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Tag: IRS

BENEFIT UPDATE: HSA/HDHP Limits Increase 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) for 2020. These limits include: The maximum HSA contribution limit; The minimum deductible amount for HDHPs; and The maximum out-of-pocket expense limit for HDHPs. […]

Benefits and Taxes: Advantages for Employers and Employees

Employee benefits can be complex to administer, particularly in terms of taxation. It is important to understand the tax implications for both the employer and employee. This article will explain the general considerations related to the taxation of employee benefits. Employer Tax Implications Employers can usually deduct amounts that they […]

Shutdown Talk About Refunds Doesn’t Change Employer Filings

All the hubbub over the federal government shutdown has resulted in some confusion and questions about taxpayers and potential tax refunds they may be due.  Importantly, and as a reminder, we point out two important facts: This latest discussion concerns ONLY individuals and their individual Form 1040 tax filings and […]

The Employer Mandate in 2018: Proposed New Mandatory E-filing

IRS Proposed Regulations Expand Mandatory Electronic Filing of Information Returns The IRS in May published proposed regulations expanding mandatory electronic filing of most information returns – Form W-2, forms in the 1099 series, Form 1095-B, and Form 1095-C. These proposed regulations would be effective for information returns required to be filed after […]

The “New” AHPs: Hot or Not?

“President Trump is expanding affordable health coverage options for America’s small businesses and their employees. Many of our laws make healthcare coverage more expensive for small businesses than large companies. Association Health Plans are about more choice, more access, and more coverage.”  — U.S. Secretary of Labor Alexander Acosta According to […]