IRS Announces HSA Limits for 2020 | Employee Benefits Agency

On May 28, 2019, the Internal Revenue Service (IRS) released Revenue Procedure 2019-25 announcing the annual inflation-adjusted limits for health savings accounts (HSAs) for calendar year 2020. An HSA is a tax-exempt savings account that employees can use to pay for qualified health expenses. To be eligible for an HSA, an employee: Must be covered … Continued

PCORI Fee Increase for Health Plans | Insurance Benefits Consultants

On November 5, 2018, the Internal Revenue Service (IRS) released Notice 2018-85 to announce that the health plan Patient-Centered Outcomes Research Institute (PCORI) fee for plan years ending between October 1, 2018 and September 30, 2019 will be $2.45 per plan participant. This is an increase from the prior year’s fee of $2.39 due to … Continued

Redesigned W-4 Form to Launch in 2020 | Employee Benefits Partners

When will the new Form W-4 be released? In 2020, according to a press release published by the Treasury Department on September 20, 2018. The department announced that the IRS will implement a redesigned W-4 form for tax year 2020, a timeline that will allow for continued work to refine the new approach for the … Continued

Be Ready for More ACA Penalties | Employee Benefits Agency

The recent barrage of letters sent by the IRS proposing penalties under the Affordable Care Act (ACA) may be petering out, but a new round is expected later this year. Employers need to be prepared. Several lessons can be learned from the more than 300,000 proposed-penalty letters sent by the IRS this summer and late … Continued