Employee Benefit Plans

employee health coverage

Is My Business Required To Report Employee Health Coverage?

August 15, 2022

Certain employers are required to report information related to their employees’ health coverage. Does your business have to comply, and if so, what must be done? Basic reporting rules for employee health coverage Certain employers with 50 or more full-time employees (called “applicable large employers” or ALEs) must use Forms 1094-C and 1095-C to report…

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HSA

Health Savings Account Limits Increase for 2023

May 12, 2022

The IRS recently released guidance providing the 2023 inflation-adjusted amounts for Health Savings Accounts (HSAs). High inflation rates will result in next year’s amounts increasing more than they have been in recent years. What is an HSA? An HSA is a trust created or organized exclusively for the purpose of paying the “qualified medical expenses”…

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secure act retirement

How To Choose a Tax-Favored Retirement Plan for Your Small Business

March 24, 2022

If your business doesn’t already have a retirement plan, now might be a good time to start since current retirement plan rules allow for significant tax-deductible contributions. For instance, if you’re self-employed and set up a SEP-IRA, you can contribute up to 20% of your self-employment earnings, with a maximum contribution of $61,000 for 2022.…

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cybersecurity guidance

Employee Benefit Plans: Is Your Cybersecurity Program Up to Par?

January 18, 2022

Have you put the Department of Labor’s (DOL) cybersecurity guidance into practice yet? If not consistent with the DOL’s guidance, plans, service providers, and fiduciaries should begin taking prudent steps to implement the necessary safeguards to protect a plan’s assets and data. In April 2021, the DOL issued guidance providing tips and best practices to…

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HSA

What You Need to Know About a Health Savings Account for Your Small Business

November 3, 2021

With the increasing cost of employee health care benefits, your business may be interested in providing some of these benefits through an employer-sponsored Health Savings Account (HSA). An HSA offers a tax-advantaged way for eligible individuals to set aside funds (or have their employers do so) to meet future medical needs. Here are the important…

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Rehiring Retirees

What Employers Need to Know About Rehiring Retirees

October 25, 2021

COVID-19 has caused a labor shortage and forced many employers to find ways to fill open positions, such as rehiring retired employees or retaining employees past retirement age. Employers will not jeopardize the tax status of their pension plans if they rehire retirees or permit distributions of retirement benefits to current employees who are 59…

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