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Correcting Health Savings Account Contribution Errors
The Internal Revenue Service has released Rev. Proc. 2024-25 announcing the inflation-adjusted limits for high deductible health plans (HDHPs) and health savings accounts (HSAs) in 2025. The updated 2025 limits are as...more
In Rev. Proc. 2024-25, the IRS released the inflation adjusted amounts for 2025 relevant to Health Savings Accounts (HSAs) and high deductible health plans (HDHPs). The table below summarizes those adjustments and other...more
On November 1, 2023, the Internal Revenue Service (IRS) released Notice 2023-75, which sets forth the 2024 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The...more
In Rev. Proc. 2023-23, the IRS released the inflation-adjusted amounts for 2024 relevant to Health Savings Accounts (HSAs) and high deductible health plans (HDHPs). The table below summarizes those adjustments and other...more
On May 17, 2023, the IRS announced the Health Savings Account limits for 2024. With respect to contribution limits, the limits are higher than the ones for 2023 and the required deductible and out-of-pocket maximums have...more
The IRS recently issued Revenue Procedure 2022-24 which included the 2023 inflation-adjusted amounts for health savings accounts (HSAs) and high-deductible health plans (HDHPs). The Revenue Procedure details the maximum HSA...more
Seyfarth Synopsis: The IRS has announced increases to key limits for certain health and welfare benefit programs, including HSA contributions for 2023. ...more
In Rev. Proc. 2022-24, the IRS released the inflation adjusted amounts for 2023 relevant to Health Savings Accounts (HSAs) and high deductible health plans (HDHPs). The table below summarizes those adjustments and other...more
The Internal Revenue Service (IRS) issued Notice 2022-24 on April 29 to provide the inflation-adjusted amounts for health savings accounts (HSAs) in calendar year 2023....more
On April 29, 2022, the IRS announced the Health Savings Account limits for 2023. With respect to contribution limits, the limits are slightly higher than the ones for 2022, and the required deductible and out of pocket...more
As is tradition, we are happy to present our End of Year Plan Sponsor “To Do” Lists. We are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered year-end health and welfare plan issues. This...more
The Internal Revenue Service (IRS) recently released 2022 cost-of-living adjustments applicable to dollar limitations for employer-sponsored health and welfare plans and retirement plans....more
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
On May 10, 2021, the Internal Revenue Service (IRS) announced the 2022 health savings account (HSA) annual contribution limit and the 2022 high deductible health plan (HDHP) definitional limit per Internal Revenue Code...more
Yesterday, the IRS announced the Health Savings Account limits for 2022. With respect to contribution limits, the limits are slightly higher than the ones for 2021. As a reminder, these inflation adjusted amounts are...more
Seyfarth Synopsis: The IRS has announced the adjustments to key limits for certain health and welfare benefit programs, including HDHP deductibles, HSA and FSA contributions, and other fringe benefit options for 2021....more
Seyfarth Synopsis: The IRS announced the new rate for calculating the PCORI fee and provided some transition relief, but did not extend the deadline of July 31st for paying the fee. In May, the IRS issued Rev. Proc. 2020-32...more
In a bit of a respite from COVID-19, today the IRS announced the Health Savings Account limits for 2021. With respect to contribution limits, the limits are slightly higher than the ones for 2020. As a reminder, these...more
On May 28, 2019, the IRS released Revenue Procedure 2019-25 setting dollar limitations for health savings accounts (HSAs) and high-deductible health plans (HDHPs) for 2020. HSAs are subject to annual aggregate contribution...more
Today the IRS announced the HSA limits for calendar year 2020. Hard to believe we are already talking 2020, especially after a Memorial Day weekend in Wisconsin where the air conditioning and furnace were both needed. As you...more
As 2018 comes to an end, we are happy to present our traditional End of Year Plan Sponsor “To Do” Lists. This year, we are publishing our “To Do” Lists in four separate Employee Benefits Updates. Part 1 covered year-end...more
The IRS recently announced cost-of-living adjustments for 2019 in Notice 2018-83 and related guidance. The key dollar limits for qualified retirement plans and health and welfare plans are noted below....more
Every year, the IRS announces the annual limits for various types of employee benefits, such as Health Savings Accounts (HSAs). The IRS has already changed the 2018 annual limits for HSAs twice this year, which may have...more
On May 10, 2018, the IRS released Revenue Procedure 2018-30 setting dollar limitations for health savings accounts (HSAs) and high-deductible health plans (HDHPs) for 2019. HSAs are subject to annual aggregate contribution...more
The IRS recently released guidance providing that taxpayers may, for 2018, treat $6,900 as the maximum deductible health savings account (“HSA”) contribution for family coverage under a high deductible health plan. This...more