Agencies Propose Health Insurance Price-Transparency Rules

The Departments of Labor (DOL) and Health and Human Services (HHS), together with the Internal Revenue Service (IRS), have proposed rules that would require employer-sponsored health plans to provide enrollees with out-of-pocket expense estimates. The rules work in tandem to achieve what the DOL describes as requiring “group health plans and health insurance issuers in […]

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IRS Extends Deadline for Employers to Provide Health Care Coverage Forms

The Internal Revenue Service (IRS) today extended the deadline for employers and others to provide health care coverage information to their employees. The deadline is now March 2, 2020, up from Jan. 31. The IRS routinely extends the deadline each year since supplying the forms became a requirement under the Patient Protection and Affordable Care […]

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IRS Increases 401(k) Contribution Limit to $19,500 for 2020

WASHINGTON — The Internal Revenue Service announced that employees in 401(k) plans will be able to contribute up to $19,500 next year. The IRS announced this and other changes in Notice 2019-59 (PDF), posted recently on IRS.gov. This guidance provides cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2020. […]

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New Rules Could Shake Up Employment-Based Health Insurance

The Trump administration is rolling out rules that will allow employers to fund Health Reimbursement Arrangements (HRAs) so that their employees can purchase health insurance on their own. The rules, which take effect on Jan. 1, 2020, are currently being finalized by the departments of Treasury, Labor and Health and Human Services. The rules follow […]

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Tax Law Allows Full Expensing of Business Property in First Year

The Internal Revenue Service (IRS) is reminding small business taxpayers that changes to the tax law mean they can immediately expense more of the cost of certain business property. Many are now able to write off most depreciable assets in the year they are placed into service. The Tax Cuts and Jobs Act (TCJA), passed […]

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IRS Extends Deadline for Obamacare Employee Information Forms

The Internal Revenue Service (IRS), saying that “a substantial number of employers, insurers, and other providers of minimum essential coverage need additional time,” has extended the deadline for supplying Form 1095-B and 1095-C to individuals from Jan. 31, 2019, to March 4, 2019. Form 1095-B is titled “Health Coverage,” while Form 1095-C is called “Employer-Provided […]

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IRS Increases 401(k), IRA and Other Retirement Limits for 2019

The Internal Revenue Service (IRS) has released Notice 2018-83, which details cost-of-living adjustments for retirement contributions in 2019. Section 415 of the Internal Revenue Code requires annual adjustments on benefits and contributions under qualified retirement plans. Employees participating in 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan will be able to […]

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Obamacare Open Enrollment Begins Tomorrow

The window for signing up for health insurance plans effective Jan. 1, 2019, closes at the end of Obamacare open enrollment on Dec. 15 of this year, following the opening of the federal exchange — HealthCare.gov — tomorrow. While this opening is of somewhat limited interest to applicable large employers (ALEs) — those companies with […]

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Second Shoe of ACA Business Penalties Drops

The Internal Revenue Service (IRS) in late 2017 began issuing its first wave of Affordable Care Act (ACA) penalties to companies that failed to provide minimum essential health coverage to at least 70 percent of their employees in 2015. Now, the IRS is issuing a new round of penalties for companies that provided coverage but […]

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IRS Issues Proposed Regulations for 20 Percent Business Owner Tax Deduction

The Internal Revenue Service (IRS) has issued proposed regulations for a new provision allowing many owners of sole proprietorships, partnerships, trusts and S corporations to deduct 20 percent of their qualified business income. The new deduction — referred to as the Section 199A deduction or the deduction for qualified business income — was created by the Tax […]

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