Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years.

Deductible 52

Deductible Deductions Family and Medical Leave Act Health and Welfare 52

Proskauer's Employee Benefits & Executive Compensa

JUNE 27, 2023

As a reminder, if an HDHP covers medical items and services before the participant satisfies the IRS minimum deductible (self-only or family), that coverage may disqualify the participant’s HSA contributions. Notice 2023-37 can be downloaded here. Yes, for a limited time.

Deductible 52

Deductible Deductions Health Savings Account Medical 52

AssuredPartners

MAY 1, 2022

Each year around this time the IRS announces the inflation-adjusted limits for Health Savings Accounts (HSAs) and High Deductible Health Plans (HDHPs), as they are required to do so annually prior to June 1st. 2022-24 addresses the following: The maximum HSA contribution limit; The minimum deductible amount for HDHPs; and.

Health Savings Account 98

Health Savings Account Deductible Deductions Employment 98

Money Talk

MARCH 22, 2023

With 2022 income tax season well underway and almost three months already passed in 2023, now is an appropriate time to review some evergreen tax planning tools and techniques. For example, for married couples, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022 and for individuals $13,850 vs. $12,950. A key take-away?

Taxes 189

Taxes 401(k) Deductible Deductions 189

Benefit Resource Inc.

MAY 5, 2022

Find details on the HSA 2023 contribution limits for individuals and families and HDHP requirements here! For employers and individuals currently in a plan set at or near the minimum deductible limits, you will need to make adjustments to ensure your plan remains HSA eligible. HDHP minimum deductible: $1,500 (up from $1,400).

Deductible 80

Deductible Deductions Taxes Employment 80

AssuredPartners

JUNE 28, 2023

The latest pandemic-related guidance to go away is the special rule that enabled high-deductible health plans (HDHPs) to cover COVID-19 testing and treatment for plan enrollees prior to them fulfilling their minimum deductible amount.

Deductible 52

Deductible Deductions Insurance IT 52

InterWest Insurance Services

MAY 12, 2022

The IRS has announced significantly higher health savings account contribution limits for 2023, with the amount increasing more than 5% for individual HSA plans. Here are the new figures for 2023: HSA annual contribution limit. HDHP minimum annual deductible. Individual plan: $3,850, up from $3,650 in 2022. Planning ahead.

Health Savings Account 96

Health Savings Account Deductible Deductions Health 96

Money Talk

MAY 18, 2022

Normal” tax rules apply in 2022, however, which may require a withholding change for many families to avoid getting a smaller refund, or owing tax, in 2023. Since there is no longer a non-itemizer’s charitable deduction in 2022 and only about 10% of tax filers itemize, you’ll probably have fewer receipts to save.

Taxes 263

Taxes 401(k) Deductible Deductions 263

Snell & Wilmer Benefits

JANUARY 24, 2023

If you sponsor a high deductible health plan (“HDHP”) and have been tracking telehealth relief, your head may be spinning and rightfully so! There have been various laws and guidance impacting HDHPs and telehealth since 2020 and most recently, new legislation extended relief for 2023 and 2024 plan years.

Deductible 40

Deductible Deductions Family and Medical Leave Act Health and Welfare 40

Money Talk

JANUARY 18, 2023

Standard Deduction - The amount of income taxpayers can shelter from income taxes rises with inflation (e.g., for couples filing jointly, the standard deduction is $27,700 in 2023 vs. $25,900 in 2022). million per individual in 2023 vs. $12.06 million per individual in 2023 vs. $12.06 million in 2022).

401(k) 246

401(k) Banking Deductible Deductions 246

InterWest Insurance Services

DECEMBER 20, 2022

SB 216 will take effect in two phases: Starting July 1, 2023, the following contractors will be required to carry workers’ compensation coverage regardless of whether they have staff or not: Concrete (C-8 license), Heating and air conditioning (C-20), Asbestos abatement contractors (C-22), and. 9) Bereavement leave. 9) Bereavement leave.

401(k) 81

401(k) Paid Sick Leave Retirement Plan Workers’ Compensation 81

CorpStrat

JANUARY 17, 2023

The following commonly offered Employee Benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs). DOWNLOAD OUR FREE PDF DETAILING 2023 LIMIT INCREASES: DOWNLOAD PDF. This Compliance Overview includes a chart of the inflation-adjusted limits for 2023. 401(k) plans.

401(k) 52

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

Money Talk

JUNE 28, 2023

It’s halftime for your 2023 finances and a perfect time to review where you stand, make mid-year adjustments, and complete recommended financial planning action steps. This information can help inform decisions about how much more to save up to the 2023 limits of $3,850 (self-only) and $7,750 (family coverage).

Flexible Spending Account 242

Flexible Spending Account Banking Health Savings Account Taxes 242

Benefits Notes

OCTOBER 24, 2022

On October 21, 2022, the Internal Revenue Service (IRS) released Notice 2022-55 , which sets forth the 2023 cost-of-living adjustments affecting dollar limits on benefits and contributions for qualified retirement plans. The following chart summarizes the 2023 limits for benefit plans. HDHP Minimum Deductible Limits.

401(k) 52

401(k) Deductible Deductions Health Savings Account 52

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. Employees can deposit an incremental $200 into their Health Care FSAs in 2023.

401(k) 82

401(k) Retirement Plan Health Savings Account Deductible 82

Benefit Resource Inc.

JANUARY 3, 2023

If you’re in the 70% of people who have health-related goals for 2023, let’s take a look at how pre-tax benefits can help set goals and prioritize your health this year and beyond. As we begin 2023 fresh with optimism for achieving our goals — make sure you set yourself up for success by utilizing pre-tax benefits.

Utilities 98

Utilities Taxes Flexible Spending Account Flexible Spending 98

Benefit Resource Inc.

JANUARY 4, 2023

The 2023 spending bill signed into law on December 29th includes extending pre-deductible telehealth services coverage. WHAT IS PRE-DEDUCTIBLE TELEHEALTH COVERAGE? Pre-deductible telehealth coverage allows HSAs-qualifying high-deductible health plans (HDHPs) to cover telehealth and remote-care services on a pre-deductible basis.

Deductible 40

Deductible Deductions Out of Pocket Cost Healthcare 40

HR Professionals Magazine

AUGUST 1, 2023

With over 4,000 respondents, the Society for Human Resource Management’s 2023 Employee Benefits Survey found that the number of employers offering family support and leave benefits has significantly increased since 2022. Among health care coverage options, preferred provider organizations remained the most common (82%).

Parental Leave 52

Parental Leave Flexible Spending Account Health Savings Account Flexible Spending 52

WEX Inc.

MAY 10, 2024

2025 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. 2025 high-deductible health plan (HDHP) amounts and expense limits also increased. The 2025 HDHP minimum deductible is $1,650 for self-only coverage and $3,300 for family coverage.

Health Savings Account 105

Health Savings Account Deductible Deductions Taxes 105

WEX Inc.

MAY 17, 2023

2024 HDHP minimum deductible and maximum out-of-pocket limits also are increasing. These are increases of $300 and $550, respectively, from 2023 HSA contribution limits. These are increases of $300 and $550, respectively, from 2023 HSA contribution limits. What are the 2024 HSA contribution limits?

Health Savings Account 98

Health Savings Account Deductible Deductions Taxes 98

Money Talk

APRIL 11, 2024

The 2023 income tax filing deadline is only days away (April 15, 2024 in most of the U.S.). The maximum contribution for traditional IRAs for 2023 was $6,500 for workers under age 50 and $7,500 for those age 50+. It will be a busy weekend for many taxpayers and tax preparers who are filing tax returns or tax filing extensions.

401(k) 185

401(k) Taxes Retirement Plan Pension 185

AssuredPartners

JANUARY 4, 2023

During the final week of December 2022, Congress approved the Consolidated Appropriations Act, 2023 (CAA 2023) which included, among other provisions affecting employers, a temporary telehealth services safe harbor for High Deductible Health Plans (HDHP) first-dollar coverage without violating Health Savings Account (HSA) contribution rules.

Health Savings Account 52

Health Savings Account Deductible Deductions Healthcare 52

Money Talk

DECEMBER 7, 2023

As the year winds down so, too, does your opportunity to take proactive steps to reduce 2023 income tax due in April 2024 and, perhaps, taxes due in future years as well. By early December 2023, income and tax withholding should be pretty predictable and tax-saving strategies taken so far (e.g., Seek professional advice as needed.

Taxes 206

Taxes Retirement Plan Deductible Deductions 206

McDermott Will & Emery Employee Benefits

OCTOBER 21, 2022

The Internal Revenue Service (IRS) and the Social Security Administration announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2023.

Employee Benefits 98

Employee Benefits Flexible Spending Account Employment Health Savings Account 98

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. . 300/month. $20/month.

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

Benefits Notes

JANUARY 4, 2023

Recently Congress passed the Consolidated Appropriations Act of 2023 (“2023 CAA”). Among other things, the 2023 CAA extends, for a second time, the telehealth relief provided under the CARES Act. In other words, this relief is available for the 2023 and 2024 plan years if the plan has a calendar plan year.

Deductible 98

Deductible Deductions Insurance Consulting 98

APA Congress Today

MAY 13, 2022

Don't miss the opportunity to submit multiple workshop proposals for the 2023 Payroll Congress lineup and join more than 100 top-notch speakers. Wage Payments and Deductions: Topics critical to ensuring that employees are paid accurately. These topics are automatically considered for the 2023 Payroll Congress. Workshop title 3.

Payroll 52

Payroll Electronics Deductible Deductions 52

Money Talk

JUNE 13, 2024

With the 2023 tax filing deadline in the rear view mirror, now is a good time to look ahead to 2024 taxes that you will owe in April 2025. 12% rate becomes 15%), standard deductions will halve, the child tax credit will revert to $1,000, and the $10,000 limit on itemizing state and local taxes (SALT) will end.

Taxes 125

Taxes 401(k) Retirement Plan Health Savings Account 125

WEX Inc.

JUNE 20, 2024

Tax deductions if you have a fleet of commercial vehicles Are you a small or large business owner with commercial vehicles, or a fleet manager? Rather than taking the traditional vehicle depreciation over time, business owners and fleet managers can now take immediate deductions during tax season.

Bonuses 98

Bonuses Taxes Deductible Deductions 98

HR Lineup

OCTOBER 25, 2023

As we step into 2023, retirement planning has become more critical than ever. In this article, we’ll explore the top 10 401(k) providers for 2023, each offering unique features and benefits to help you make an informed decision. 10 Best 401(k) companies of 2023 1. What is a 401(k)?

401(k) 52

401(k) Retirement Plan Taxes Education 52

InterWest Insurance Services

JULY 18, 2024

Sales of voluntary group benefits grew at a record pace in 2023 as more employers expand their offerings and demand continues booming as employees seek out benefits that can defray costs, according to new research. According to the report, in 2023: Group term life insurance premiums increased 10% from the 2022 level.

Voluntary Benefits 79

Voluntary Benefits Hospitality Health Insurance Deductible 79

Money Talk

AUGUST 15, 2024

During the past eight months, I have slowly made my way through parts of the 2023 Symposium that I missed and was interested in, including a general session about poverty in America when my flight was abruptly moved up (without my consent) and I had to leave early. Also, the U.S.

Financial Counseling 182

Financial Counseling Education Finance Deductible 182

Griffin Benefits

JUNE 7, 2023

On May 16, 2023, the IRS released Revenue Procedure 2023-23 to provide the inflation-adjusted limits for health savings accounts (HSAs) and high deductible health plans (HDHPs) for 2024. Eligible individuals with self-only HDHP coverage will be able to contribute $4,150 to their HSAs for 2024, up from $3,850 for 2023.

Health Savings Account 77

Health Savings Account Deductible Deductions Taxes 77

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. They also cover the minimum deductibles that qualify programs as high-deductible health plans (HDHPs), which an HSA must be attached to under law. 7,750 for family coverage (up $450). Retirement plan maximums.

401(k) 84

401(k) Deductible Deductions Flexible Spending Account 84

Money Talk

AUGUST 16, 2023

Social Security Earnings Limit- Those who claim Social Security before full retirement age will have their benefits reduced $1 for every $2 they earn over $21,240 (2023 limit). Medicare Premium Tax Write-Off - Self-employed people age 65+ who are enrolled in Medicare Part B and D can deduct their monthly premiums against business income.

Taxes 130

Taxes Pension Deductible Deductions 130

Employee Benefits

OCTOBER 31, 2023

The platform accepts payroll deductions on a regular basis (from as little as £25 per month) or from a lump sum (min £300) such as bonuses by using an open banking facility. The REBA Employee Financial Wellbeing Survey 2023 was carried out online between March and May 2023 and was launched on 26 September 2023.

Deductible 98

Deductible Deductions Banking Taxes 98

WEX Inc.

MARCH 7, 2023

It also shows pre-tax contributions made to your account by you and your employer through payroll deductions. It’s a little different from your W-2 because it’ll show any contributions – not just those made through payroll deductions. HSA administrators have until May 31, 2023 to issue Form 5498-SA to HSA participants.

Taxes 98

Taxes Health Savings Account Deductible Deductions 98