Category: IRS

IRS Announces 2022 Retirement Plan Contribution Limits | Pennsylvania Benefits Agency

Dec 21, 2021

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by

LR Webber

in IRS

On November 4, 2021, the Internal Revenue Service (IRS) released Notice 2021-61 announcing cost-of-living adjustments affecting dollar limits for pension plans and other retirement-related items for tax year 2022. Many pension plan limits will change next year because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. Other items, however, will not…
IRS Announces 2022 Limits for Health FSAs and Transit Benefits | PA Employee Benefits Advisors

Dec 8, 2021

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by

LR Webber

in IRS

Today, the Internal Revenue Service (IRS) announced annual inflation adjustments for more than 50 tax provisions, including an increase in voluntary employee contributions to employer-sponsored healthcare flexible spending arrangements (HFSAs) to $2,850 for plan years beginning in 2022, up from the 2021 limit of $2,750. For HFSAs that include a carryover provision, up to $570…
IRS: Monthly Child Tax Credit payments begin | PA Benefits Team

Jul 28, 2021

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by

LR Webber

in IRS

WASHINGTON —TheInternal Revenue Service and the Treasury Department announced today that millions of American families have started receiving monthly Child Tax Credit payments as direct deposits begin posting in bank accounts and checks arrive in mailboxes. This first batch of advance monthly payments worth roughly $15 billion reached about 35 million families today across the…
IRS Announces HSA Limits for 2020 | PA Benefits Advisors

Jun 5, 2019

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by

LR Webber

in Contribution Limits, IRS

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…
PCORI Fee Increase for Health Plans | PA Benefits Consultants

Nov 7, 2018

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by

LR Webber

in ACA, HRA, HSA, Human Resources, IRS, PCORI, PCORI Fees, QSEHRA, self-funding

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

May 4, 2018

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by

LR Webber

in benefits, HDHP, health, HSA, IRS, Social Media, tax cuts, tax law, ThinkHR, WHD, workers, Workplace

On April 26th, 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…
Federal Employment Law Update April 2018 | Pennsylvania Benefit Advisors

Apr 30, 2018

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LR Webber

in Affordable Care Act, benefits, budget, Department of Labor, DOL, Employees, Employers, ERISA, fefderal law, fiduciary rule, Financial Debt, Financial Planning, Financial Wellness, HDHP, health, Health Care, Health Insurance, Insurance, IRS, Latest News, Pennsylvania, Philadelphia, Reporting, Social Media, tax law, taxes, WHD, workers

DOL Releases Assistance for Enforcement of Tip Credit Rules under FLSA On April 6, 2018, the U.S. Department of Labor released a field assistance bulletin (FAB No. 2018-3) providing guidance concerning the Wage and Hour Division’s (WHD) enforcement of tip credit rules under the Fair Labor Standards Act (FLSA) after Congress amended the FLSA in…
Federal Employment Law Update – March 2018 | PA Employee Benefit Brokers

Mar 16, 2018

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by

LR Webber

in EEO-1, EEOC, Employees, Employers, equal employment, federal law, Financial Planning, income tax withholding, IRS, Latest News, NLRA, NLRB, Obama, Pennsylvania, Philadelphia, w-4, Wellness, withholding calculator, Workplace

EEO-1 Reporting and Employees Who Regularly Report to Client Sites The portal for 2017 EEO-1 reporting is open and reports must be submitted and certified by March 31, 2018 at the latest. The federal Equal Employment Opportunity Commission (EEOC) has addressed the issue that there may be some confusion as to how employers are to…
IRS Releases New Form W-4 and Updates Withholding Calculator | PA Benefit Advisors

Mar 15, 2018

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by

LR Webber

in Employees, Employers, income tax, income tax withholding, IRS, Pennsylvania, Philadelphia, tax cuts, tax law, taxes, w-4, Wellness, Wellness Programs, withholding calculator

Our February 1, 2018 blog post reported on the late February release of the Form W-4 and guidance on the income withholding rules that changed under the Tax Cuts and Jobs Act. On February 28, 2018, the federal Internal Revenue Service (IRS) released the new 2018 Form W-4 and an updated withholding calculator. Why a…
Benefits Easy: Health Savings Accounts | Pennsylvania Benefit Consultants

Mar 9, 2018

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by

LR Webber

in ACA, benefits, budgets, Employees, Employers, Financial Debt, Financial Planning, Financial Wellness, FSA, HDHP, health, Health Care, Health Care Reform, Health Insurance, Health Savings Account, HIPAA, HRA, HSA, income tax, IRS, Life Insurance, Pennsylvania, Philadelphia, taxes

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…