December 27, 2010
The IRS issued Notice 2011-1 today and it provides that because regulatory guidance is essential to the operation Code Section 105(h), the Treasury Department, the IRS, as well as the Departments of Labor and Health and Human Services (collectively, the Departments), have determined that compliance with Health Care Reform nondiscrimination provisions (applicable to insured health plans) should not be required (and thus, any sanctions for failure to comply do not apply) until after regulations or other administrative guidance of general applicability has been issued under PHS Act § 2716.
Read more … IRS Delays discrimination testing ...
August 31, 2010
The IRS issued an informational letter on the tax treatment of qualified transportation benefits, specifically the use of transit passes and qualified parking that employers frequently provide through the use of smartcards...
Read more … Qualified Transit and Parking Benefits Guidance
August 9, 2010
Health Care Reform is now reality, and the new law is going to have significant impact Section 125 Plans and Pre Tax Reimbursement Accounts including Health Flexible Spending accounts (Health FSA's), Health Reimbursement accounts (HRA's) and Health Savings Accounts (HSA's).
Read more … Health Care Reform Impacts Section 125 Plans
June 2, 2010
Congress failed in its efforts before Memorial Day to pass a nearly $200 billion package that would have extended unemployment benefits and other expiring provisions, including ARRA’s COBRA subsidy program. The 15 months of federally subsidized COBRA premiums for involuntary terminations of employment that needed to occur by May 31, 2010, came to an end.
Read more … COBRA Subsidy Ends … but Another Extension is Likely
May 18, 2009
WASHINGTON—The Senate Finance Committee will discuss controversial options that include curbing the tax-favored status of employer-provided health care coverage, wiping out health care flexible spending accounts and placing new restrictions on health spending accounts when it meets Wednesday.
Read more … Senate Panel to Review Health Insurance Tax Changes
March 31, 2009
IRS Notice 2009-27 provides guidance on the premium assistance for COBRA continuation coverage under section 3001 of the American Recovery and Reinvestment Act of 2009 (ARRA), Public Law 111-5, enacted February 17, 2009.
Read more … COBRA Subsidy Clarification
October 22, 2008
The benefit -- up to $20 per month -- begins with the new year in 2009. Employers may reimburse employees, tax free, for "reasonable" expenses related to their bike commute, including equipment purchases, bike purchases, repairs, and storage if the bicycle is used as a "substantial part" of the commuter's trip to work for the month.
Read more … New Transportation Fringe Benefit to Bicycle Commuters
September 4, 2008
The purpose of this notice is to delay the effective date of Revenue Ruling 2006-57, 2006-2 C.B. 911. Revenue Ruling 2006-57 provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under Internal Revenue Code §§ 132(a)(5) and 132(f).
Read more … IRS Delays Implementation of Transportation and Debit Card Regulations
October 1, 2007
The purpose of this notice is to delay the effective date of Revenue Ruling 2006-57, 2006-47 I.R.B. 911. Revenue Ruling 2006-57 provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under Internal Revenue Code §§ 132(a)(5) and 132(f).
Read more … Delay of IRS Revenue Ruling 2006-57 on 132 Transportation Debit Cards
August 1, 2007
On August 3, 2006, the U.S. Treasury Department and the Internal Revenue Service (IRS) released proposed regulations regarding cafeteria plans. These rules replace the previously-proposed and temporary regulations issued intermittently between May 1984 and March 2000.
Read more … Proposed Regulations Issued for Cafeteria Plans