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The Internal Revenue Service issued Notice 2018-83 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for tax year 2019. The elective deferral limit for participants who participate in 401(k), 403(b), 457(b) plans and SARSEPs has increased $500,… IRS Issues Proposed Regulations for Hardship Distributions
The IRS initially issued proposed regulations on Friday, November 9, 2018 and published such regulations in the Federal Register on November 14, 2018 providing guidance related to modifications necessary to administer hardship distributions based on the statutory changes made by the Bipartisan… Recent Guidance for the Mental Health Parity Act: Are You in Compliance?
The Department of Labor (“DOL”) is buckling down on compliance with the Mental Health Parity and Addiction Equity Act of 2008 (“MHPAEA”). On April 23, 2018, the DOL released a plethora of updated information that provides employers, who sponsor health plans, even more insight as to how to ensure… IRS Does An "About-Face" On HSA Limits
The $50 reduction in the family coverage limit for health savings account (“HSA”) contributions just announced last March is no longer effective. The good news is that taxpayers can save more for medical expenses in 2018 (up to $6,900), while the challenge for employers and/or service providers… How May The New Tax Act Affect Your ESOP?
The Tax Cuts and Jobs Act of 2018 (the “Act”) was signed into law by President Trump on December 22, 2017. It is heralded as making the most significant changes in corporate taxation in the US in more than 30 years. The Act makes changes to C corporations, S corporations and other pass-through… Bipartisan Budget Act of 2018
As reported in our previous Employee Benefits ALERT, the Tax Cuts and Jobs Act provided several changes affecting qualified retirement plans. On February 9, 2018, Congress passed, and President Trump signed into law, the “Bipartisan Budget Act of 2018” (the “Act”). The Act contains some provisions… IRS Reduces 2018 Limits for Health Savings Accounts and Adoption Credits
The Tax Cuts and Jobs Act signed by President Trump on December 22, 2017 included a requirement that modifications of cost-of-living adjustments be made to certain statutory limits based on the Chained Consumer Price Index for All Urban consumers (“C-CPI-U”). The Internal Revenue Service (“IRS”)… New Disability Claims Final Regulations - Effective April 1st!
The Department of Labor (DOL) expanded the claims procedures for disability benefits in final regulations issued on December 19, 2016 with a delayed effective date of April 1, 2018 (“Final Regulations”). The Final Regulations expand the current claims procedures applicable to disability claims… Employee Benefits and Tax Reform: What You Need to Know
The “Tax Cuts and Jobs Act” signed by President Trump on December 22, 2017, thankfully did not turn retirement plans into a new source of tax revenue, but that does not mean the employee benefits world went completely unnoticed. Below are some of the key employee benefits changes, which were… IRS Provides Year-End Gift
The Internal Revenue Service (IRS) issued a late December gift to employers (and other coverage providers) by extending a rapidly approaching due date to furnish health care coverage information to employees (or other affected individuals). Notice 2018-06 (Notice) pushes the deadline for employers… Small Employers: HRAs Are Available To You
If you are a small employer currently planning for open enrollment and faced with ever-rising healthcare costs, you should read this article for an alternative solution. Likewise, if you are an employer that used to provide a health reimbursement arrangement (“HRA”) as a method to help your… Employers Beware - So Says the IRS
The Internal Revenue Service (“IRS”) issued a May 12, 2017 memorandum from the Office of Chief Counsel (CCA 201719025) that reminds us all of the old saying “If it seems too good to be true then it probably is.” The cost of benefits for employers and employees is not getting any cheaper as many of… |
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