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In light of COVID-19, many schools and businesses are being forced to make changes including closings, layoffs, and remote workforces. Just last night, President Trump signed the Families First Coronavirus Response Act (FFCRA), which includes provisions to help employees and their employers, by among other things, providing emergency paid sick leave and expanding the Family and Medical Leave Act (FMLA) temporarily to allow for paid family leave for working families affected by school closures. A...
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Categories: Benefits in General, Compliance | Tags: Families First Coronavirus Response Act , FFCRA , Coronovirus , COVID-19 , FMLA , Paid Sick Leave , Family Medical Leave Act
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 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 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
The nondiscrimination tests are a series of tests that are required by the Internal Revenue Service (IRS) to determine if plans unjustly favor higher-paid individuals or those who own or are in charge within an organization. Employers are required to perform annual nondiscrimination tests or hire a third party to conduct testing on their cafeteria plan. Employee Benefits Corporation provides nondiscrimination testing for our BESTflex and BESTflex Premium Only Plan clients as part of our standar...
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Cafeteria Plan , Nondiscrimination Testing , NDT , HCFSA , DCFSA , Flexible Spending Account , FSA , IRS , Annual Compensation , Gross Compensation , W-2
Nondiscrimination tests are a series of tests that are required by the Internal Revenue Service (IRS) to determine if plans unjustly favor higher-paid individuals or those who own or are in charge within an organization. Employers are required to perform annual nondiscrimination tests or hire a third party to conduct testing on their plan. Employee Benefits Corporation includes nondiscrimination testing for our BESTflex, BESTflex Self-Administration and BESTflex Premium Only Plan cafeteria plan...
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS , Nondiscrimination Testing , NDT , Key Employees , Highly Compensated Employees , Non-Highly Compensated Employees , Flexible Spending Account , FSA , Premium , Cafeteria Plan
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
The deadline to file Form 5500s for 2018 calendar year plans is 7/31/2019. If you have missed a filing deadline, there are different consequences and remedies available to Employers/Plan Sponsors. Review the options available and potential penalty fees associated with each below.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS , Form 5500 , Form 5558 , DFVCP , Delinquent Filers , Penalties
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