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) 85

401(k) Retirement Plan Health Savings Account Deductions 85

WEX Inc.

JULY 9, 2023

A dependent care flexible spending account lets participants set aside pre-tax dollars to help pay for dependent care. Contributing to this benefit reduces taxable income and spreads the benefits of pre-tax dollars throughout the year, helping you save 30 percent or more on your dependent care costs.

Flexible Spending Account 98

Flexible Spending Account Flexible Spending Taxes Consulting 98

WEX Inc.

FEBRUARY 15, 2023

Did you recently elect to participate in a medical flexible spending account (FSA) ? What is a medical flexible spending account (FSA)? A medical FSA is a tax-advantaged employee benefit that gives participants the opportunity to save on out-of-pocket medical, dental, and vision eligible expenses.

Medical 98

Medical Flexible Spending Account Flexible Spending Taxes 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

WEX Inc.

AUGUST 14, 2023

A flexible spending account (FSA) carryover is one way you can provide flexibility to employees who participate in these accounts. The IRS permits employers to allow their employees to carry over up to $610 from their 2023 FSA (indexed annually, per IRS rules). It is not legal, financial, or tax advice.

Flexible Spending Account 98

Flexible Spending Account IT Flexible Spending Taxes 98

InterWest Insurance Services

NOVEMBER 25, 2022

The IRS has released the 2023 maximum contribution amounts for health savings accounts and flexible spending accounts. Here’s the rundown of the changes going into 2023: HSAs and HDHPs. For 2023, the annual maximum HSA contribution is: $3,850 for self-only coverage (up $200 from 2022); and.

401(k) 98

401(k) Deductions Deductible Flexible Spending Account 98

McDermott Will & Emery Employee Benefits

OCTOBER 19, 2022

The maximum salary reduction limit for a health flexible spending account (Health FSA) increased to $3,050 for 2023 (from $2,850 in 2022), and the Health FSA carryover […]. The post IRS Announces Cost-of-Living Adjustments for Health and Welfare Plans appeared first on EMPLOYEE BENEFITS BLOG.

Health and Welfare 98

Health and Welfare Flexible Spending Account Flexible Spending Salary 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.

Transportation 52

Transportation Flexible Spending Account Flexible Spending Health Savings Account 52

CorpStrat

JANUARY 17, 2023

Health flexible spending accounts (FSAs). DOWNLOAD OUR FREE PDF DETAILING 2023 LIMIT INCREASES: DOWNLOAD PDF. This Compliance Overview includes a chart of the inflation-adjusted limits for 2023. Due to high rates of inflation, all of these limits will substantially increase for 2023. 401(k) plans. Unchanged Limits.

401(k) 52

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

WEX Inc.

AUGUST 2, 2023

A flexible spending account (FSA) allows participants to save money by setting aside pre-tax dollars to pay for eligible medical, dental , vision and dependent care expenses incurred by you, your spouse, or your eligible dependents. It is not legal or tax advice. What is an FSA?

Flexible Spending Account 98

Flexible Spending Account Deductions Deductible Health 98

Proskauer's Employee Benefits & Executive Compensa

OCTOBER 25, 2022

On October 21 st , the IRS released a number of additional inflation adjustments for 2023, including to certain limits for qualified retirement plans. Earlier last week, the IRS announced the 2023 inflation adjustments for Flexible Spending Accounts and transportation fringe benefits, as discussed here.

Retirement Plan 52

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

WEX Inc.

JANUARY 3, 2023

An HSA comes with three key tax-free perks: Contributions are tax-free, earnings are tax-free, and withdrawals for eligible expenses are tax-free. 2023 HSA limits announced The IRS announced significant increases to HSA contribution limits in 2023 as a result of rising inflation. The post Happy 2023!

Education 52

Education Flexible Spending Account Health Savings Account Flexible Spending 52

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. The limits are effective for plan years that begin on or after January 1, 2023. 2023 CONTRIBUTION LIMIT: MASS TRANSIT AND PARKING. 2023 CONTRIBUTION LIMIT: MEDICAL FSA.

Medical 52

Medical Taxes Flexible Spending Employment 52

CorpStrat

OCTOBER 26, 2022

workers reported that they will cut back on the Benefits they select during 2023’s Open Enrollment because of inflation. Let’s take the Health FSA Limit Increase for 2023 as an example. The post Inflation’s Impact on 2023 Open Enrollment appeared first on CorpStrat: HR | Payroll | Employee Benefits.

Flexible Spending Account 52

Flexible Spending Account Finance Flexible Spending Salary 52

Benefit Resource Inc.

SEPTEMBER 28, 2023

Jason Hall, Benefit Resource CEO & 2023 Luminaries Honoree Jason Hall, our esteemed leader, was also recognized in the Leadership category. Furthermore, our expanded offerings in pre-tax benefits empower employees and employers to make informed financial decisions while ensuring compliance with tax regulations.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Taxes Flexible Spending 52

WEX Inc.

JULY 7, 2023

The IRS’ use-or-lose rule governs flexible spending accounts (FSAs). A flexible spending account (FSA) is an employer-sponsored benefit that allows employees to set aside a portion of their pre-tax salary to pay for qualified medical expenses or dependent care expenses. It is not legal or tax advice.

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account IT 52

CorpStrat

FEBRUARY 22, 2023

In 2023, having some money set aside to cover these out-of-pocket costs is critical for most employees. A Flexible Spending Account at its core is a tool that allows an individual to set aside money to pay these out of pocket expenses with pre-tax dollars allocated for the year. Over-the-counter medicine.

Flexible Spending Account 52

Flexible Spending Account Out of Pocket Cost Flexible Spending Deductions 52

Genesis HR Solutions

MAY 23, 2023

As our team’s senior HR business partner, I’ve noticed several new and interesting hiring trends in 2023 in addition to some of the standard practices of the past. Hiring Trends In 2023 Below, I present hiring trends across various categories to help you formulate a comprehensive approach that works best for you. up from 8.6%

Insurance 40

Insurance PTO Human Resources Flexible Spending 40

Vantage Circle

SEPTEMBER 11, 2023

These include self-service employee onboarding, document storage, payroll processing, tax filing, reporting, and human resources (HR) compliance assistance. An employee benefits platform allows a more streamlined and efficient benefits management process, saving time and reducing potential errors. Clock in and out and view hours worked.

Employee Benefits 52

Employee Benefits Payroll Retirement Plan Software 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 67

Insurance Carriers Employment Flexible Spending Account Insurance 67

WEX Inc.

AUGUST 24, 2023

It’s important not to lose sight of that when developing content and communicating that you offer a health savings account (HSA) , flexible spending account (FSA) , or any other benefits. employees planning to leave their jobs in 2023. It is not legal or tax advice. That’s what motivates your employees.

Education 52

Education Flexible Spending Account Health Savings Account Flexible Spending 52

Higginbotham

SEPTEMBER 12, 2023

Pay or Play Affordability Percentage Decreased for 2023 On Aug. 23, 2023, the IRS issued Revenue Procedure 2023-29 to index the contribution percentages in 2024 for determining the affordability of an employer’s plan under the Affordable Care Act (ACA). percent in 2023). 15, 2023 – i.e. – by October 14.

Electronics 52

Electronics Overtime Flexible Spending Account Salary 52

WEX Inc.

APRIL 3, 2023

For employers, HRAs or HSAs come with perks, including tax savings and increased employee retention. Health reimbursement arrangement An HRA is an employer-funded benefits plan that employees use to save pre-tax dollars on medical costs. In an HSA, in 2023, a single has a limit of $3,850 and family $7,750.

Health Savings Account 52

Health Savings Account 401(k) Flexible Spending Account Taxes 52

Higginbotham

SEPTEMBER 16, 2024

It can be funded with pre-tax dollars, and withdrawals are not taxed as long as they are used for eligible medical expenses, making it a tax-advantaged way to pay for medical costs. However, unlike Flexible Spending Accounts (FSAs), HSAs are owned by the employee, and unused funds never expire.

Deductions 52

Deductions Deductible Health Savings Account Health Insurance 52

Benefit Resource Inc.

APRIL 6, 2023

Don’t forget about Specialty Accounts (Lifestyle Accounts) ! These personalized benefits have become increasingly popular in the workplace.

Employee Benefits 52

Employee Benefits Health Savings Account Taxes Entertainment 52

Benefit Resource Inc.

MARCH 20, 2024

“Every day, we have the privilege of working closely with thousands of employers, employees, and consultants, fostering relationships built on trust to simplify benefits and offer tax-advantaged savings and peace of mind,” said Jennie Boeckmann, BRI regional sales manager.

Health Savings Account 52

Health Savings Account Flexible Spending Account Flexible Spending Taxes 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. CMS says the contribution limit in 2023 is $3,850 for self-only coverage and $7,750 for family coverage.

Health Savings Account 52

Health Savings Account Out of Pocket Cost Deductions Deductible 52

Higginbotham

MARCH 17, 2023

ACA Pay or Play Penalties Will Increase for 2024 On March 9, 2023, the IRS released updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). 31, 2023 On Feb. 31, 2023 On Feb. 31, 2023, covering the period beginning Dec.

Health Insurance 52

Health Insurance Flexible Spending Account Insurance Benefits Package 52

Benefit Resource Inc.

MAY 9, 2023

As a leading pre-tax benefits provider, Benefit Resource (BRI) has actively participated in various events to showcase our innovative solutions and expand our network. Where We've Been in 2023 ADP Meeting of the Minds In March, BRI attended and sponsored the 38th annual ADP Meeting of the Minds in Roseland, NJ.

Benefit Providers 52

Benefit Providers Taxes Technology Employee Benefits 52

HR Professionals Magazine

MARCH 2, 2022

The IRS has announced that transitional relief is no longer available for the 2021 tax year reporting due in 2022. In addition, relief applicable to Section 125 plans and Flexible Spending Accounts (FSAs), including mid-year election changes without a qualifying event and carryover of unlimited unused FSA funds will expire in 2022.

Out of Pocket Cost 52

Out of Pocket Cost Flexible Spending Account Deductions Deductible 52

Insperity

MARCH 12, 2024

Flexible spending accounts (FSAs) and health savings accounts (HSAs) HSAs and FSAs can help employees better prepare for medical expenses and, in the case of HSAs, even help employees enhance their retirement savings. Funds can be withdrawn for non-eligible expenses, but they will be taxed.) According to the U.S.

Family and Medical Leave Act 59

Family and Medical Leave Act Employee Benefits PTO 401(k) 59

Flimp Communications

SEPTEMBER 25, 2024

Check it out here → According to a 2023 KFF survey: 35% of insured people aren’t sure what their insurance will cover. A health savings account (HSA) or flexible spending account (FSA) will let you pay your drug copays with pre-tax dollars. Here’s the best part: HSA growth is also not taxed! Use your HSA or FSA.

Health Insurance 98

Health Insurance Insurance Health Savings Account Flexible Spending Account 98

Vantage Circle

NOVEMBER 23, 2023

A 401(k) is a tax-advantaged retirement savings program provided by employers. Honeywell offers a flexible 401(k) plan, allowing employees to contribute up to 30% of their eligible pay in pre-tax, Roth 401(k), or after-tax contributions. They specialize in creating software, digital products, and industrial IoT solutions.

Family and Medical Leave Act 64

Family and Medical Leave Act 401(k) Retirement Plan roth 401(k) 64

Higginbotham

NOVEMBER 15, 2023

IRS Announces 2024 FSA, Retirement Plan Limits Earlier this month, the Internal Revenue Service (IRS) released cost-of-living adjustments and inflation-adjusted limits for 2024 that affect amounts employees can contribute to health flexible spending accounts (FSAs), 401(k) plans and individual retirement accounts (IRAs).

401(k) 52

401(k) Retirement Plan Flexible Spending Account Insurance 52

Higginbotham

MAY 11, 2023

On March 30, 2023, the U.S. It filed a notice of appeal on March 31, 2023, and a motion for a stay on April 12, 2023. Accordingly, on April 13, 2023, the Departments of Labor, Health and Human Services, and the Treasury (Departments) issued frequently asked questions (FAQs) in response to this case.

Flexible Spending Account 52

Flexible Spending Account Health Savings Account Deductions Deductible 52

WEX Inc.

FEBRUARY 2, 2023

Earlier this week, President Biden informed Congress that he plans to end the two COVID-19 national emergencies on May 11, 2023. FSAs and HRAs EBSA Disaster Relief Notice 2020-01 also granted a temporary extension to run-out periods for flexible spending accounts (FSAs) and health reimbursement arrangements (HRAs).

Flexible Spending Account 52

Flexible Spending Account Flexible Spending Health Savings Account Taxes 52

WEX Inc.

MARCH 4, 2025

Not be covered by any other health plan that would disqualify them from an HSA (for example, a spouses plan or a medical flexible spending account). Not be claimed as a dependent on someone elses tax return. Participants should check with their employer if they want to do this through their payroll on a pre-tax basis.

Health Savings Account 59

Health Savings Account Flexible Spending Account Taxes Deductions 59