HR Professionals Magazine

MARCH 2, 2022

While these changes may not be top-of-mind at the moment, it is critical employers understand them and take steps to comply when appropriate. Unfortunately for employers, transparency will add a number of requirements for group health plans. Information for 2020 and 2021 is due by Dec. Transparency in Coverage.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductions Deductible 52

Griffin Benefits

NOVEMBER 11, 2021

Together, these combined announcements by the IRS detail 2022 adjusted limits to the amounts employees can tuck away pretax into Flexible Spending Accounts (FSAs), Health Savings Accounts (HSAs), transportation benefits, and retirement plans such as 401(k)s. FSA Employer Contribution Limits for 2022.

401(k) 55

401(k) Retirement Plan Health Savings Account Deductions 55

Benefit Resource Inc.

MARCH 17, 2020

Things get a little more complicated when you have a change in employment status or changes in dependent care costs. Question 4: How can employers help employees cover the cost of testing and COVID-19 related expenses? Employers can provide up to $1,800. For those getting married or having a baby, the distinction might be easy.

Employment 40

Employment Medical Insurance Health Insurance 40

Genesis HR Solutions

MAY 23, 2023

we have 3 million fewer Americans working today compared to February of 2020. In an attempt to counteract the bleeding of workers, employers are getting creative with how they attract applicants and hopeful new hires. Employer-Side Recruitment & Hiring Process Paying referral bonuses. Employer branding. up from 8.6%

Insurance 40

Insurance PTO Flexible Spending Human Resources 40

Benefits Notes

FEBRUARY 26, 2021

On February 18, 2021, the IRS issued Notice 2021-15, clarifying temporary special rules for cafeteria plans, health flexible spending accounts (“FSAs”), and dependent care assistance programs (“DCAPs”) that were included in the Consolidated Appropriations Act (“CAA”), enacted on December 27, 2020.

Flexible Spending 40

Flexible Spending Flexible Spending Account Deductions Deductible 40

Business Management Daily

OCTOBER 28, 2021

For Example, employers must deposit payroll taxes — including FICA taxes (social security and medicare taxes that are partially withheld from employees through payroll and partially paid by the employer), FUTA taxes (federal unemployment taxes), and income taxes to the internal revenue service throughout the year.

Payroll 52

Payroll Family and Medical Leave Act PTO Flexible Spending Account 52

Benefit Resource Inc.

AUGUST 27, 2020

In April 2020, unemployment rates peaked at nearly 15%. While this is still a far cry from our pre-COVID-19 unemployment rates of 3.5%, employers are increasingly bringing employees back on payroll. However, this task is bringing new challenges to employers, including sorting through the details of getting affairs in order.

Payroll 40

Payroll Deductions Deductible Taxes 40

WEX Inc.

JULY 20, 2023

Deductible options The words “health”, “coverage”, “insurance”, and “deductible” were among the most frequent words to appear when participants were asked in our survey what was missing from their benefits. Specific responses included: “A lower deductible or copay options would be an improvement.” Deductibles are too high.

Deductions 75

Deductions Deductible Flexible Spending Account Health Savings Account 75

AssuredPartners

NOVEMBER 12, 2021

As a result of this news, employers should ensure that their health FSAs are administered in such a way as to prohibit employees from exceeding $2,850 in pre-tax contributions and, if applicable, no more than $570 in carryovers (from 2022 into 2023). 31, 2020 and prior to Jan.

Healthcare 73

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 73

AssuredPartners

OCTOBER 18, 2022

Included in this announcement, and of consequence to the employee benefits world, the IRS noted that the dollar limit maximum for employee contributions made on a pre-tax basis via salary reductions to health flexible spending accounts (FSAs) under a cafeteria plan will be modified for 2023. 31, 2020 and prior to Jan.

Healthcare 52

Healthcare Flexible Spending Account Health Savings Account Flexible Spending 52

Benefit Resource Inc.

MARCH 16, 2021

The limit for dependent care flexible spending accounts has been stuck at $5,000 since the account’s inception in the 1980s. Parents can submit claims for eligible expenses incurred in 2020 and 2021 related to care for children under age 14. Next steps for employers. It is advised that employers act soon.

Flexible Spending Account 76

Flexible Spending Account Benefit Providers Flexible Spending Deductions 76

Higginbotham

NOVEMBER 11, 2021

As such, the government has urged employers to continue moving forward with compliance toward the ETS. Employer Takeaway. Most legal experts agree that applicable employers should continue to prepare to comply with the ETS’s provisions. For that reason alone, employers should be cautious about delaying their compliance actions.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Deductions Deductible 52

Benefit Resource Inc.

NOVEMBER 1, 2018

It might look something like this: Remove annual maximums and allow employers to define maximum limits. Expand FSA rollover options to encourage employees to reduce the rush to spend funds at the end of the plan year. Employers were no longer able to claim commuter benefits as a business expense. The Pessimist. But, you could.

Taxes 49

Taxes Deductions Deductible Medical 49

WEX Inc.

FEBRUARY 2, 2023

COBRA The end of the COVID-19 national emergency will end the extensions first announced in EBSA Disaster Relief Notice 2020-01 , which provided qualified beneficiaries and COBRA members with more time to send certain notifications about COBRA coverage, to elect COBRA, and to make premium payments. It is not legal or tax advice.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account Taxes 52

McNees

JANUARY 19, 2021

The Consolidated Appropriations Act, 2021 (“Act”), signed by President Trump on December 27, 2020, contains several provisions affecting employee benefits. Here is what you should know: Temporary Special Rules for Health and Dependent Care Flexible Spending Arrangements. The distribution must be taken prior to June 25, 2021.

Employee Benefits 40

Employee Benefits Flexible Spending Health Insurance Pension 40

Benefits Notes

MARCH 31, 2021

Many of the provisions in this sweeping legislation bring changes to the employee benefits world of which employers should take note and which are summarized below. The ARPA also allows the employer, insurer, or multiemployer plan sponsor who subsided the premiums to offset the cost by claiming a new federal tax credit. Tax Credit.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Taxes Pension 40

Fringe Benefit Analysts

JANUARY 25, 2021

On top of a $600 Stimulus check that has gone out to Americans, there are many other parts of the law that may affect Employers. It combines the omnibus spending bill to prevent the government shut down, along with COVID Relief and other changes: . Omnibus spending bill to prevent a government shutdown, · COVID-19 Relief. ·

Family and Medical Leave Act 40

Family and Medical Leave Act Paid Leave Health Insurance Telecommunication 40

Benefit Resource Inc.

JANUARY 11, 2021

While there have been marginal increases since nationwide lockdowns in the Spring of 2020, Time.com reported in December 2020 that the New York City Metro remains down 67-72%, San Francisco BART system remains down 88% from its baseline and Washington D.C. ridership levels are down 86%. Expansion of Dependent Care Benefits.

Government 40

Government Taxes Flexible Spending Account Flexible Spending 40