Entries by Ashley

Contribution and Benefit Limits for 2019

IRS releases 2019 limits for deferred compensation arrangements and certain welfare plans. The IRS was late this year in announcing its limits for certain benefit programs, but the notice has finally arrived. We are still waiting for updates to Flexible Spending Accounts and Transportation fringe benefit limits, but here are some of the other updates […]

Employee Benefits News

Updated deferred compensation and benefit limits for 2019 The IRS released the limits for 2019 on November 1, 2018, later than usual. Click here to see the table of benefits. Relief for plan sponsors after recent hurricanes The Department of Labor has issued some relief for plans in the wake of hurricanes Florence and Michael. […]

House and Senate tax reform bills and amendments

  Text of House Bill H.R. 1 Text of Chairman’s Amendment #2 (House Bill) Summary of Chairman’s Amendment #2 (House Bill)   Summary of Senate Bill   The bill is scheduled for mark-up on Monday, 11/13, and we expect to have the text of the revised bill when that’s complete.    

Tax Reform proposals: Changes to Fringe Benefit Rules

Below is our analysis of the bill in its prior form. Check back soon for updates from the recently-released – and final – conference version. These proposals from the Ways and means Committee of the House, if enacted, will impact fringe benefit programs of many employers. This guideline is effective November 7, 2017. We will […]

IRS releases 2018 limits for deferred compensation arrangements and certain welfare plans. The IRS has revised many of the key limits that affect qualified retirement plans and welfare plans. While a few numbers remain the same – most notably, those used to identify highly compensated employees and key employees – the IRS has increased many […]

New mortality tables released

The IRS has updated its mortality tables for defined benefit plans. For 2018, plan sponsors must use these new tables to determine funding requirements and to calculate lump sum payments. Read the IRS announcement and review the tables in Notice 2017-60, and make sure your plan makes whatever adjustments is necessary for the 2018 plan […]

Current forms and guidance

Need the most recent forms for employer ACA reporting? You can find forms and instructions for the Employer-Provided Offer and Coverage (1095-c) here, and for the related Information Return (1094-c) here. The IRS has also compiled a Q&A on reporting requirements, including who needs to file these forms, due dates, what employers must report to employees, and […]

Disaster tax relief updates

  New relief for victims of hurricanes Harvey and Irma and their family members – faster access to 401(k) and 403(b) hardship withdrawals. In the wake of these two catastrophic hurricanes, the IRS has offered extra flexibility for plan sponsors and participants that should streamline hardship withdrawals from 401(k) or 403(b) plans and loans from […]