Archive by tag: IRSReturn
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August 29, 2017, the IRS announced tax relief for victims of Hurricane Harvey in Texas. The declaration permits the IRS to postpone certain deadlines for taxpayers who reside or have a business in the disaster area.
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Categories: Benefits in General, Compliance | Tags: IRS , Tax Relief , Hurricane Harvey , extension
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
The IRS recently issued draft versions of Forms 1094-B, 1094-C, 1095-B and 1095-C information returns for the 2017 tax year. The Affordable Care Act requires coverage providers to use Forms 1094-B and 1095-B to report health plan enrollment and requires applicable large employers to use Forms 1094-C and 1095-C to report about employer shared responsibility. The Forms also provide relevant information about individual shared responsibility and premium tax credits.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: Affordable Care Act , ACA , 1094-B , 1095-B , 1094-C , 1095-C , information letter , IRS , Internal Revenue Service , draft , ALE , applicable large employer , Office of Chief Counsel , employer shared responsibility , individual mandate

Form 5500 Deadlines and Extensions

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Employers that are subject to ERISA that sponsor health and welfare plans subject to ERISA (i.e. health insurance, dental insurance, life insurance, disability insurance, Health Reimbursement Arrangement (HRA), and Health Care Flexible Spending Account (FSA) portion of a cafeteria plan, etc.) may have a Form 5500 obligation.
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Categories: Benefits in General, Compliance | Tags: Form 5500 , IRS , Form 5558 , DOL , DFVC
The IRS recently released an information letter clarifying the definition of a high deductible health plan (HDHP) for purposes of HSA eligibility. In the letter, the IRS explained that to qualify as an HDHP, a medical insurance plan (i) must satisfy certain minimum annual deductible and maximum out-of-pocket expense requirements and (ii) cannot provide any benefits below the minimum annual deductible, other than preventive care benefits.
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Categories: Health Care Reform, Compliance, Health Care in General | Tags: HSA , HDHP , IRS , health savings account , high deductible health plan , Internal Revenue Service , information letter
The IRS Office of Chief Counsel (OCC) recently issued an advice memorandum addressing certain employee benefit arrangements that purport to provide employees with tax-free compensation through combination self-funded health plans and wellness plans. Promoters generally entice employers by claiming that payments made to employees under such arrangements are also not subject to employment taxes, such as FICA and FUTA. In the memorandum, the OCC provides two examples of such arrangements and ex...
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Categories: Benefits in General, Health Care in General | Tags: Self-funded health plan , wellness plan , IRS , Internal Revenue Service , benefits , tax , wellness
The IRS has released 2018 key indexing adjustments used under the Affordable Care Act (ACA). This revenue procedure is effective for taxable years and plan years beginning after December 31, 2017.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: ACA , Affordability , IRS , Tax Credits

IRS Releases Updated Form 720 for PCOR Fees

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Employers must wait for the IRS to update the Form 720 each year in order to pay their fees with the correct form. The IRS has released a revision to the IRS Form 720 and Form 720 instructions that can be used for the PCOR fees due by July 31, 2017.
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Categories: Health Care Reform, Compliance | Tags: PCOR , IRS , Form 720 , HRA , Self-funded , Health , Fee
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
The IRS recently released an information letter addressing the question of whether an employee who establishes and funds an HSA while enrolled in Medicare must pay a fine to the IRS.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , health savings account , IRS , information letter , Internal Revenue Service , Medicare
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