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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 Ā§129 and the employer’s plan. Eligible DCFSA expenses include: adult day care center, before/after school programs, child … Continued

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

Question: If an employee has a smallĀ 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

IRS Reporting: Now What? | Ohio Employee Benefits

Applicable large employers and self-funded employers of all sizes have now completed the first round of required IRS reporting under the Patient Protection and Affordable Care Act (ACA). The ACA requires individuals to have health insurance, while applicable large employers (ALEs) are required to offer health benefits to their full-time employees. In order for the … Continued

Employers Ask: What Prevents Me from Reimbursing Individual Health Insurance Policies? | Ohio Employee Benefits

In serving 36,000 employers and 5 million employees, our UBA Partners get this question frequently: What federal guidance prohibits employers from reimbursing individual health insurance policies? Answer: The IRS has issued extensive guidance prohibiting employers from reimbursing health insurance policies on an individual basis. It issued two notices in 2015 that addressed this issue. In … Continued

Taxation of Identity Protection Services | Ohio Employee Benefits

According to the IRS, identity theft has been the number one consumer complaint to the Federal Trade Commission for 15 consecutive years. The Bureau of Justice Statistics estimates that 17.6 million people were victims of identity theft in 2014. Organizations at every level are trying to protect employee and customer personal information from computer hacking … Continued

IRS Reporting Tip: Check the Right Boxes on Your Cover Sheet | Ohio Employee Benefits

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

Independent Contractor vs Employee | Ohio Benefits Broker

By K. Michael Ward The Wilson Agency A UBA Partner Firm As a business professional who is trying to classify a worker, it is important to remain compliant with the IRS regulations that determine whether an individual providing services to your organization should be classified as an independent contractor or an employee. Furthermore, the “employer … Continued

Failure to Timely Allocate Forfeitures

Sponsors of 401(k) plans often fail to timely use or allocate forfeitures, thereby potentially disqualifying the plan.

IRS Raises 401(k) Contribution Limit

On Thursday October 18, 2012 the Internal Revenue Service(IRS) announced that effective January 1, 2013 employees will be able to contribute an additional $500 a year into their 401(k)s, tax free. The tax-free contribution limit for retirement plans will increase to $17,500 for 2013, up from $17,000 this year. This will be the second in … Continued

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