Medicare Tax -
The regular Medicare tax rate of 1.45% remains unchanged and applies to all income without a limitation for both the employee and employer portion. The Affordable Care Act additional Medicare tax of 0.9%...more
Today, the Internal Revenue Service announced increases to the health savings account contribution limits for 2022. HSA contributions increased from $3,600 to $3,650 for 2022 self-only coverage, and from $7,200 to $7,300 for...more
For calendar year 2021, the Health FSA contribution limit and the parking and transit limits remain the same. Other limits increase only slightly....more
Today, the IRS released the annual adjustments for health FSAs, transportation plans and employer adoption assistance benefits. The following chart indicates these new limits, along with other health plan limits applicable...more
The Department of Labor’s Wage and Hour Division (WHD) released Letter CCPA2019-l on September 10, 2019 (the letter). The letter determined that for purposes of the Consumer Credit Protection Act (CCPA), Health Savings...more
Health Savings Accounts (HSAs) are tax-favored accounts that are designed to help eligible individuals participating in a high-deductible health plan save for medical expenses. Both the employer and the employee can...more
Health and Fringe Benefit Plan Limits -
The IRS has updated various health and fringe benefit plan limits for 2019. A comparison of the 2019 and 2018 limits is listed below....more
A few weeks ago, the Securities and Exchange Commission (SEC) issued an informational bulletin (Bulletin) on Health Savings Accounts (HSAs). The Bulletin provides a basic overview of what an HSA is, the tax-advantaged...more
Late last year, Congress enacted the Tax Cuts and Jobs Bill into law. As we discussed in prior posts, one of the changes affecting health and welfare plans is a change to the way the Internal Revenue Service calculates cost...more
Last week the Chronic Disease Management Act of 2018 (the “Act”) was introduced in the House of Representatives. In its current form, the Act intends to assist health plan participants with chronic conditions by waiving the...more
Unless you recently were stranded on an uninhabited island, or do not own a mobile phone, computer or television, you likely have not heard that the House released the Affordable Care Act repeal and replace bill. This new...more