Benefits Notes

OCTOBER 28, 2020

On October 26, 2020, the Internal Revenue Service (IRS) released Notice 2020-79 , which sets forth the 2021 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The 2020 limits are provided for reference. . HDHP Minimum Deductible Limits. 19,500 (no change).

401(k) 40

401(k) Health Savings Account Retirement Plan Deductions 40

Business Management Daily

JANUARY 5, 2021

So if employees have maxed out on their leave in 2020, they aren’t eligible for more paid leave after Dec. Congress has put to rest the controversy regarding whether expenses associated with loans forgiven under the Paycheck Protection Program are deductible on your corporate return. They were set to expire on Dec. Beginning Jan.

Family and Medical Leave Act 52

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

Benefit Resource Inc.

DECEMBER 30, 2021

Health Flexible Spending Account: $2,850 (Up from $2,750 in 2021) Health FSA Rollover: $570 (Up from $550. Contribution Limit: $3,650 (Up from $3,600 in 2021) HDHP minimum deductible: $1,400 (No change from 2021) HDHP maximum out of pocket: $7,050 (Up from $7,000 in 2021). Pre-tax Account Limits for 2022. Family Coverage.

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 40

Business Management Daily

SEPTEMBER 27, 2019

An ounce of prevention may be worth a pound of cure, but up until this point, high-deductible health plans have been boxed in regarding tax-free reimbursements for most preventive care services or items. Reason: With certain exceptions, HDHPs can’t start reimbursing employees until they meet those high deductibles.

Health Savings Account 40

Health Savings Account Deductions Deductible Flexible Spending Account 40

Benefit Resource Inc.

MAY 5, 2020

Effective January 2020, menstrual care products are now considered eligible expenses. Since the funds in these accounts are deducted from payroll pre-tax, you can save up to 40% on items that you already buy! Over-the-counter drugs and medicines are also now eligible for purchase without a prescription.

Taxes 77

Taxes Medical Deductions Deductible 77

Higginbotham

JULY 12, 2022

They have to pay a deductible. HRAs may sound like Health Savings Accounts (HSAs) or Flexible Spending Accounts (FSAs), but there are key differences. HSAs are designed to work with high deductible health plans, and both the employer and the employee may contribute up to the annual contribution limit. Funds do not expire.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Medical Deductions 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. HSA & HDHP Limits Increase for 2022.

401(k) 56

401(k) Retirement Plan Health Savings Account Deductible 56

HR Professionals Magazine

MARCH 2, 2022

Insurance ID Cards – Insurance ID cards must include in-network and out-of-network deductibles, out-of-pocket maximums and a telephone number and website address for assistance. Information for 2020 and 2021 is due by Dec. In many cases, it will be necessary and appropriate for vendors to assist with compliance.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductions Deductible 52

Benefit Resource Inc.

NOVEMBER 1, 2018

While slightly disappointing to most companies, the loss of the deduction was offset by a drop in their corporate tax rate. For non-profits, these employee deductions were now classified as Unrelated Business Income Tax (UBIT) and were taxable. In an ideal scenario, the tax deductibility of commuter benefits would be restored.

Taxes 49

Taxes Deductible Deductions Medical 49

Benefit Resource Inc.

MAY 12, 2020

Within Notice 2020-29 from the IRS, taxpayers using FSAs will receive the following relief: Change #1: Extended claim period. The third change applies earlier relief for high deductible health plans to cover expenses related to COVID-19, and a temporary exemption for telehealth services retroactively to January 1, 2020.

Deductions 40

Deductions Deductible Medical Flexible Spending 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 Deductible Deductions 40

Business Management Daily

OCTOBER 28, 2021

FSAs (flexible spending accounts) are typically a use-it-or-lose-it benefit. Pre-tax dollars are deducted through payroll and placed into a flexible spending account to cover eligible medical or dependent care expenses.

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%. You may need to recalculate per pay deductions. (2) Employees that have build up high commuter benefit balances should be encouraged to temporarily stop per pay deductions and use those balances that have built up for parking and/or commuting costs. (4)

Payroll 40

Payroll Deductible Deductions Taxes 40

Benefit Resource Inc.

MARCH 17, 2020

On March 11, 2020, the IRS issued Notice 2020-15 indicating medical care services received and items purchased associated with testing for and treatment of COVID-19 can be provided by a health plan without a deductible and remain an HSA-qualified plan.

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. Flexible Spending Account (FSA): An FSA (also known as a flexible spending arrangement) is a special account employees put money into that they use to pay for certain out-of-pocket health care costs. Where did all the workers go?!

Insurance 40

Insurance PTO Human Resources Flexible Spending 40

Benefits Notes

MARCH 31, 2021

Health care flexible spending accounts are not subject to the ARPA provisions. The credit is fully deductible and, in anticipation of the credit, the credit may also be advanced, according to forms and instructions provided by federal agencies, through the end of the most recent payroll period in the quarter.

Family and Medical Leave Act 40

Family and Medical Leave Act Employee Benefits Taxes Pension 40

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

Fringe Benefit Analysts

JANUARY 25, 2021

Families First Coronavirus Response Act (FFCRA) passed early in 2020 enacted a temporary Paid Leave Act (EPSL) as an extension of the Family Medical Leave Act (FMLA). The required leave ended on December 31, 2020. If the employee took paid leave in 2020, the amount would be reduced going forward. (No

Family and Medical Leave Act 40

Family and Medical Leave Act Paid Leave Health Insurance Insurance Carriers 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%.

Government 40

Government Taxes Flexible Spending Account Flexible Spending 40