The IRS has announced inflation-adjusted limits for retirement plans in Notice 2023-75.
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Many people, for one reason or another, are unable to start or expand a family. Some people look to assisted reproductive technologies (“ARTs”) to conceive a child. These ART treatments include in vitro fertilization...more
On November 22, 2021, the IRS released a draft version of proposed regulations that have been submitted for publication to the Federal Register (but not yet formally published) which would permanently extend the annual...more
On Wednesday, the Internal Revenue Service (“IRS”) and Department of Treasury (“Treasury”) released guidance (Notice 2021-58) clarifying certain deadlines relating to COBRA continuation coverage in connection with the ongoing...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
The Internal Revenue Service (IRS) released Notice 2020-76 on October 2, 2020, announcing a delay in the deadline for distribution of Forms 1095-B and Forms 1095-C to participants by employers, health insurers and other...more
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Today the Internal Revenue Service issued guidance and transitional rules regarding the Patient-Centered Outcomes Research (“PCOR”) fee for plan years ending on or after October 1, 2019 and before October 1, 2020...more
The Department of Labor in connection with other agencies (the “Agencies”) have released guidance delaying and extending many common deadlines for employee benefit plans. In EBSA Disaster Relief Notice 2020-01, the DOL...more
Today, the IRS issued Notice 2020-15 that allows a high deductible health plan (HDHP) to provide first dollar coverage for both testing and treatment of the coronavirus. This means that claims for testing and treatment may...more
The Internal Revenue Service (IRS)’s Office of Chief Counsel recently issued a memorandum (the “CCM”) announcing that the Employer Shared Responsibility Payment (“Employer Penalty”) under Code Section 4980H is effectively not...more
Yesterday, language to eliminate the Cadillac and other ACA taxes was included in must pass spending legislation. The Consolidated Spending Bill is set to be voted on by the House and Senate and signed by the President by...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
Yesterday, the IRS increased almost every major retirement plan limit as part of its annual cost of living adjustments. The increased limitations are set forth in the following chart....more
On April 19, 2019, the IRS issued Revenue Procedure 2019-19 (Rev. Proc. 2019-19), which modifies the Employee Plans Compliance Resolution System (EPCRS) by expanding the use of the Self-Correction Program (SCP) to include...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
By release of Notice 2018-97, the IRS provided initial guidance on the application of new Section 83(i) of the Internal Revenue Code, as enacted by the Tax Cuts and Jobs Act (2017). Additional guidance is expected in the...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
Health Reimbursement Accounts (HRAs) are employer funded, account-based health plans which, by design, reimburse up to a fixed dollar amount of medical expenses. The Affordable Care Act (ACA) has severely limited their use...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
Under the Tax Cuts and Jobs Act (the “Act”) employers are no longer allowed to take a deduction for qualified transportation fringe benefits provided to employees (other than qualified bicycle commuting reimbursements which...more
Questions have arisen recently as to various state mandated preventive care requirements and whether such requirements violate the HDHP preventive care rules. As background, to be eligible to contribute to an HSA, an...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
The tax bill issued yesterday contains a number of provisions that, if implemented, will result in dramatic changes to the taxation of certain compensation arrangements. ...more