frequently asked questions on where cards can be used, on what purchase can be made, and more.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: Medical , Debit Cards , FSA , HSA , HRA , Medical Expenses , OTC Drugs
As the April 15th income tax deadline quickly approaches, employees that participate in a cafeteria plan that includes employer sponsored health insurance, health care flexible spending accounts (HCFSA), dependent care flexible spending accounts (DCFSA), or health savings accounts (HSA) should keep a few things in mind.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HCFSA , HSA , DCFSA , Dependent Care Flexible Spending Accounts , Health Savings Accounts , Health Flexible Spending Accounts , IRS Form 2441 , IRS Form 8889 , W-2 , IRS , Income Tax Deadline , April 15th , 2018 tax deadline , IRS Form 1099-SA
The IRS has published new versions of various forms and instructions used by taxpayers to assist them in preparing their 2018 income tax returns.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HSA , Health Savings Account , Form 8889 , Schedule 1 , Schedule 4 , Form 1040 , IRS , 2018 tax filing , penalty
The IRS recently released Notice 2018-94, which provides a 30 day extension to the deadline for Applicable Large Employers (ALE) to distribute the 2018 Affordable Care Act (ACA) reporting forms to employees an covered individuals.
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Categories: Health Care Reform, Compliance | Tags: IRS Notice 2018-94 , Employer reporting extension , 2018 ALE reporting extension , Form 1095-C , Form 1095-B , IRS
Today the IRS officially announced under Revenue Procedure 2018-57, the 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules, and other tax changes. Included in the announcement is the inflation adjusted 2019 limits for Health Care flexible spending accounts (FSA) under an IRC Section 125 cafeteria plan and the Parking and Transit account limits under and IRC Section 132 Transportation Plan.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: Revenue Procedure 2018-57 , Health FSA Limit 2019 , Transportation Plan Limits 2019

IRS Announces PCOR Fee Adjustment

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IRS Notice 2018-85 provides the updated dollar amount to the be used to calculate the PCORI fee for health plan policy and plan years that end on or after October 1, 2018 and before October 1, 2019. This includes the 2018 calendar year plans, and the updated fee amount is $2.45 per covered life.
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Categories: Health Care Reform, Compliance | Tags: PCOR , PCORI , PCOR Fee , Patient Centered Outcome Research Institute , Form 720

Proposed Rule Will Expand HRA Options In 2020

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The proposed HRA rules released last week, would generally retain the current types of permitted HRAs (integrated HRAs, HRAs restricted to excepted benefits like dental and vision expenses, and retiree-only HRAs); Qualified Small Employer Health Reimbursement Arrangements (QSEHRA) and also will eventually allow two new types of HRAs effective January 1, 2020.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: HRA , QSEHRA , Premium Reimbursement Account , PRHRA , Excepted Benefit HRA , IRS , DOL , ECFC
The IRS has released the final Forms 1094-B, 1095-B, 1094-C, and 1095-C for calendar year 2018 reporting with minimal changes. Employers are required to report in early 2019 for the calendar year 2018.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: Employer reporting , 1094 , 1095 , Section 6055 , Section 6056 , Employer Mandate , IRS , ALE , ACA
Most notably a projected increase to the 2019 Health Care FSA limit of $50 or an annual maximum is $2,700 per plan year.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: Health Care FSA , Flexible Spending Account , Projected Health Care FSA Limit , $2700 per plan year , Affordable Care Act , Tax Reform , C-CPI-U , 2019
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