News

Expansion of Mid-Year Election Changes to §125 Cafeteria Plans

Posted on: 6/18/2020 10:32 AM

The IRS recently issued Notice 2020-29, in response to the COVID-19 pandemic. The notice offers employers greater flexibility with respect to mid-year election changes under a Section 125 cafeteria plan, including an election under a health flexible spending account, a limited purpose health flexible spending account (collectively referred to as “Health FSA”) and dependent care flexible spending account (“Dependent Care FSA”).… Read More

Setting Every Community Up for Retirement Enhancement (SECURE) Act

Posted on: 2/20/2020 4:21 PM

On December 20th, 2019, the Secure Act was signed into Law, a bill to help employers implement retirement plans for their employees. Please find below some of the many changes, affecting qualified retirement plans, brought about with this bill:• Increase of tax credit limit for small employer pension plan start-up costs: Existing tax credit of $500 for a plan’s start-up costs has been increased to as much as $5,000 per year for the first three years, encouraging small employers to adopt plans.… Read More

IRS Releases 2020 Cost-of-Living Adjustments

Posted on: 11/7/2019 11:19 AM

The IRS has released the 2020 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including limits relating to health FSAs, qualified transportation fringe benefits, qualified small employer health reimbursement arrangements (QSEHRAs), adoption assistance, DCAPs, the small business health care tax credit, the premium tax credit, and Archer MSAs… Read More