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Monthly Archives: January 2013

IRS Employer Health Reporting W-2 Q&A

Following our most recent post about W-2 reporting we received a number of questions regarding W-2 reporting and what is and not required to be reported.  In discussions with staff we felt it was best to direct clients to the IRS Q&A site. [read more...]

January 25th, 2013 • 0 Comments

Who is required to submit W-2 Employer-Sponsored Health Coverage?

This is a year of choices.....  When the healthcare was first signed into law all employers who sponsor a health plan were asked to report the cost on their employees W-2.  As the law matures and implementation gets closer the IRS continues to issue guidance and clarification called "Transition Relief". [read more...]

January 24th, 2013 • 0 Comments

Just in Time for New Years Resolutions IRS Releases Guidance for Workplace Wellness

In late Dec, 2012 the IRS and Department of Labor(DOL) released guidance surrounding wellness initiatives for business who sponsor wellness in the workplace.  For most HR departments this was exciting and welcome news that allows them to manage and have more certainty surrounding specifics.  Now that a few weeks have passed and the regulations have had time to sink in, some experts have concerns this guidance eliminates many best practices that make wellness initiatives successful. [read more...]

January 21st, 2013 • 0 Comments

Can I Drop or Change My Benefits Coverage Mid Year?

Assuming you have health insurance offered through your employer, the likelihood is very high that your employer has setup a Section 125 Premium Only Plan through someone such as www.taxfreepremiums.com.  The IRS code Section 125 allows your health insurance premiums as well as the premiums you pay for many of your other benefits such as dental and vision to be run through pre-tax.  While there are some huge benefits to you and your employer, by Federal law it only allows you to make changes to your elections as a new hire, at open enrollment or during some type of a qualifying event.  Otherwise, your company’s Section 125 could be deemed non-compliant and result in some sort of a penalty or premiums being subject to any applicable taxes. [read more...]

January 16th, 2013 • 0 Comments

2013 Section 125 Non-Discrimination Testing

Providing an IRS Section 125 Premium Only Plan is at the heart of any cost effective employee benefit plan and can offer substantial savings to both the plan sponsor (employer) and participants (employees).  However the IRS never gives anything away without some type of complexity.  The Section 125 Premium Only Plan does not require IRS filing but does require a plan sponsor to test the plan annually for non-discrimination. [read more...]

January 3rd, 2013 • 0 Comments