Stratus.HR

JUNE 16, 2022

When you first filled out your W-4 tax form as a new employee, you probably didn’t think much about it afterwards. But what if you’re filing your taxes a year later and you discover you had fewer taxes withheld from your paycheck than expected. What Is the function of the W-4 tax form?

Taxes 71

Taxes Outsourcing Payroll Deductions Deductible 71

AssuredPartners

OCTOBER 13, 2022

IRS Notice 2022-41. On October 11, 2022, the Internal Revenue Service (IRS) issued Notice 2022-41 , which will effectively expand the existing application of the change-in-status rules allowable under a Section 125 Cafeteria Plan. August 2, 2022: ACA Affordability Rates Announced for 2023

Health Insurance 98

Health Insurance Benefit Providers Flexible Spending Insurance 98

WEX Inc.

AUGUST 10, 2023

You might be surprised to learn that your health savings account (HSA) and medical flexible spending account (FSA) can help you save on purchases of a variety of back-to-school, expenses, including: Thermometers. HSA Medical FSA This blog post was originally published in August 2022 and most recently updated in August 2023.

Flexible Spending Account 98

Flexible Spending Account Health Savings Account Flexible Spending Medical 98

Money Talk

JANUARY 19, 2022

Make Tax-Advantaged Gifts - Consider “bunching” charitable donations with other tax deductions (e.g., state income tax and local property tax) every so often (e.g., Another tax-advantaged way to benefit from charitable gifts is to open a donor advised fund (DAF) with a major brokerage firm.

Flexible Spending Account 241

Flexible Spending Account Taxes Pension Deductions 241

Money Talk

JUNE 29, 2022

We are almost at the halfway mark of 2022, which makes this a perfect time to assess your financial progress and take action over the next six months. In it, I urged a review of tax deductions/credits, tax withholding, budgeting/cash flow, flexible spending accounts, financial goal progress, and investment portfolio status.

401(k) 245

401(k) Out of Pocket Cost Finance Flexible Spending Account 245

HR Professionals Magazine

MARCH 2, 2022

If benefits compliance seems like a never-ending game of whack-a-mole, 2022 will not disappoint. While challenges related to the COVID-19 pandemic dominate headlines, a number of new 2022 benefits compliance obligations and updates may fly under the radar. Effective for plan years beginning on or after January 1, 2022.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductions Deductible 52

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 21, 2022

On October 18th, the IRS announced a slew of inflation adjustments for 2023, including to the annual contribution and carryover limits for healthcare flexible spending accounts and the monthly limit for qualified transportation fringe benefits. Increase from 2022 to 2023. Increase from 2022 to 2023. Health FSAs. .

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

Griffin Benefits

NOVEMBER 11, 2021

The IRS has finally announced adjustments to 2022 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. Employees can deposit an incremental $100 into their health care FSAs in 2022.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. HSAs allow your staff to set aside a portion of their pre-tax earnings into an account they can tap later to reimburse for qualified medical expenses, including copays, coinsurance, deductibles and medications.

401(k) 91

401(k) Deductions Deductible Flexible Spending Account 91

McDermott Will & Emery Employee Benefits

OCTOBER 19, 2022

On October 18, 2022, the Internal Revenue Service (IRS) announced cost-of-living adjustments to the applicable dollar limits for certain account-based health and welfare plans (see Rev.

Health and Welfare 79

Health and Welfare Flexible Spending Account Flexible Spending Salary 79

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

Perhaps most notably, the annual limit for pre-tax and Roth contributions by employees to 401(k) plans has jumped from $20,500 to $22,500, and the annual limit for “catch-up” contributions to such plans by employees who are age 50 or older has increased from $6,500 to $7,500. Increase from 2022 to 2023. Increase from 2022 to 2023.

Retirement Plan 52

Retirement Plan 401(k) Flexible Spending Account Flexible Spending 52

CorpStrat

JANUARY 17, 2023

Health flexible spending accounts (FSAs). Health FSA pre-tax contribution limit. Employees’ elective deferrals to 401(k) plans, pre-tax and Roth. Tax exclusion for adoption assistance benefits. IRS Revenue Procedure 2022-24: 2023 limits for HSAs and HDHPs. 401(k) plans. Transportation fringe benefit plans.

401(k) 52

401(k) Employee Benefits Flexible Spending Account Health Savings Account 52

Benefit Resource Inc.

DECEMBER 30, 2021

New Limits to FSAs, HSAs, Commuter Benefits for 2022. Pre-tax Account Limits for 2022. Health Flexible Spending Account: $2,850 (Up from $2,750 in 2021) Health FSA Rollover: $570 (Up from $550. Health Savings Account Limits for 2022. The Dependent Care FSA limit returns to $5,000 as of January 1, 2022.

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 40

Griffin Benefits

NOVEMBER 1, 2022

The IRS has finally announced adjustments to 2023 contribution limits on various tax-advantaged health and dependent care spending accounts, retirement plans, and other employee benefits such as adoption assistance and transportation benefits. Many of these contribution limits, though not all, are indexed to cost-of-living adjustments.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductions 82

Stratus.HR

NOVEMBER 30, 2020

If you’re planning your tax-sheltered income for 2021, the IRS did not increase the $2,750 limit you can contribute to a health Flexible Spending Account (FSA). However, carry over amounts have increased from $500 to $550 for any excess balance at the end of 2021 to be carried over into plan year 2022.

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 52

Health Consultants Group

OCTOBER 1, 2021

When you comply with their guidelines, the IRS doesn’t require you to withhold FICA, FUTA, Medicare, or income taxes from pre-tax contributions. Flexible Spending Accounts: funded by salary reduction. IRS guidelines restrict certain spending account benefits to maximum annual amounts. Accident and Health Benefits

Employee Benefits 86

Employee Benefits Family and Medical Leave Act Flexible Spending Account Health Savings Account 86

Benefit Resource Inc.

JULY 14, 2022

It’s July, and that means we’re already halfway through 2022! If you have a Flexible Spending Account (FSA), you probably have some funds to spend before the end of the year. Now is a great time to check in on your FSA funds and other pre-tax accounts. How to Spend Your FSA Funds.

Flexible Spending 40

Flexible Spending Flexible Spending Account Medical Banking 40

McDermott Will & Emery Employee Benefits

NOVEMBER 9, 2022

On October 11, 2022, the US Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued final regulations to modify how affordability under the Affordable Care Act (ACA) is determined for an offer of coverage to a family member by an employer-sponsored group health plan, effective for the tax year beginning after December 31, […]. (..)

Taxes 79

Taxes Flexible Spending Account Employee Benefits Employment 79

Benefit Resource Inc.

JULY 8, 2021

If you have a Medical Flexible Spending Account (FSA), you may have the ability to take leftover funds from one plan year and transfer them to the next. These changes enable you to avoid the end-of-year rush to spend your pre-tax funds and give you peace of mind. Other FAQ’s regarding the carryover feature: 2.

Flexible Spending Account 40

Flexible Spending Account Flexible Spending Medical Taxes 40

Benefit Resource Inc.

OCTOBER 18, 2022

The IRS released the 2023 contribution limits for Mass Transit and Parking, Medical FSA, and Adoption Assistance in Revenue Procedure 2022-38. Maximum Election : $300 / month (up from $280 / month in 2022). Maximum Annual Limit : $3,050 (up from $2,850 in 2022). Maximum Credit: $15,950 (up from $14,890 in 2022).

Medical 52

Medical Taxes Flexible Spending Employment 52

Stratus.HR

OCTOBER 18, 2022

Administering a Flexible Spending Account (i.e., Flexible Spending Plans (FSAs) are a valuable benefit option that reduce employee tax burdens for out-of-pocket healthcare expenses. For a company of 50 employees, plan to spend 30-45 minutes each week on FSA administration duties alone. . Cafeteria Plan) .

Flexible Spending 52

Flexible Spending Flexible Spending Account Health Savings Account Healthcare 52

Higginbotham

JUNE 14, 2022

Flexible Spending Accounts (FSAs) have emerged as one solution. Flexible Spending Account vs. Health Savings Account. An FSA is a type of savings account that lets people pay for certain out-of-pocket medical expenses using tax-free dollars. Flexible Health Spending Account Rules.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

Higginbotham

FEBRUARY 11, 2022

4, 2022, the Departments of Labor (DOL), Health and Human Services (HHS) and the Treasury (Departments) jointly issued FAQs ( FAQs Part 52 ) regarding coverage of over-the-counter (OTC) COVID-19 tests. 19, 2022, but it is retroactive to Jan. PCORI Fee Amount Adjusted for 2022. 1, 2022 , since July 31, 2022, is a Sunday.

Paid Sick Leave 52

Paid Sick Leave Insurance Carriers Paid Leave Flexible Spending 52

Higginbotham

NOVEMBER 28, 2022

It can be funded on a pre-tax basis, and the owner can use the untaxed funds for qualified medical expenses. Unlike Flexible Spending Accounts (FSAs), which are owned by employers, individuals own HSAs. There are significant tax advantages. The tax advantages can make health care more affordable. HSAs are portable.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

Higginbotham

JULY 12, 2022

According to Investopedia , the maximum benefit in 2022 is $1,800. HRAs may sound like Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), but there are key differences. The Tax Benefits of Health Reimbursement Arrangements. Covering Out-of-Pocket Expenses and Medical Expenses.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 52

Higginbotham

JANUARY 27, 2023

According to the KFF 2022 Employer Health Benefits Survey, 51 percent of all firms offer health benefits. Although it may seem easier to boost wages and forget about employee benefits, due to potential tax breaks, offering health insurance can be a financially sound strategy. Census Bureau says that 54.3

Health Insurance 52

Health Insurance Insurance Benefits Package Out of Pocket Cost 52

Griffin Benefits

OCTOBER 1, 2022

After this year, reporting will be due by June 1 for the prior calendar year (so reporting for 2022 will be due by June 1, 2023). Additionally, account-based plans, like health reimbursement arrangements (HRAs) and health care flexible spending accounts (FSAs), are not required to report. Excepted benefits (e.g.,

Insurance Carriers 65

Insurance Carriers Employment Flexible Spending Account Insurance 65

Benefit Resource Inc.

SEPTEMBER 8, 2022

8, 2022) —Benefit Resource (BRI), a leading provider of innovative and dedicated administration of tax-free benefits programs, announced today the acquisition of North Coast Administrators (NCA), an Ohio-based administrator of consumer-directed benefits and benefit continuation services. ROCHESTER, N.Y.

Health Savings Account 40

Health Savings Account Flexible Spending Taxes Human Resources 40

Higginbotham

SEPTEMBER 12, 2023

percent of the employee’s household income for the year for purposes of both the pay or play rules and premium tax credit eligibility. 16, 2022, that will suffice. Substantiation Requirements Most FSAs are offered under a Section 125 cafeteria plan to allow employees to make pre-tax contributions. percent in 2023).

Electronics 52

Electronics Overtime Flexible Spending Account Salary 52

CorpStrat

OCTOBER 26, 2022

18, 2022, the IRS announced various inflation-adjusted tax limits for 2023, including the limit on employees’ salary reduction contributions to health flexible spending accounts (FSAs) offered under cafeteria plans. Let’s take the Health FSA Limit Increase for 2023 as an example.

Flexible Spending Account 52

Flexible Spending Account Finance Flexible Spending Salary 52

Business Management Daily

JANUARY 5, 2021

The law also extends expiring tax provisions and everything that could be jammed into 5,593 pages of federal legislation three days before Christmas. The key payroll provisions include: An extension of the paid sick/ family leave provisions and your tax credit for providing leave. Extensions of popular payroll tax provisions.

Family and Medical Leave Act 52

Family and Medical Leave Act Payroll 401(k) Taxes 52

Money Talk

AUGUST 3, 2022

This phrase was designed to encourage investors to buy tax-free municipal bonds that provide a higher after-tax return than higher-yielding taxable bonds. In a more general way, the advertisement was also promoting the concept of tax-efficient investing. no tax for New Jersey residents on a New Jersey-issued bond).

Taxes 187

Taxes 401(k) Flexible Spending Account Deductions 187

Higginbotham

MARCH 17, 2023

While many employers are familiar with health savings accounts (HSAs) and flexible spending accounts (FSAs), lifestyle spending accounts (LSAs) are an emerging benefit that can provide flexible and personalized support to employees.

Health Insurance 52

Health Insurance Flexible Spending Account Insurance Benefits Package 52

AssuredPartners

FEBRUARY 25, 2021

Other medical coverage” does not include dental, vision, or coverage offered under a healthcare flexible spending account (FSA). Why This Is Important? COBRA coverage tends to be prohibitively expensive for many, as the employer paid portion of the health insurance premium typically ceases. percent of their income for coverage.”

Flexible Spending Account 40

Flexible Spending Account Health Insurance Healthcare Flexible Spending 40

Proskauer's Employee Benefits & Executive Compensa

FEBRUARY 7, 2022

On Friday, February 4, 2022, in response to stakeholder feedback, the Departments released—you guessed it— FAQs Part 52 , which clarifies their prior guidance on the new coverage requirements. Shipping costs (and taxes) are included in the $12 reimbursement limit for tests purchased from non-network providers. Fraud and Abuse.

Retail 52

Retail Manufacturing Medical Flexible Spending Account 52

Stratus.HR

DECEMBER 13, 2021

‘Tis the season to make and finalize FSA contributions for the 2022 plan year. If you’d like to tax-shelter a portion of your income for 2022, please see the increased contribution amounts below for both Flexible Spending Account (FSA) and Health Savings Account (HSA) participants. Stratus.hr What is Health FSA?

Health Savings Account 69

Health Savings Account Flexible Spending Account Flexible Spending Taxes 69

AssuredPartners

NOVEMBER 12, 2021

2021-45 the annual inflation adjustments for the 2022 tax year. For 2022, the dollar limit cap is permitted to increase (by $100) from $2,750 to $2,850. For example, an employer could opt to cap employee contributions for 2022 at $2,500 instead but cannot set the limit at $2,900 in defiance of the ACA’s provisions.

Healthcare 73

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 73