IRS has just issued Revenue Procedure 2018-30, which provides the 2019 cost-of-living contribution and coverage adjustments for HSAs, as required under Code Section 223(g). Some items have increased for 2019. Health Savings Accounts 2019 2018 Self-only coverage Self-only coverage annual minimum deductible $1,350 $1,350 Self-only coverage maximum out of pocket $6,750 $6,650 Self-only coverage maximum […]
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COBRA generally applies to all private-sector group health plans maintained by employers that have at least 20 employees on more than 50 percent of its typical business days in the previous calendar year. COBRA also applies to plans sponsored by state and local governments. Who counts? Both full and part time employees count towards your determination […]
The Affordable Care Act (ACA) added to the already overwhelming amount of mandatory notices and documents required for employers to remain compliant. The Employee Retirement Income Security Act (ERISA) is no exception to this trend, presenting further challenges to employers in remaining compliant with federal and state laws. ERISA is a 40-year-old compliance requirement which demanded […]
Feb. 28,2018- The IRS has provided an updated calculator to help taxpayers figure out their withholdings under the new tax rules, as well as a new Form W-4. Click here to access the calculator and form on the IRS site, and learn the important details.
Today, IRS released Revenue Procedure 2018-10 which modifies and supersedes certain sections of Revenue Procedure 2017-58 and supersedes Revenue Procedure 2017-37 to reflect by new tax law (pub. L no. 115-97 enacted December 22, 2017. This law changed the annual inflation adjustment factor from the “Consumer Price Index” (CPI) to a new factor known as “chained […]
The U.S. Department of Labor (DOL) has updated its model notice for employers to provide information on eligibility for premium assistance under Medicaid or the Children’s Health Insurance Program (CHIP). This notice is generally updated twice a year. Click here to download the updated notice in PDF format. Annual Notice Requirement Employers that provide health […]
You’re in the market for a new superstar for your business but how can you judge them fairly in the interviewing process? You’ve already narrowed down their skills based on their resume and have probably spoken with them on the phone at least once. Now it’s time for the formal interview. Your ability to determine […]
A cafeteria plan is a reimbursement plan governed by IRS Section 125, allowing employees to contribute a certain amount of their gross income to a designated account or accounts before taxes are calculated. Another kind of plan is the health savings account, which lets employers and employees make tax-free contributions to pay for certain out-of-pocket […]
In a world where files can be automatically backed up to “the cloud”, wouldn’t it be nice if your payroll and HR functions could be automated too? With our HCM solution, there is no need for your HR department to have desks overflowing with paperwork and a to-do list that stretches to the moon. Our […]
BASIC Announces New Feature Release: Leave Management Employee Portal Portage, MI (Jan 30, 2018) – BASIC is proud to announce the release of an employee portal, a fantastic new addition to their suite of Leave Management offerings. The employee portal helps both business owners and employees by giving them convenient and intuitive access to everything […]