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 updates FOR YOUR INBOX

IRS Updates Limits for 2021

The IRS Released Revenue Procedure 2020-45 late last night announcing the limits for 2021. Most limits for tax-advantaged accounts remained the same for the upcoming year. The HSA Limits and HDHP Limits were announced earlier this year in Revenue Procedure 2020-32. Each updates are set forth below: 2021 2020 HealthCare FSA $2,750 $2,750 Dependent Care […]

October 27, 2020

IRS Update

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IRS Changes To Cafeteria Plan Sec. 125

On May 12, 2020, the Internal Revenue Service (IRS) issued two notices that impact benefits that fall under an employer’s Section 125 Benefits. Below are some key points to know about these notices. Plan Amendments All the relief items issued in IRS Notices 2020-29 and/or 2020-33 do not have to be implemented by an employer […]

May 15, 2020

IRS Update, News & Updates

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IRS Tax Limits & Updates for 2020

The IRS has announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. You can view updates pertaining to our administration services below or you can visit the IRS website for further information. Please reach out to us with any questions at […]

November 7, 2019

IRS Update

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UPDATED IRS HSA LIMITS FOR 2020

You’ll be able to set aside more pre-tax dollars for medical expenses next year! The IRS announced the new limits for Health Savings Accounts (HSAs) are going up $50 for individual coverage and $100 for family coverage, bringing them to $3,550 and $7,100, respectively. The catch-up contribution limit for those over age 55 will remain […]

August 12, 2019

IRS Update

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IRS Update to HSA Coverage

Effective July 17, 2019, high deductible health plans (HDHPs) can now provide pre-deductible coverage for certain chronic conditions without jeopardizing a participant’s Health Savings Account (HSA) eligibility. Individuals covered by an HSA may establish and deduct contributions to an HSA as long as they have no disqualifying health coverage. HSAs are a valuable tool that […]

August 12, 2019

IRS Update

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