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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 has released IRS Publication 503 and Form 2441 (Child and Dependent Care Expenses) and the accompanying Form 2441 Instructions for the 2018 tax year.
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Categories: Benefits in General, Compliance | Tags: Publication 503 , IRS Pub 503 , 2018 tax filing , Child and Dependent Care , Form 2441 , Form 2441 Instructions
The IRS has released the latest version of Publication 502 for use in preparing 2018 tax returns. Taxpayers interested in filing itemized deductions for medical expenses will find the IRS Pub. 502 a useful resource when preparing their federal income tax returns.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS Pub 502 , Publication 502 , Medical Expenses , Itemized Medical Expenses , 2018 Tax Filing
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 2019 Pension Plan Limits

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Today, the IRS released Notice 2018-83, announcing the cost of living adjustments for pension plans and other retirement related items for the tax year 2019. Some of the more notable changes include...
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Categories: Benefits in General, Compliance | Tags: IRS , Pension Plans , 2019 Limits , IRS Notice 2018-83 , Highly compensated employee , Key Employee , Nondiscrimination Testing , IRA , 401k , 457 , 403(b) , Roth IRA
On July 23, H.R.6199 Restoring Access to Medication and Modernizing Health Savings Accounts Act of 2018 and H.R.6311 Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018 were approved 8-4 in a party line vote by the House Rules Committee. During the proceedings, 2 amendments were offered and both failed. Consequently, the two bills moved on to the House floor. On July 25th under a closed-rule process, the H.R.6199 vote passed with bipartisan support in a 27...
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HR 6311 , HR 6199 , HSA , FSA , HRA , House , Restoring Access to Medication and Modernizing Health Savings Accounts Act of 2018 , Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018

Health Savings Account (HSA) Eligibility Rules

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HSAs continue to grow in popularity. So why doesn’t everyone open an HSA? To be HSA eligible, you must meet certain requirements. So exactly who is eligible to establish an HSA account and make an HSA contribution or have a contribution made on his/her behalf (e.g., by an employer)?
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , FSA , Flexible Spending Accout , HSA eligibility , IRS , Disqualifying coverage , Permitted Coverage , Minimum Deductible , Maximum OOP , 2019 HSA limits , 2018 HSA Limits

IRS Announces HSA Limits for 2019

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The IRS released Revenue Procedure 2018-30 that provides the Health Savings Accounts (HSA) limits for 2019.
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , 2019 Limits , Rev. Proc. 2018-30
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