FINANCE

401(k) Contribution Limit Increases to $18,500 The IRS has announced cost-of-living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax year 2018. Highlights include: The elective deferral (contribution) limit for employees who participate in 401(k), 403(b), and most 457 plans is increased from $18,000 to $18,500. The catch-up contribution limit for those aged […]

New Law Effective January 1, 2018 California has enacted a law that generally prohibits employers from relying on an applicant’s salary history. Further details are presented below. Salary History Prohibition and Additional Rules An employer is prohibited from relying on the salary history information of an applicant as a factor in determining whether to offer employment to […]

Form Used by Large Food or Beverage Establishments The IRS recently released its 2017 Form 8027, Employer’s Annual Information Return of Tip Income and Allocated Tips. Form 8027 generally must be filed by employers who operate large food or beverage establishments. A large food or beverage establishment is a food or beverage operation: That is located in the […]

Cuts to Take Effect Immediately The Trump administration announced yesterday that it will no longer make cost-sharing reduction (CSR) payments to insurance companies under the Affordable Care Act (ACA). According to a statement issued by the U.S. Department of Health and Human Services (HHS), the agency’s decision to discontinue these payments immediately follows a legal review by HHS, the […]

ACA Requirements Remain In Effect Pending Further Guidance or Legislation President Trump has signed an executive order calling upon the U.S. Department of Labor (DOL) to consider, among other things, expanding access to Association Health Plans, which could potentially allow employers to form groups across state lines. Until further guidance is issued or legislation is signed, […]

Premium Processing Available for all Types of H-1B Petitions U.S. Citizenship and Immigration Services (USCIS) has resumed premium processing for all H-1B visa extension of stay petitions. Premium processing is now available for all types of H-1B petitions. Background H-1B visas provide skilled workers for specialty occupations, including information technology, engineering, and mathematics. When a petitioner […]

Fee Applies to Certain Self-Insured Plans The Internal Revenue Service (IRS) recently announced an increase in 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, 2017 and before October 1, 2018. As a reminder, employers sponsoring certain self-insured plans are […]

Special Enrollment Periods Available for 2017 Marketplace Coverage As a result of Hurricanes Harvey, Irma, and Maria, the Centers for Medicare & Medicaid Services (CMS) will make available special enrollment periods for certain individuals seeking health plans offered through the Federal Health Insurance Marketplace (Exchange). In general, these special enrollment periods are available to residents of Florida, […]

Special Enrollment Period Available Through 2017 As a result of Hurricanes Harvey, Irma, and Maria, the Centers for Medicare & Medicaid Services (CMS) will make available a special enrollment period for all Medicare beneficiaries to enroll, dis-enroll, or switch Medicare health or prescription drug plans. In general, this special enrollment period is available to residents of Florida, […]

Final Form Instructions Not Yet Released The IRS has released the final Forms 1094-B, 1095-B, 1094-C, and 1095-C for calendar year 2017 reporting. Employers are required to report in early 2018 for calendar year 2017. 2017 Forms  The following forms are now available for calendar year 2017 reporting: Form 1094-B (transmittal) Form 1095-B Form 1094-C (transmittal) Form 1095-C […]