There was much discussion about a completely new Form W-4 in the wake of the tax reform passed at the end of 2017. But after much discussion, the IRS has issued a form that is virtually identical to the 2018 version. This should not be a surprise to those keeping an eye on IRS announcements. […]
A wage garnishment is a legal process that requires an employer to withhold a portion of an employee’s wages to satisfy a debt owed by that individual. The garnishment order can be issued by a court (such as for unpaid child support, alimony, and unsecured consumer debts, including credit card and medical bills) or a […]
The tax reform passed at the end of 2017 runs to about 70,000 words. It’s a large and complicated piece of legislation, and we can look forward to additional guidance and clarifications. For now, here are summaries of some of the key provisions: Key changes for individuals Standard deduction amount increased. For 2018, the standard deduction […]
Since the long awaited passing of the 21st Century Cures Act in 2016, many employers and employees have been enjoying the repealed IRS ruling preventing standalone HRA plans. At the beginning of 2017, small employers that did not originally offer group health insurance, were given the opportunity to provide a tax-deferred reimbursement to their employees. […]
Most people are aware that there are annual increases in Social Security benefits to offset the adverse effects of inflation on fixed incomes. The Internal Revenue Service and Social Security Administration announced cost of living adjustments applicable to dollar limitations for qualified retirement plans, and other limits for tax year 2019. Some limits provided below […]
The IRS is issuing ACA proposed Penalty Notices to employers. These Notices should not be ignored and, it is recommended that employers respond in a timely manner to them. If you receive one of the below Notices it is not a statement or payment demand from the IRS – It starts as an inquiry, and […]
Starting January 1st, 2019, small employers in Arizona offering certain employee benefits such as group medical, dental, and vision insurance will be required to offer continuation of coverage for 18 months to employees separating employment under the new law. This is very similar to traditional COBRA (Consolidated Omnibus Budget Reconciliation Act) where it applies to companies […]
Deadline for Furnishing Employee Statements Extended from January 31 to March 4, 2019 The IRS has extended the deadline for employers, insurers, and other providers of minimum essential coverage to furnish the 2018 forms 1095-B and 1095-C to individuals. The due date is now March 4, 2019. The due date for filing the 1095 forms […]
The Internal Revenue Service announced in Revenue Procedure 2018-57 the annual inflation adjustments for more than 40 tax provisions for 2019. Benefit limitations for 2019 include: The Flexible Spending Account (FSA) annual contribution limit has increased to $2,700 Parking and Transit monthly contribution limit have both been increased to $265 per month Payments and reimbursements under […]
In Notice 2018-85, the IRS that the adjusted applicable amount for the Patient-Centered Outcomes Research Institute (PCORI) Fee. Plans ending on or after October 1, 2018 has been raised to $2.45 from $2.39. The fee is adjusted each year for inflation. However, the program ends in 2019 and PCORI fees will not apply for plan […]
