The Tax Cuts and Jobs Act (the Tax Act) changed the inflation adjustment method applied to various limits under the federal tax Code, particularly the HSA contribution limit for those with high deductible coverage for spouses, children or families (family coverage).
Employee benefit plans are subject to numerous legal requirements, including complicated—sometimes confusing—eligibility requirements. Those requirements are never more confusing, or more important, than during an employee’s medical leave of absence.
Many employers offer their employees various "supplemental benefits," such as accident insurance, cancer insurance, or critical disease insurance. The IRS has recently ruled that, to the extent the employer pays the cost of these benefits (or the employee contribution is made "pre-tax" through a cafeteria plan), the benefits received are taxable income to the employee.
On 12/7, In one of the first post-election signals from Congress of future "pro-business" expected ACA changes, Congress overwhelmingly passed legislation allowing small businesses (generally under 50 employees) the ability to provide employees alternative tax favored "Stand-Alone" health reimbursement accounts ("HRAs") to employees of up to $4950 per year ($10,000 for employees with eligible dependents) beginning January 1, 2017.
On December 28, 2015, the IRS pushed back the date employers must distribute the Form 1095, which was originally due when the Form W-2 was due. Employers now have until March 31, 2016, to send 1095 forms to employees notifying them of their health care coverage for 2015.
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