CBG Benefits

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Posts Tagged 'IRS'

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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Posted in: Benefits and Insurance, Human Resources, Legislation

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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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Educating Employees About the Affordable Care Act: Form 1095-C and Form 1095-B

For many employers, there will be significant time spent during the months of December and January in an effort to comply with the Affordable Care Act’s employer reporting requirements. Whether you are using a payroll vendor, a benefits administration software provider, a standalone service, or another third-party to produce the necessary IRS forms, it’s important [...]

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December 2015: HR Brief Newsletter: EEOC Rules on Wellness Programs, Fantasy Sports and Employee Productivity, and More

We’re happy to report that our clients may now download the December 2015 edition of the HR Brief newsletter. This monthly newsletter provides a brief overview of timely topics that may impact your organization. Here are the key articles that you’ll find in the December 2015 edition of HR Brief: EEOC Proposes Rule on GINA’s [...]

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Posted in: Human Resources

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IRS Announces Retirement Plan Limits for 2016

The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2016. Here are a few key points to note regarding the items that did not change: The contribution limit for employees who participate in 401(k), 403(b), and most 457 plans remains unchanged at $18,000 The catch-up [...]

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