Category: IRS

IRS Announces 2022 Retirement Plan Contribution Limits | IL Employee Benefits Consultants

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On November 4, 2021, the Internal Revenue Service (IRS) released Notice 2021-61 announcing cost-of-living adjustments affecting dollar limits for pension plans and other retirement-related items for tax year 2022. Many pension plan limits will change next year because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. Other items, however, will not … Continued

IRS Announces 2022 Limits for Health FSAs and Transit Benefits | IL Employee Benefits Group

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Today, the Internal Revenue Service (IRS) announced annual inflation adjustments for more than 50 tax provisions, including an increase in voluntary employee contributions to employer-sponsored healthcare flexible spending arrangements (HFSAs) to $2,850 for plan years beginning in 2022, up from the 2021 limit of $2,750. For HFSAs that include a carryover provision, up to $570 … Continued

IRS: Monthly Child Tax Credit payments begin | IL Employee Benefits Group

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WASHINGTON —TheInternal Revenue Service and the Treasury Department announced today that millions of American families have started receiving monthly Child Tax Credit payments as direct deposits begin posting in bank accounts and checks arrive in mailboxes. This first batch of advance monthly payments worth roughly $15 billion reached about 35 million families today across the … Continued

IRS Announces HSA Limits for 2020 | Chicago Employee Benefits Advisors

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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

Advance Informational Copies of 2018 Form 5500 Annual Return/Report | Chicago Benefits Consultants

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The U.S. Department of Labor’s Employee Benefits Security Administration (EBSA), the Internal Revenue Service (IRS), and the Pension Benefit Guaranty Corporation (PBGC) released advance informational copies of the 2018 Form 5500 annual return/report and related instructions. Here are some of the changes that the instructions highlight: Principal Business Activity Codes.Principal Business Activity Codes have been … Continued

PCORI Fee Increase for Health Plans | Chicago Benefits Consultants

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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

Easy-to-Use Tax Withholding Calculator | Chicago Benefits

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Employers, have you reminded your employees to check that they are having the right amount of tax withheld from their paychecks? It’s a good idea for everyone to check their payroll withholding every year, but it is particularly important this year due to the big changes Congress made to the federal tax rules for 2018. … Continued

Is Your Health Plan Affordable for 2019? | Chicago Benefit Advisors

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The Affordable Care Act’s employer shared responsibility provision — often called the employer mandate or “play or pay” — requires large employers to offer health coverage to their full-time employees or face a potential penalty. (Employers with fewer than 50 full-time and full-time-equivalent employees are exempt.) Large employers can avoid the risk of any play … Continued

The News About Association Health Plans | Illinois Employee Benefit Brokers

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On June 19, 2018, the U.S. Department of Labor released its Final Rule regarding Association Health Plans (AHPs). AHPs are not new, but they have not been widely available in the past and, in some cases, they have not been successful. The Final Rule is designed to make AHPs available to a greater number of … Continued

6 Questions on Dependent Care Spending Accounts | Chicago Benefit Advisors

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School’s out! Summer is here, and it’s the time of year when working parents have questions about using their Dependent Care Spending Accounts (DCSAs). Are summer camp expenses eligible? What about day versus overnight camps? Employers and benefit advisors want to be ready with answers about this valuable benefit program. The following are the top … Continued