IRS Announces 2021 Employee Benefit Plan Limits
IRS releases 2021 limits for deferred compensation arrangements and certain welfare plans. Click here for more
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Annual Update of the HHS Poverty Guidelines
On January 17, 2020, the Department of Health and Human Services (“HHS”) published its annual update to the Federal poverty guidelines. The poverty threshold increased to $12,760* (based on the annual income of a single-person household), up from $12,490 in 2019. This figure is important to employers sponsoring group health plans for two major reasons:
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IRS Releases Annual Guidance on Medical Expenses
On January 21, 2020, the IRS released Publication 502, which defines and explains qualified medical expenses (including dental expenses) under the Internal Revenue Code. This publication is particularly relevant to sponsors and participants of certain self-insured group health plans, such as Health FSAs and HRAs, as well as individuals itemizing medical expenses on their tax
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2020 Employee Benefit Plan Limits Announced
The IRS has released the 2020 limits applicable to employee benefit plans. Click here for more information.
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IRS Insight on Tax Treatment of Employer-provided Snacks and Meals
In late 2018, the IRS issued a Technical Advice Memorandum addressing the tax treatment of meals and snacks provided by a taxpayer to its employees. The memo highlights the extent to which the IRS analyzes such employer provided benefits when reviewing whether it was proper for the value of such meals and snacks to excluded
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Important news about retiree lump-sum window programs in defined benefit plans
The IRS has announced big news: it is no longer intending to propose regulations prohibiting plan sponsors from offering limited-time retiree lump-sum window programs. These programs used to be a popular way for plan sponsors to manage pension liabilities: a plan sponsor would amend its defined benefit plan to allow a retiree already receiving lifetime
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401(k) Matching for the Student Loan Repayments
In this private letter ruling, the IRS approved an innovative idea: allow employer nonelective 401(k) contributions to participants who do not defer any salary into their 401(k) but who do make student loan repayments. In its request, the company explained that it makes employer contributions of 5% to participants who elect to defer at least 2%
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Updated Deferred Compensation and Benefit Limits for 2019
Updated deferred compensation and benefit limits for 2019 Updated deferred compensation and benefit limits for 2019. Attached are the 2019 limits for deferred compensation arrangements and certain welfare plans. 2019 IRS Limits
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Analysis of the Tax Cuts and Jobs Act
Analysis of the Tax Cuts and Jobs Act. Attached is a memorandum regarding the 2017 Tax Cuts and Jobs Act and its impact on employee benefits and executive compensation. Summary of TAJC Benefits Changes
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