irs

Ask the Experts: Executive-Only Medical Plans

Benefits Plans, COBRA, Human Resources, IRS

Question: Our company offers group medical and dental plans for all employees. We also have an executive-only medical plan that covers out-of-pocket expenses that the regular group plan does not pay. Does COBRA apply to the executive-only plan? Do we have to include it in our summary plan description (SPD)?

by Mike Radakovich

Ask the Experts: Taxability of Reimbursements for Mileage

IRS, Taxes

Question: Are amounts an employer reimburses employees for mileage taxable?

by Mike Radakovich

Tips for Preparing Form 5500

Benefit Advisors, Forms, Human Resources, IRS

At this time of year, many employers and benefit advisors begin preparing Form 5500, the annual report required for most employee benefit plans. Form 5500 must be filed with the federal government within seven months after the end of the plan year. For calendar-year plans, that means the plan’s 2018 Form 5500 is due July 31, 2019.

by Chris Freitas

IRS Announces HSA Limits for 2020

Contribution Limits, HSA, IRS

On May 28, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-25 announcing the annual inflation-adjusted limits for health savings accounts (HSAs) for calendar year 2020. An HSA is a tax-exempt savings account that employees can use to pay for qualified health expenses.

by Mike Radakovich

IRS Releases Information Letter on Returning HSA Contributions to an Employer

HSA, Insurance, IRS

Generally, a person’s interest in a Health Savings Account (HSA) is nonforfeitable. However, in the past, the Internal Revenue Service’s Notice 2008-59 described limited circumstances under which an employer may recoup contributions made to an employee’s HSA.

by Mike Radakovich

IRS Releases 2019 Inflation-Adjusted Limits | California Benefits Agents

FSA, HRA, Inflation, IRS

The Internal Revenue Service (IRS) released its inflation-adjusted limits for various benefits. For example, the maximum contribution limit to health flexible spending arrangements (FSAs) will be $2,700 in 2019. Also, the maximum reimbursement limit in 2019 for Qualified Small Employer Health Reimbursement Arrangements will be $5,150 for single coverage and $10,450 for family coverage.

by Mike Radakovich

Redesigned W-4 Form to Launch in 2020 | CA Benefits Partners

Compliance, Employees, Employers, Forms, Human Resources, IRS, W-4, Workplace

When will the new Form W-4 be released? In 2020, according to a press release published by the Treasury Department on September 20, 2018. The department announced that the IRS will implement a redesigned W-4 form for tax year 2020, a timeline that will allow for continued work to refine the new approach for the form.

by Mike Radakovich

Final Rule on Short-Term Limited-Duration Insurance | California Benefits Firm

Department of Labor, Employee Benefits, Employers, Final Rule, Health Care, Human Resources, Insurance, IRS, Short-term insurance

On August 1, 2018, the Internal Revenue Service, the Department of Health and Human Services (HHS), and the Department of Labor (collectively, the Departments) released a final rule that amends the definition of short-term, limited-duration insurance. HHS also released a fact sheet on the final rule.

by Mike Radakovich