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President Trump recently issued an executive order instructing the Department of Labor to review new fiduciary rules that were scheduled to take effect on April 10, 2017. In relevant part, these fiduciary rules would modify the standard of care for institutions and individuals who provide investment advice or recommendations to IRA and HSA holders, provide a private cause of action for a breach of that standard of care and impose excise taxes for violations of certain prohibited transactions.
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Categories: Compliance | Tags: Fiduciary , Executive Order , fiduciary rules , DOL , Department of Labor , HSA , Health Savings Accounts
The IRS has published new versions of various publications used by taxpayers to assist them in preparing their 2016 income tax returns.
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Categories: Benefits in General, Compliance | Tags: HSA , IRS , Pub 969 , Form 8889 , Health Savings Account
An IRS Chief Counsel Memorandum released on January 20, 2017, addressed the tax treatment of fixed indemnity health plans.
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Categories: Benefits in General, Compliance | Tags: IRS , Indemnity , Wellness , Tax Exclusion
January 19, 2017, the IRS issued proposed regulations that reflect changes to the definition of dependent under Code §152 and other IRS Code provisions made by the Working Families Tax Relief Act of 2004 (WFTRA) and by the Fostering Connections to Success and Increasing Adoptions Act of 2008 (FCSIAA).
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Categories: Benefits in General, Compliance | Tags: DCFSA , WFTRA , IRS , Qualifying Child , Qualifying Relative , Dependent
The Internal Revenue Service, state tax agencies and the tax industry today renewed their warning about an email scam that uses a corporate officer’s name to request employee Forms W-2 from company payroll or human resources departments.
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Categories: Benefits in General, Compliance | Tags: IRS , Phishing , W-2 , SSN
IRS Notice 2017-16 provides that an HCTC election for a month in 2016 may be made at any time before the expiration of the 3-year statute of limitation under § 6511 for such year, including on an amended income tax return.
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Categories: Benefits in General, Compliance | Tags: HCTC , IRS , Trade Act of 2015 , Tax Credit
The IRS has released IRS Publication 503 and Form 2441 (Child and Dependent Care Expenses) and its accompanying instructions for the 2016 tax year.
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Categories: Benefits in General, Compliance | Tags: IRS , Pub. 503 , Form 2441 , Dependent Care , FSA , Dependent Care Tax Credit , Form 1040
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: Pub. 502 , IRS , Tax , Medical Expense
January 20, 2017, President Trump’s first action after the inauguration was to issue an Executive Order directing the HHS Secretary and other agency heads involved in administering the ACA “to the maximum extent permitted by law”
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Categories: Health Care Reform, Compliance | Tags: ACA , Executive Order , Memordandum , Trump
The DOL recently published a final rule (Final Rule) setting forth the inflation-adjusted civil monetary penalties for violations pertaining to health and welfare benefit plans and pension and retirement plans. The increased amounts apply to penalties assessed after January 13, 2017.
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Categories: Benefits in General, Compliance | Tags: DOL , 2017 , penalties , penalty , violation , inflation
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