Archive by month: 2018-3Return
As a result of industry efforts, the IRS issued Notice 2018-12 on March 5, 2018 to provide transition relief until 2020. The relief is so individuals covered by high deductible health plans that paid for male sterilization and male contraceptive expenses below the deductible will still be temporarily eligible to make contributions to an HSA.
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Categories: Benefits in General, Compliance | Tags: HSA , Notice 2018-12 , Preventive Care , Male Sterilization , Health Savings Account , HDHP , high deductible health plan , Section 223

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