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IRS

What Can I Put Away for Retirement Next Year? IRS and Social Security Administration Release 2019 Limits

[11/13/18]

Posted on November 13, 2018 in HR Insights for Health Care

Published by: Hall Render

Have you ever asked or been asked, “What can I put away for my retirement next year?” The answer could be different for almost every year. Most of the limitations in the Internal Revenue Code are indexed with inflation. They increase in many years but not all. The IRS and Social Security Administration have... READ MORE

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IRS Approves Student Loan Repayment Feature for a 401(k) Plan

[08/29/18]

Posted on August 29, 2018 in HR Insights for Health Care

Published by: Hall Render

A concern for many workers today is the student loan burden they carry. Many employees, both young and old, are paying off large student loan balances rolled up in pursuing undergraduate and graduate college degrees. As the cost of college education continues to increase at rates that surpass the general inflation rate in the... READ MORE

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Severance Payments Are Wages Subject to FICA Tax

[03/31/14]

Posted on March 31, 2014 in HR Insights for Health Care

Written by: Calvin R. Chambers

On March 25, 2014, the United States Supreme Court issued its ruling in United States v. Quality Stores, Inc., et al., holding in an 8-0 decision that severance payments made to employees involuntarily terminated from employment are generally considered taxable wages under the Federal Insurance Contributions Act (“FICA”).  The decision overturns an earlier ruling... READ MORE

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IRS Modifies Health FSA “Use-It-or-Lose-It” Rule

[12/04/13]

Posted on December 4, 2013 in HR Insights for Health Care

Written by: William D. Roberts

IRS rules governing health flexible spending arrangements (“FSAs”) require cafeteria plans to forfeit unused amounts left in a participant’s health FSA at the end of a plan year. This so-called  “use-it-or-lose-it” rule was perceived as a significant barrier to health FSA participation by many employees, especially lower and moderate income employees.  They are more... READ MORE

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IRS Warns of Telephone Scam

[11/06/13]

Posted on November 6, 2013 in HR Insights for Health Care

Published by: Hall Render

The Internal Revenue Service (“IRS”) is warning consumers about a telephone scam that targets taxpayers, and specifically immigrants, throughout the country.  During the scam phone call, victims are threatened with arrest, deportation or suspension of a business or driver’s license if they do not promptly pay money allegedly owed to the IRS through a... READ MORE

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Independent Contractor or Employee? IRS Gives Employers Something to Consider

[04/30/13]

Posted on April 30, 2013 in HR Insights for Health Care

Written by: Calvin R. Chambers

For the past several years, the Internal Revenue Service (“IRS”) has been devoting considerable attention to worker classification issues involving the misclassification of employees as independent contractors.  These misclassifications are important to the IRS and the federal government because they often lead to underreporting and underpayment of taxes.  Traditionally, the IRS has sought to... READ MORE

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IRS Guidance on $2,500 Limit For Flexible Spending Accounts

[06/06/12]

Posted on June 6, 2012 in HR Insights for Health Care

Written by: Tara L. Slone

The IRS recently issued Notice 2012-40 providing guidance on the $2,500 maximum annual limit on employee contributions to health care flexible spending accounts (“FSAs”) as set forth in the Affordable Care Act. The full text of the Notice can be found here. The Act states that the limit is effective January 1, 2013 for... READ MORE

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