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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

IRS Announces 2019 Pension Plan Limits

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Today, the IRS released Notice 2018-83, announcing the cost of living adjustments for pension plans and other retirement related items for the tax year 2019. Some of the more notable changes include...
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Categories: Benefits in General, Compliance | Tags: IRS , Pension Plans , 2019 Limits , IRS Notice 2018-83 , Highly compensated employee , Key Employee , Nondiscrimination Testing , IRA , 401k , 457 , 403(b) , Roth IRA
On July 23, H.R.6199 Restoring Access to Medication and Modernizing Health Savings Accounts Act of 2018 and H.R.6311 Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018 were approved 8-4 in a party line vote by the House Rules Committee. During the proceedings, 2 amendments were offered and both failed. Consequently, the two bills moved on to the House floor. On July 25th under a closed-rule process, the H.R.6199 vote passed with bipartisan support in a 27...
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HR 6311 , HR 6199 , HSA , FSA , HRA , House , Restoring Access to Medication and Modernizing Health Savings Accounts Act of 2018 , Increasing Access to Lower Premium Plans and Expanding Health Savings Accounts Act of 2018

Health Savings Account (HSA) Eligibility Rules

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HSAs continue to grow in popularity. So why doesn’t everyone open an HSA? To be HSA eligible, you must meet certain requirements. So exactly who is eligible to establish an HSA account and make an HSA contribution or have a contribution made on his/her behalf (e.g., by an employer)?
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , FSA , Flexible Spending Accout , HSA eligibility , IRS , Disqualifying coverage , Permitted Coverage , Minimum Deductible , Maximum OOP , 2019 HSA limits , 2018 HSA Limits

IRS Announces HSA Limits for 2019

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The IRS released Revenue Procedure 2018-30 that provides the Health Savings Accounts (HSA) limits for 2019.
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Categories: Benefits in General, Compliance | Tags: HSA , Health Savings Account , 2019 Limits , Rev. Proc. 2018-30
In follow up to our earlier post in March regarding the HSA Maximum Family Contribution change, we want to provide some new information based upon an IRS Revenue Procedure released April 26, 2018.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: IRS , Revenue Procedure 2018-27 , HSA , Health Savings Account , Family Contribution Limit
As the April 17th 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, Compliance | Tags: IRS , Tax Day , DCFSA , HCFSA , Dependent Care FSA , Health Care FSA , HSA , Health Savings Account , Form 8889 , Form 2441 , Form 1095-B , Form 1095-C , April 15th , April 17 , 2018 , Personal Tax Return
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
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

HIPAA Small Breach Notifications Due March 1st

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Small breaches discovered in 2017, must be reported to HHS by March 1, 2018.
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Categories: Compliance, Health Care in General | Tags: HHS , HIPAA Breach , Small breach , March 1 2018 , HIPAA , OCR
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