Employee Benefit Plans

HSA

2022 Amounts for Health Savings Accounts

May 27, 2021

The IRS recently released guidance on the 2022 inflation-adjusted amounts for Health Savings Accounts (HSAs). The basics of HSAs An HSA is a trust created or organized exclusively for the purpose of paying the qualified medical expenses of an account beneficiary. An HSA can only be established for the benefit of an eligible individual who…

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virtual board meeting

Retirement Plan Options for Your Small Business

April 19, 2021

Are you thinking about setting up a retirement plan for yourself and employees at your small business, but you’re worried about the financial commitment and administrative burdens involved in providing a traditional pension plan? Two options to consider are a “simplified employee pension” (SEP) or a “savings incentive match plan for employees” (SIMPLE). Basics of…

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covid-19

A Comprehensive Guide to the American Rescue Plan of 2021

March 15, 2021

President Joe Biden signed into law the American Rescue Plan of 2021, a $1.9 trillion COVID-19 relief package, on March 11. There are several tax breaks and financial benefits for both individuals and businesses. Highlights of the American Rescue Plan Stimulus Checks A third round of stimulus checks will be sent to eligible individuals over…

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covid-19 relief

Employers Have Flexibility for Health FSAs and Dependent Care Assistance Programs

February 22, 2021

Employers have greater flexibility for employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance programs. Under the Taxpayer Certainty and Disaster Tax Relief Act of 2020, these plans now have additional discretion in 2021 and 2022 to adjust their programs to help employees better meet the unanticipated consequences of the COVID-19…

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New Guidance on SECURE Act Changes to Retirement Plans

December 10, 2020

The IRS issued guidance on changes to safe harbor plans made by the SECURE Act. Notice 2020-86 includes details on an increase from 10% to 15% of the maximum automatic elective deferral, and elimination of notice requirements for certain plans. Guidance on Sec. 102 of the SECURE Act Q. In order to maintain its status…

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deadline extended

Deadline for Defined Benefit Plan Contributions Is Extended

November 18, 2020

The IRS announced it will treat a contribution to a single-employer defined benefit pension plan that has a due date of January 1, 2021, as timely if it is made no later than January 4, 2021. The CARES Act extended defined benefit plan contributions to January 1, 2021 to allow employers to defer the payment…

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