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Income Tax Season is Upon Us

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January 29, 2018 marked the start of tax filing season. People have until Tuesday, April 17, 2018, to file their 2017 returns and pay any taxes due. The filing tax deadline is later this year due to several factors.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: IRS , 1095-A , 1095-B , 1095-C , 1099-SA , 5498-SA , HSA , Dependent Care FSA , Form 2441 , Form 8889 , ACA , group health insurance , HRA , PEB , COBRA Beneficiary
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 | Tags: IRS , Pub 502 , Medical Expense , Itemized Deduction , FSA , HRA , HSA , 7.5%
The IRS has released IRS Publication 503 and Form 2441 (Child and Dependent Care Expenses) and the accompanying Form 2441 Instructions for the 2017 tax year.
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Categories: Benefits in General, Compliance | Tags: Pub 503 , IRS , Form 2441 , Dependent Care , Child Expense , DCFSA , Dependent Care Tax Credit
Today the IRS announced under Revenue Procedure 2017-58, the 2018 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Included in the announcement is the inflation adjusted 2018 limits for health flexible spending accounts (FSAs) under an IRC §125 cafeteria plan and the Parking and Transit account limits under an IRC §132 Transportation Plan.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: Health FSA Limit , 2018 , Transit , Parking , Transportation Plan Limits , IRS , Revenue Procedure , RP 2017-58

Health Care FSA Limit Projected $2,650 for 2018

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The CPI was released yesterday and Thomson Reuters has reported today, the projected inflation adjustments for 2018 for health, charitable, compliance and other specialty items. Most notably a projected increase to the 2018 Health Care FSA Limit of $50 or an annual maximum is $2,650 per plan year.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: Health Care FSA , FSA , Limit , ACA , 2018 Limit , 2018 Health Care FSA Limit
If you are looking at implementing a Health Savings Account during this upcoming open enrollment season, you should carefully review the details of your existing benefit plan(s), in order to identify any issues and make any required modifications in advance when possible to preserve HSA eligibility.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HSA , HRA , FSA , Health Savings Account , HDHP , IRS , Open Enrollment , Grace Period , Rollover , HSA Compatible
HSAs are growing in popularity. 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 , FSA , Health FSA , Disqualifying Coverage , Permitted Coverage , Health Savings Account

Repeal and Replace ACA-Employer View

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The International Foundation of Employee Benefit Plans (IFEBP) this month released the results from a survey that asked 727 employers their views on the Affordable Care Act (ACA) and repeal-and-replace efforts.
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Categories: Health Care Reform, Compliance | Tags: ACA , Repeal and replace , IFEBP , Cadillac tax , Employer mandate , Health FSA , HSA
The IRS Released Revenue Procedure 2017-37 on May 4, 2017 that provides the HSA limits for 2018 as follows:
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Categories: Compliance, Health Care in General | Tags: HSA , IRS , FSA , HRA , HSA compatible , Limits , 2018
As the April 18th 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) and health savings accounts (HSA) should keep a few things in mind.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: HCFSA , HSA , DCFSA , 1099-SA , Form 2441 , Form 8889 , Income Tax , IRS , April 15th , W-2 , Employer-sponsored Health , Health Insurance , ACA