Archive by tag: 2020Return
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Health Coverage Tax Credit (HCTC) Extended

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The Health Coverage Tax Credit (HCTC) has been extended for all 2020 coverage months. Participants may need to take action to receive the HCTC for 2020 coverage.
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Categories: Benefits in General, Compliance | Tags: Health Coverage Tax Credit , HCTC , 2020 , Form 8885 , HCTC Advance Monthly Program
The Department of Labor (DOL) recently published the 2020 annual inflation adjustments to the civil monetary penalties for various violations pertaining to health and welfare benefit plans and pension and retirement plans.
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Categories: Compliance | Tags: DOL , Penalty , Inflation Adjusted , 2020
In December 2019, the Further Consolidated Appropriations Act, 2020 was signed. Among many provisions was an extension of the tax used to fund the Patient-Centered Outcomes Research Institute. This tax was first applicable in 2013 and the final tax filings were scheduled for 2020. With this extension, plans will now be responsible for this tax and filing for an additional 10 years, up to 2030.
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Categories: Health Care Reform, Compliance | Tags: Further Consolidated Appropriations Act 2020 , HR 1865 , PCOR Fees , Patient-Centered Outcomes Research Institute
The IRS issued Notice 2020-05, announcing the optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
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Categories: Benefits in General | Tags: IRS , Medical , Mileage , Charitable , Business , 2020 Limits

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

Ensure Your HRA is HSA Compatible in 2020

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The new year is fast approaching! Employers who currently offer a Health Reimbursement Arrangement (HRA) paired with a high deductible health plan (HDHP) and a Health Savings Account (HSA), or are considering doing so for the upcoming plan year, should pay special attention to the fact that the minimum HDHP deductible limits have changed! In order to maintain HSA compatibility, your HRA may need to be amended for 2020.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Health Reimbursement Arrangement , HRA , Health Savings Account , HSA , Stacking Benefits , 2020 Limits , HSA Compatible

Final HRA Regulations Released

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On June 13, 2019, the U.S. Departments of Health and Human Services, Labor and the Treasury issued a final rule allowing employers of all sizes to offer two new kinds of health reimbursement arrangements (HRAs). The two new HRAs made available include (1) individual-coverage HRAs (ICHRA) and (2) excepted-benefit HRAs. These new HRAs must meet certain conditions and may be offered to employees on or after January 1, 2020. The departments also posted FAQs on the new rule that include a Q & A as we...
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: HRA , ICHRA , Excepted-benefit HRA , Individual-coverage HRA , HRA Final Regs , HRA Final Regulations , 1/1/2020

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