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What Benefit Changes Can I Make Due to COVID-19?

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Many employers are having to make difficult decisions regarding staffing during the national pandemic due to COVID-19. Employers are faced with staff leave of absence situations including layoffs, furloughs, and reduction in hours. This leads to questions regarding what changes employees are able to make to their benefits as a result.
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Categories: Benefits in General, Compliance | Tags: Permitted Election Changes , Section 125 , Health Care FSA , Dependent Care FSA , Transportation Plans
Late Friday, President Trump signed the Further Consolidated Appropriations Act (“Act”), 2020 (H.R. 1865) which includes many provisions, most notably the repeal of the Cadillac Tax. The Cadillac Tax was a provision included in the Affordable Care Act which imposed a tax on health plans if the value of the employer-sponsored health coverage exceeded a specified threshold. Employers sponsoring plans that risked surpassing that threshold would likely have cut their benefits to avoid the Cadillac...
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Categories: Health Care Reform, Compliance | Tags: Further Consolidated Appropriations Act , Cadillac Tax , Repeal , Transportation Benefits , H.R. 1865

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
Annually, the limits for various benefits, including qualified small employer health reimbursement arrangements (QSEHRA) and transportation benefits are increased based on inflation measured by the Consumer Price Index (CPI), for the 12-month period ending August 31st. The August 2019 CPI was released this week and Thomson Reuters has reported on projected inflation adjustments for 2020 health, charitable, compliance and other specialty items.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Transportation Benefits , Transit , Parking , QSEHRA , CPI-U , Plan Limits , Inflation
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
The updates for QSEHRA and Transportation benefits for 2019 are as follows:
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Categories: Benefits in General, Compliance | Tags: QSEHRA , Transit , Parking , 2019 Limits , Qualified Small Employer HRA , Transportation Plans

IRS Publication 15-B on Fringe Benefits Released

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March 6, 2018, the IRS released Publication 15-B, Employer's Tax Guide to Fringe Benefits for use in 2018. As a result of changes related to the Tax Cuts and Jobs Act passed late in 2017, the Publication on page 20 outlines the tax treatment of qualified transportation fringe benefits to employees, including those provided through the use of salary reduction program.
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Categories: Benefits in General, Compliance | Tags: Publication 15-B , Transportation plans , parking , transit , bicycling benefit , Tax Cuts and Jobs Act , QSEHRA , health flexible spending account , business mileage , tax reform
The IRS has published IRS Rev. Proc. 2018-18 in Internal Revenue Bulletin 2018-10 this week that recalculates the limits on various benefits. One of the provisions in the tax reform bill enacted late last year, the Tax Cuts and Jobs Bill, was a change in the way the IRS was required to calculate cost-of-living increases.
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Categories: Benefits in General, Compliance | Tags: IRS , IR Bulletin 2018-10 , HSA , Indexes for inflation , Adoption Assistance Plans , Archer MSA , Small Employer Tax Credit , Health Care Flexible Spending Accounts , Transportation Plans , Tax Reform , 2018 Limits

GOP Passes Tax Reform

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After months of debate on tax reform, today the House by a by a vote of 224-201, passed the “Tax Cuts and Jobs Act” (H.R. 1) to overhaul the tax code. The bill now heads to the White House where President Trump says that he will sign it into law. We anticipate that the bill will be signed before Christmas.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: Tax Reform , GOP , Depedent Care Flexible Spending Accounts , Transportation Plans , Bicycling Benefit , Transit , Parking , Education Assistance , Adoption Assistance , IRS , Individual Mandate , ACA , Cadillac Tax
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
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