Ukraine aid eligible for leave-based donations programs
Employees may exclude from gross income the value of leave donated to their employers funding payments to relieve victims of the Russian invasion of Ukraine.
Employee benefits
Inflation boosts HSA amounts for 2023
Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.
Proposed regulations revise premium tax credit’s affordability test
The existing benchmark of self-only coverage “unduly weakens” the purpose of the Affordable Care Act, the IRS and Treasury say, noting a presidential executive order to strengthen and protect the act.
‘SECURE 2.0’ would further expand retirement savings options
Legislation augmenting the SECURE Act of 2019 now goes to the Senate after passing the House.
IRS reproposes unified plan rule exception for multiple-employer plans
Proposed regulations provide an exception from the “unified plan rule” for multiple-employer plans consistent with the SECURE Act and give guidance on how to implement the exception.
Proposed regulations update RMDs for SECURE Act changes
The regulations governing required minimum distributions from retirement plans would be updated to reflect various recent statutory changes under proposed regulations released on Wednesday.
Standard mileage rates to go up in 2022
The IRS issued the annual update of the mileage rate taxpayers may use to compute their deductible automobile costs.
Qualified sick and family leave wage reporting
The IRS provides guidelines to employers for showing these wages on Form W-2.
Line items
Private tax debt collection contracts awarded ... New per diem travel rates ... Regs. authorize collection of excess sick and family leave credits
Automatic extension for furnishing health coverage statements proposed
Proposed regulations would permanently allow an automatic extension for furnishing health care Forms 1095-B and 1095-C and would also specify that Medicaid services to test for and diagnose COVID-19 are not “minimum essential coverage.”
IRS makes retirement account inflation adjustments for 2022
The IRS issued the adjusted ceilings, thresholds, and limitations for various retirement plans and individual retirement accounts for 2022.
Guidance issued on 2021 qualified sick and family leave wage reporting
Information reporting on Form W-2 or a separate statement allows self-employed taxpayers to claim qualified sick leave and qualified family leave equivalent credits.
COBRA premium assistance credit clarified further
The IRS has supplemented its guidance on COBRA premium payment assistance and the corresponding business tax credit under the American Rescue Plan Act.
Certified professional employer organizations: The first four years
Learn about the important role some CPAs play in the success of the IRS’s certified professional employer organizations program.
Supreme Court lets health care law stand
The US Supreme Court held that Texas and several other states lacked standing to sue over the constitutionality of the Sec. 5000A mandate that requires individuals to obtain minimum essential health coverage. The decision leaves the Affordable Care Act in place.
COBRA premium assistance credit under ARPA clarified
The IRS answered questions concerning COBRA continuation coverage premium assistance and the corresponding tax credit that employers, plan administrators, and insurers may claim under the American Rescue Plan Act.
IRS clarifies pandemic relief for dependent care assistance programs
Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.
2022 HSA, excepted-benefit HRA amounts increase slightly
Maximum health savings account annual contributions will increase by $50 to $3,650 for self-only and $100 to $7,300 for family coverage for 2022. Inflation adjustments in Rev. Proc. 2021-25 also increase maximum out-of-pocket expenses for high-deductible health plans.
EBP tax compliance testing tips
Employee benefit plan tax professionals need to dig deep in search of affiliates under common control and must carefully assess whether plans are skewed in favor of highly compensated employees.
IRS provides cafeteria plan relief for the pandemic
The IRS issued guidance on how employers can amend their health flexible spending arrangements and dependent care assistance programs to respond to the coronavirus pandemic.
