IRS Announces HSA Limits for 2020 | Employee Benefits Advisors

On May 28, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-25 announcing the annual inflation-adjusted limits for health savings accounts (HSAs) for calendar year 2020. An HSA is a tax-exempt savings account that employees can use to pay for qualified health expenses. To be eligible for an HSA, an employee: Must be covered … Continued

PCORI Fee Increase for Health Plans | Reno Benefits Agency

On November 5, 2018, the Internal Revenue Service (IRS) released Notice 2018-85 to announce that the health plan Patient-Centered Outcomes Research Institute (PCORI) fee for plan years ending between October 1, 2018 and September 30, 2019 will be $2.45 per plan participant. This is an increase from the prior year’s fee of $2.39 due to … Continued

Is Your Health Plan Affordable for 2019? | Nevada Benefit Brokers

The Affordable Care Act’s employer shared responsibility provision — often called the employer mandate or “play or pay” — requires large employers to offer health coverage to their full-time employees or face a potential penalty. (Employers with fewer than 50 full-time and full-time-equivalent employees are exempt.) Large employers can avoid the risk of any play … Continued

6 Questions on Dependent Care Spending Accounts | Nevada Benefit Advisors

School’s out! Summer is here, and it’s the time of year when working parents have questions about using their Dependent Care Spending Accounts (DCSAs). Are summer camp expenses eligible? What about day versus overnight camps? Employers and benefit advisors want to be ready with answers about this valuable benefit program. The following are the top … Continued

IRS Changes Course (Again) and Restores 2018 HSA Family Limit to $6,900 | NV Benefit Advisors

Friday, April 27, the Internal Revenue Service (IRS) announced that the 2018 annual contribution limit to Health Savings Accounts (HSAs) for persons with family coverage under a qualifying High Deductible Health Plan (HDHP) is restored to $6,900. The single-coverage limit of $3,450 is not affected. This is the final word on what has been an … Continued

A DOL Audit Can Happen to You | NV Employee Benefit Advisors

Summary plan descriptions (SPDs) are required for all retirement, health, and welfare plans subject to the Employee Retirement Income Security Act of 1974 (ERISA). However, misconceptions about this requirement are widespread. ERISA attorney Stacy H. Barrow, partner with Marathas Barrow Weatherhead Lent LLP, had a chat with ThinkHR about the importance of having proper ERISA … Continued

All About Medical Savings Accounts | Nevada Employee Benefit Advisors

Taking control of health care expenses is on the top of most people’s to-do list for 2018.  The average premium increase for 2018 is 18% for Affordable Care Act (ACA) plans.  So, how do you save money on health care when the costs seems to keep increasing faster than wage increases?  One way is through … Continued

IRS Announces Retroactive Contribution Limit Change for Individuals with HDHP Family Coverage, Drops by $50 | NV Benefit Brokers

The Internal Revenue Service (IRS) has announced that the 2018 annual limitation on health savings account (HSA) contributions by individuals with family coverage under a high deductible health plan (HDHP) is now $6,850. This limit was previously announced as $6,900, but has been revised downward due to an inflation adjustment provision in the Tax Cuts … Continued

Federal Employment Law Update – February 2018 | Nevada Benefit Consultants

IRS Releases Publication 15 and W-4 Withholding Guidance for 2018 On January 31, 2018, the federal Internal Revenue Service (IRS) released Publication 15 — Introductory Material, which includes the following: 2018 federal income tax withholding tables. Exempt Form W-4. New information on: Withholding allowance. Withholding on supplemental wages. Backup withholding. Moving expense reimbursement. Social Security … Continued

2018 W-4 Forms Won’t Be Released Until Late February | Nevada Benefit Consultants

If you’ve been getting questions from your employees about completing new 2018 W-4 forms to take advantage of the tax reform rules, we’ve finally received some answers. You can continue to rely on the current W-4 forms for now until the new 2018 form is released in late February. The January 29th Internal Revenue Service … Continued

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