Archive by tag: IRSReturn
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
The IRS recently updated their website in the section “Types of Employer Payments and How They Are Calculated” that describes how to calculate employer shared responsibility payments for 2017.
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Categories: Health Care Reform, Compliance | Tags: ACA , IRS , Employer Shared Responsibility , Penalty
Although April 10, 2017 is fast approaching, the DOL has still not finalized its proposed extension to the effective date of the new fiduciary rules. To defray mounting concern, confusion and uncertainty among financial services institutions and investors, the DOL and IRS have issued temporary policies relating to the proposed delay of the new fiduciary rules and related prohibited transaction exemptions.
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Categories: Compliance | Tags: fiduciary rules , IRS , DOL , Field Assistance Bulletin No. 2017-01 , Announcement 2017-4 , fiduciary
The IRS recently released an information letter addressing the treatment of cafeteria plan forfeitures when an employer ceases operations and the plan terminates. Specifically, the letter clarifies that Section 125 of the Internal Revenue Code does not require that unused cafeteria plan funds be paid to the U.S. Treasury in these circumstances. How unused funds are disposed of when a plan terminates depends on what the plan document provides and the facts and circumstances at the time.
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Categories: Benefits in General, Compliance | Tags: cafeteria plan , forfeitures , irs , information letter , health fsa , flexible spending account , Section 125

IRS Releases QSEHRA Notice Extension

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The IRS released Notice 2017-20, extending the notice period for an employer to furnish an initial written notice to its eligible employees regarding a qualified small employer health reimbursement arrangement (QSEHRA).
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Categories: Compliance, Health Care in General | Tags: QSEHRA , Cures Act , IRS , ECFC
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
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