The ACA imposes a maximum dollar limit on employees' salary reduction contributions to a health FSA. Although the ACA set this limit at $2,500, the limit is indexed for cost-of-living adjustments each year. On Oct. 19, 2017, the IRS announced that, for taxable years beginning in 2018, the dollar limit on employees' salary reduction contributions to a health FSA will increase to $2,650.
On May 5, 2017, the Internal Revenue Service (IRS) issued Revenue Procedure 2017-36 to index the contribution percentages in 2018 for purposes of determining affordability of an employer’s plan under the Affordable Care Act (ACA).
Telemedicine is becoming a popular method of providing a variety of medical services. Some employers offer a telemedicine benefit that allows employees to interact with health care professionals via phone, video chat, email or text for diagnosis, consultation and treatment.
Tax season is almost upon us and it is important that you have all the information you need to file your 2016 tax returns. Below is some general information to help you understand the filing process. If you have any specific questions related to your filing situation, it is important to consult with a tax professional.
Employer-sponsored leave-sharing programs enable employees to share their paid leave time with other employees who need additional time off. Employer-sponsored leave-donation programs allow employees to forgo their paid leave time in exchange for cash donations made by the employer to charities.
In mid-November, the Internal Revenue Service (IRS) issued Notice 2016-70, which extends the due date by 30 days for furnishing forms under Sections 6055 and 6056 for 2016 and extends good-faith transition relief from penalties related to 2016 Section 6055 and 6056 reporting. The IRS does not anticipate extending the deadlines or transition relief from penalties to reporting for 2017.