Archive by tag: 2019Return
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The IRS has published revised versions of various forms and instructions used by taxpayers to assist them in preparing their 2019 income tax returns. For Health Savings Account (HSA) accountholders, in addition to your IRS Form 1040, you must also complete Form 8889. Based on your contributions and distributions during the year, you may need to include Schedule 1 and/or Schedule 2.
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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 2 , Form 1040 , IRS , 2019 tax filing , penalty
The IRS has released the latest version of Publication 502 for use in preparing 2019 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 , 2019 Tax Filing
IRS Publication 503, used in preparing itemization for child and dependent care expenses for taxes, is now available for use with 2019 tax filings. In addition, Form 2441 and accompanying Instructions (used to report child and dependent care expenses) is available.
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Categories: Benefits in General, Compliance | Tags: Publication 503 , IRS Pub 503 , 2019 tax filing , Child and Dependent Care , Form 2441 , Form 2441 Instructions
The IRS has issued the final 2019 forms 1094-B, 1095-B, 1094-C and 1095-C along with instructions. These forms will be used by employers, plan sponsors and group health plan insurers to report coverage to plan members and the IRS. This reporting is required by the Affordable Care Act. The deadline to provide notice to individuals on 1095-B or 1095-C has been extended from January 31, 2020 to March 2, 2020. In addition, the IRS has issued transitional good-faith relieve from section 6721 and 6722...
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Categories: Health Care Reform, Compliance | Tags: Notice 2019-63 , Form 1094-B , Form 1094-C , Form 1095-B , Form 1095-C , Employer Reporting , ALEs , Applicable Large Employers , Minimum Essential Coverage , MEC , 6055 , 6056

IRS Announces 2020 Health Care FSA Limits

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Today, the IRS officially announced the 2020 annual inflation adjustments for multiple tax provisions, including the adjusted 2020 limits for health care flexible spending accounts (FSAs).
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Categories: Benefits in General, Compliance | Tags: 2020 FSA Limits , Health Care FSA Limit 2020 , Revenue Procedure 2019-44

IRS Announces 2020 Transportation Plan Limits

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Today, the IRS officially announced the 2020 annual inflation adjustments for multiple tax provisions, including the adjusted 2020 limits for transportation plans.
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Categories: Benefits in General, Compliance | Tags: Revenue Procedure 2019-44 , Transportation Plan Limits 2020

IRS Announces 2020 Pension Plan Limitations

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Today, the IRS issued Notice 2019-59, announcing the cost of living adjustments for pension plans and other retirement-related items for the tax year 2020. Review our summary for some of the more notable changes.
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Categories: Benefits in General, Compliance | Tags: IRS , Pension Plans , 2020 Limits , IRS Notice 2019-59 , Highly Compensated Employee , Key Employee , Nondiscrimination Testing , IRA , 401k , 457 , 403(b) , Roth IRA
July 17, 2019, the Internal Revenue Service released Notice 2019-45, which for purposes of HSAs, provides a list of medical care expenses that may be treated as preventive care benefits under a high deductible health plan (HDHP). As a result of this Notice, preventive care has been expanded to include care for certain chronic medical conditions.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HSA , Health Savings Account , Preventive Care , Chronic Care , Chronic Medical Conditions , Section 223 , IRS Notice 2019-45 , Executive Order , Treasury Department , IRS

IRS Announces HSA Limits for 2020

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The IRS released Revenue Procedure 2019-25 that provides the Health Savings Accounts (HSA) limits for 2020.
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , 2020 Limits , 2020 HSA Limits , Rev Proc 2019-25

DOL Releases Inflation Adjusted Penalties for 2019

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The Department of Labor (DOL) recently published the Final Rule regarding the DOL Penalties Inflation Adjustment Act Annual Adjustments for 2019 setting forth the inflation-adjusted civil monetary penalties for violations pertaining to health and welfare benefit plans and pension and retirement plans.
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Categories: Benefits in General, Compliance | Tags: DOL , Penalty , 2019 , Inflation adjusted
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