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Posts Tagged 'IRS'

IRS Updates Health Savings Account Family Contribution Limit for 2018 – Back to $6,900

On April 26, 2018, the IRS issued an announcement that impacts the maximum family contribution to a Health Savings Account (HSA). For 2018, taxpayers with family coverage under a high-deductible health plan (HDHP) may treat $6,900 as the maximum deductible HSA contribution. As you may recall: The IRS initially announced in May 2017 that $6,900 [...]

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IRS Announces 2018 HSA Contribution Limit Changes

UPDATE: On April 26, 2018, the IRS issued an announcement that once again changed the maximum HSA family contribution limit for 2018. It is now set as $6,900. Click here for more details. On March 5, 2018, the IRS released Revenue Procedure 2018-18, which recalculates a number of cost of living increases for calendar year [...]

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Get Ready for ACA Reporting Deadlines

For 2015, employers had extra time to complete their Section 6056 and Section 6055 reporting thanks to transition relief from the IRS. Of course, even with that extra time, there were still many challenges faced by employers and vendors regarding producing the forms and communicating the impact to employees. Regarding the need to next report [...]

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IRS Releases 2017 Health Savings Account (HSA) Limits

The IRS has announced the 2017 annual contribution amounts for Health Savings Accounts (HSAs). Individuals: In 2017, the maximum annual contribution will be $3,400 Families: In 2017, the maximum annual contribution will be $6,750 This represents a $50 increase for individuals over the 2016 contribution limit. However, the limit for families is not being changed. [...]

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Affordable Care Act Reporting Reminder: First Employee Statements Due by End of March

As a reminder, an important deadline regarding the Affordable Care Act (ACA) is right around the corner. Employers that are subject to the ACA’s information reporting requirements must furnish the first statements for the 2015 calendar year to employees on or before March 31, 2016. For many employers, this primarily means distributing the Form 1095-C [...]

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IRS Health Care Tax Tip Addresses ACA and Reporting Health Coverage on Tax Forms

To help taxpayers understand how their health coverage for 2015 will impact their filing of taxes, the IRS recently issued a new “Health Care Tax Tip”. While most taxpayers will simply need to check a box on their tax return to indicate they had health coverage for all of 2015, there are a few forms [...]

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IRS Issues Guidance for Employers That Provide Identity-Protection Services to Employees

On December 30th, 2015, the IRS issued an announcement that may help employers that are providing identity protection services to their employees. Key points in the announcement included: Employers do not have to include the value of the benefit in employees’ wages and gross income Employers do not have to report the amounts on Form W-2 [...]

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IRS Issues Guidance in Response to Recent Legislation Affecting Transit Benefits

On January 11th, 2016, the IRS issued guidance to help clarify how the retroactive increase in excludable tax benefits applies for 2015. We encourage all clients to read the full text of the guidance, as it outlines detailed procedures and examples that may apply to your specific situation. Here is a brief overview of the [...]

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Affordable Care Act News: Deadline Extension for Employer Reporting Requirements

On December 28th, 2015, the IRS announced that they will be extending the due dates regarding the Affordable Care Act’s employer reporting requirements (Section 6055 and Section 6056). The due date for furnishing forms to individuals has been extended from Feb. 1, 2016, to March 31, 2016. The due date for filing forms with the [...]

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