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IRS Roundup: What Employers Need to Know about the Latest ACA Notices | Ohio Benefit Advisors

In spite of the recent efforts by Congress to change or repeal the ACA, its provisions are still in effect. The IRS has issued continuing guidance on the affordability rate for coverage, the employer shared responsibility provisions and reporting, and the individual mandate provision.IRS Released the 2018 Affordability RateThe Internal Revenue Service released its Revenue … Continued

What You Need to Know about Dependent Care Flexible Spending Accounts | Ohio Benefit Advisors

A dependent care flexible spending account (DCFSA) is a pre-tax benefit account used to pay for eligible dependent care services. The IRS determines which expenses are eligible for reimbursement and these expenses are defined by Internal Revenue Code §129 and the employer’s plan. Eligible DCFSA expenses include: adult day care center, before/after school programs, child … Continued

DOL Guidance for Benefit Plans Impacted by Hurricane Harvey | Ohio Benefit Advisors

The U.S. Department of Labor has issued compliance guidance for benefit plans, employers and employees, and service providers who are impacted by Hurricane Harvey. The guidance generally provides relief from various ERISA requirements and time limits for entities in the disaster area. This follows the Internal Revenue Service (IRS) announcement extending certain filing dates, including … Continued

The “Line 22” Question: Which Box(es) Do I Check? | Ohio Benefit Advisors

Under the Patient Protection and Affordable Care Act (ACA), individuals are required to have health insurance while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the Internal Revenue Service (IRS) to verify that (1) individuals have the required minimum essential coverage, (2) individuals who request premium … Continued

Top Five Compliance Assessment Surprises | Ohio Benefit Consultants

Our Firm is making a big push to provide compliance assessments for our clients and using them as a marketing tool with prospects. Since the U.S. Department of Labor (DOL) began its Health Benefits Security Project in October 2012, there has been increased scrutiny. While none of our clients have been audited yet, we expect … Continued

The IRS Clarifies Tax Treatment of Fixed-Indemnity Health Plans | Ohio Benefit Advisors

While many Americans will remember January 20, 2017 as the day the 45th President of the United States was sworn into office, employee benefits experts will also remember it as the day the IRS Office of Chief Counsel (OCC) released this memorandum that clarifies, among other things, the tax treatment of benefits paid by fixed-indemnity … Continued

Cafeteria Plans: Qualifying Events and Changing Employee Elections | Ohio Benefit Advisors

Cafeteria plans, or plans governed by IRS Code Section 125, allow employers to help employees pay for expenses such as health insurance with pre-tax dollars. Employees are given a choice between a taxable benefit (cash) and two or more specified pre-tax qualified benefits, for example, health insurance. Employees are given the opportunity to select the … Continued

What Is Employer Paid Term Life Insurance? | Ohio Benefit Advisors

Employer-paid life insurance can be an important part of protecting your family in the event that you die prematurely. Companies offer the program on top of other benefits, such as health insurance. The coverage is generally term insurance, meaning there is no investment or cash-value component. If you pass on unexpectedly, depriving your family not … Continued

Ask the Experts: Dealing With FSA Carryover Funds | Ohio Benefit Advisors

Question: If an employee has a small health flexible spending account (FSA) balance with a carryover to the next year, and the employee chooses not to participate in the new FSA year, can the employer force the employee to use those funds so as not to incur additional administrative fees in the next plan year? Answer: … Continued

Ask the Experts: Legal Names Versus Married Names on Social Security Cards | Ohio Benefit Advisors

Question: For Form I-9 purposes, can we accept a new employee’s Social Security card that shows a maiden name rather than her married name? Answer: The quick answer is yes. The Social Security card has the individual’s legal name. She must complete the Form W-4 and Form I-9 with her legal name (as listed on … Continued

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