The U.S. House of Representatives overwhelmingly voted to pass the Families First Coronavirus Response Act (the “Act”) in the early morning hours of Saturday, March 14, 2020. President Trump has endorsed the legislation. However, there…
OVERVIEW The current federal minimum wage rate is $7.25 per hour. However, many states have adopted minimum wage rates higher than the federal rate. When the state rate and the federal rate are different, employers…
IRS Releases Inflation-adjusted Limits for HSAs and HDHPs for 2020 On May 28, 2019, the IRS released Revenue Procedure 2019-25 to announce the inflation-adjusted limits for health savings accounts (HSAs)and high deductible health plans (HDHPs)…
Don’t Let Tax Filing Season Get the Best of You The April 15 deadline to file your 2018 tax returns will be here before you know it. If you’re like many Americans, hearing the phrase…
Proposed Notice of Benefit and Payment Parameters for 2020 Recently, the Department of Health and Human Services (HHS) published its proposed Notice of Benefit and Payment Parameters for 2020. This proposed rule describes benefit and…
OVERVIEW Many employee benefits are subject to annual dollar limits that are periodically increased for inflation. The Internal Revenue Service (IRS) recently announced cost-of-living adjustments to the annual dollar limits for various welfare and retirement…
The IRS released draft 2018 forms for Affordable Care Act (ACA) reporting under Internal Revenue Code (Code) Sections 6055 and 6056. Draft instructions for 2018 have not yet been released. The 2018 draft forms are…
The Internal Revenue Service (IRS) released draft 2018 forms for reporting under Internal Revenue Code (Code) Sections 6055 and 6056. 2018 draft Forms 1094-C and 1095-C were released July 11, 2018, and will be used…
OVERVIEW On May 21, 2018, the Internal Revenue Service (IRS) issued Revenue Procedure 2018-34 to index the contribution percentages in 2019 for purposes of determining affordability of an employer’s plan under the Affordable Care Act…
OVERVIEW On April 26, 2018, the IRS announced that, for 2018, taxpayers with family high deductible health plan (HDHP) coverage may treat $6,900 as the annual contribution limit to their health savings accounts (HSAs). Earlier…