2024 IRS and ACA Limits
As clients are preparing for the upcoming new plan year, this is a reminder of the 2024 limits that have been published by the Internal Revenue Service and CMS.
2024 HSA...
2024 Health FSA and Qualified Transportation Limits
11-9-2023
In Revenue Procedure 2023-24, the IRS sets forth a variety of 2024 adjusted tax limits. Among other things, the notice indicates tha...
For California Storm Victims (55 Counties), IRS Postpones Tax-Filing and Tax-Payment Deadline to November 16, 2023
On October 16, 2023, the IRS issued IR-2023-189, which postponed the deadline to f...
W-2 Health Cost of Coverage Reporting
September 2023
Background
The Affordable Care Act (ACA) requires employers to report the aggregate cost of “applicable employer-sponsored coverage” on a...
Reminder - Most Employers Now Required to File Electronic Information Returns Beginning in 2024
Have your clients prepared for this new requirement?
As we published earlier this year, this new r...
IRS Memo Regarding Substantiation of Flexible Spending Account (FSA) Claims
September 2023
Source: Sterling Health Administrators
The sponsor of an Internal Revenue Code Section 125 cafeteria...
Out-of-Pocket Maximum Limits
Date Issued: September 2023
Most group health plans are designed with cost-sharing measures such as deductibles, copays, coinsurance, and an out-of-pocket (OOP) maxi...
Annual Contribution Limits When Employee Is Hired Mid-Plan Year
Updated August 2023
Background
One common question from employers is regarding the different rules with respect to annual cont...
Compliance Issues with Out Of Pocket Maximums
As brokers help employers finalize 2024 plan designs, it’s important to keep in mind that there are limits on the amount that can be required before pa...
New IRS Filing Requirement for ACA Reporting
The IRS is changing electronic filing requirements for ACA and other required reporting in 2024.
While Amwins Connect originally reported this new re...
Refresher on Those Events Permitting Election Changes Mid-Plan Year
July 2023
The Group Health Plan may be drafted to permit an individual to change an election mid-year based on a permitted eve...
Tax Treatment of Certain Wellness Arrangements
July 2023
The IRS recently released Memorandum Number 202323006 (“the Memo”) which addresses the tax treatment of arrangements that claim to offer ...