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IRS Releases Cafeteria Plan Relief

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On Tuesday, May 12th, the IRS released a pair of notices that affect cafeteria plans and flexible spending accounts (FSAs). These notices give employers the opportunity to add extended grace periods to FSAs, increase the maximum rollover amount on Health Care FSAs, and/or allow their participants to make mid-year cafeteria plan election changes if their needs change during the pandemic.
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Categories: Benefits in General, Compliance | Tags: IRS Notice 2020-29 , IRS Notice 2020-33 , Permitted Election Changes , Cafeteria Plans , Health Care FSA , Dependent Care FSA , Grace Period , Rollover , Amendments
The deadline for certain Form 5500 filings has been extended related the COVID-19 pandemic.
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Categories: Compliance | Tags: Form 5500 , Notice 2020-18 , Form 5558
The IRS has issued Notice 2020-15, which provides relief for testing and treatment for the 2019 Novel Coronavirus (COVID-19) from being disqualifying coverage for eligibility to contribute to a Health Savings Account. Health Plans are permitted to offer these services before the minimum High Deductible Health Plan deductible has been satisfied.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: HSA , HDHP , High Deductible Health Plan , COVID-19 , Coronavirus , Notice 2020-15

Health Coverage Tax Credit (HCTC) Extended

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The Health Coverage Tax Credit (HCTC) has been extended for all 2020 coverage months. Participants may need to take action to receive the HCTC for 2020 coverage.
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Categories: Benefits in General, Compliance | Tags: Health Coverage Tax Credit , HCTC , 2020 , Form 8885 , HCTC Advance Monthly Program
The Department of Labor (DOL) recently published the 2020 annual inflation adjustments to the civil monetary penalties for various violations pertaining to health and welfare benefit plans and pension and retirement plans.
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Categories: Compliance | Tags: DOL , Penalty , Inflation Adjusted , 2020
In December 2019, the Further Consolidated Appropriations Act, 2020 was signed. Among many provisions was an extension of the tax used to fund the Patient-Centered Outcomes Research Institute. This tax was first applicable in 2013 and the final tax filings were scheduled for 2020. With this extension, plans will now be responsible for this tax and filing for an additional 10 years, up to 2030.
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Categories: Health Care Reform, Compliance | Tags: Further Consolidated Appropriations Act 2020 , HR 1865 , PCOR Fees , Patient-Centered Outcomes Research Institute
The IRS issued Notice 2020-05, announcing the optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.
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Categories: Benefits in General | Tags: IRS , Medical , Mileage , Charitable , Business , 2020 Limits

IRS Announces 2020 Health Care FSA Limits

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Today, the IRS officially announced the 2020 annual inflation adjustments for multiple tax provisions, including the adjusted 2020 limits for health care flexible spending accounts (FSAs).
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Categories: Benefits in General, Compliance | Tags: 2020 FSA Limits , Health Care FSA Limit 2020 , Revenue Procedure 2019-44

IRS Announces 2020 Transportation Plan Limits

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Today, the IRS officially announced the 2020 annual inflation adjustments for multiple tax provisions, including the adjusted 2020 limits for transportation plans.
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Categories: Benefits in General, Compliance | Tags: Revenue Procedure 2019-44 , Transportation Plan Limits 2020

IRS Announces 2020 Pension Plan Limitations

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Today, the IRS issued Notice 2019-59, announcing the cost of living adjustments for pension plans and other retirement-related items for the tax year 2020. Review our summary for some of the more notable changes.
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Categories: Benefits in General, Compliance | Tags: IRS , Pension Plans , 2020 Limits , IRS Notice 2019-59 , Highly Compensated Employee , Key Employee , Nondiscrimination Testing , IRA , 401k , 457 , 403(b) , Roth IRA
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