FINANCE

2017 HSA and Health FSA Contribution Limits Announced

The Internal Revenue Service (IRS) has announced the inflation-adjusted contribution limits for health savings accounts (HSAs) and health flexible spending arrangements (health FSAs) for tax year 2017. 2017 Contribution Limits  The tax year 2017 contribution limits for HSAs and health FSAs are as follows: HSAs: The annual limitation on deductions for an individual with self-only coverage under a high deductible health […]

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Deadlines Extended for Furnishing Forms 1095-B and 1095-C in Early 2017

Good Faith Penalty Relief Also Extended The IRS has extended the due dates for furnishing 2016 Forms 1095-B and 1095-C to covered individuals and full-time employees, respectively, from January 31, 2017, to March 2, 2017. In addition, the IRS is also extending good faith penalty relief to reporting entities who can show they made good […]

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Applicable Dollar Amount Used to Determine PCORI Fee Adjusted to $2.26

Increase Applies to Plan Years Ending On or After October 1, 2016 and Before October 1, 2017 The Internal Revenue Service (IRS) recently issued guidance that increases the applicable dollar amount used to determine the Patient-Centered Outcomes Research Institute (PCORI) fee, for plan years that end on or after October 1, 2016 and before October […]

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IRS: Employers Face New January 31 W-2 Filing Deadline

New Deadline to File Forms W-2 to the SSA The Internal Revenue Service (IRS) is reminding employers of a new January 31 filing deadline for Forms W-2. New Filing Deadline The Protecting Americans from Tax Hikes (PATH) Act, enacted last December, includes a new requirement for employers. They are now required to file their copies […]

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IRS Announces Retirement Plan Limits for 2017

401(k) Contribution Limit Remains Unchanged at $18,000 The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2017. Highlights include: The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), and most 457 plans remains unchanged at $18,000. The catch-up contribution limit for those […]

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Small Business Tax Credit Requirements Adjusted for Inflation

Inflation Adjustments Affect Employer Eligibility & Maximum Credit Amount The Internal Revenue Service (IRS) has announced inflation adjustments for 2017 that affect the amount used for determining who is an eligible small employer for purposes of the small business health care tax credit and the maximum amount of the credit. Among other eligibility requirements, the […]

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USCIS: Current Form I-9 Valid Until January 21, 2017

Revised Form Expected to Be Published By November 22, 2016 U.S. Citizenship and Immigration Services (USCIS) has announced that employers may continue using the current version of Form I-9 until January 21, 2017. After that date, all previous versions of Form I-9 will be invalid. USCIS is expected to publish a revised form by November […]

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IRS Releases 2017 Inflation Adjustments for Various Tax Benefits

Some Tax Benefits Increase Slightly, Others Unchanged The Internal Revenue Service (IRS) has announced a number of inflation-adjusted tax items for 2017, some of which remain unchanged. Among other items, the annual dollar limit on employee contributions to employer-sponsored health flexible spending arrangements (FSAs) rises to $2,600 (up from $2,550 in 2016). Other Items of […]

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