READ TIME: 3 MINUTES Cafeteria plans, or plans governed by IRS Code Section 125, allow employers to help employees pay for expenses such as health insurance with pre-tax dollars. Employees are given a choice between a taxable benefit (such as cash) and two or more specified pre-tax qualified benefits (health insurance, for example). Employees can […]
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Seats are filling up fast! Sign up now for our March webinar: What Employers Need to Know About Cafeteria Plan Nondiscrimination Rules
Benefit Insurance Marketing is pleased to extend an invitation to attend our upcoming monthly compliance Webinar. In conjunction with our alliance with United Benefit Advisors, you have the opportunity to learn more about the latest compliance trends and regulations from one of the nation’s leading employment and benefit law firms, Fisher Phillips. Best of all, you can take […]
Read moreIRS Memo on Fixed Indemnity Health Plan Benefits Tax Treatment
On January 20, 2017, the IRS released a Memorandum on the tax treatment of benefits paid by fixed indemnity health plans that addresses two questions: Are payments to an employee under an employer-provided fixed indemnity health plan excludible from the employee’s income under Internal Revenue Code §105? Are payments to an employee under an employer-provided […]
Read moreCompliance Recap – December 2016
December was a relatively busy month for new laws and administrative rulemaking in the employee benefits world. President Obama signed the 21st Century Cures Act into law. The IRS issued a reporting deadline reminder, two information reporting summaries, and Q&As on information reporting. A U.S. District Court issued a nationwide preliminary injunction regarding a portion […]
Read moreSeats are filling up fast! Team BIM Webinar – Plan Documents: ERISA, Section 125, SPDs, and Wraps, Oh My!
Benefit Insurance Marketing is pleased to extend an invitation to attend our upcoming monthly compliance Webinar. In conjunction with our alliance with United Benefit Advisors, you have the opportunity to learn more about the latest compliance trends and regulations from one of the nation’s leading employment and benefit law firms, Fisher Phillips. Best of all, you can take […]
Read moreSeats are filling up fast! You don’t want to miss this! March Webinar – Plan Documents 101: Who Needs What and Best Practices
Benefit Insurance Marketing is pleased to extend an invitation to attend our upcoming monthly compliance Webinar. In conjunction with our alliance with United Benefit Advisors, you have the opportunity to learn more about the latest compliance trends and regulations from one of the nations leading employment and benefit law firms, Jackson Lewis LLP. Best of all, you can […]
Read moreCompliance Recap // October 2015
Compliance Recap October 2015 October was a relatively quiet month, although it began with a big shift for employers with the Protecting Affordable Coverage for Employees (PACE) Act becoming law, which amended the Patient Protection and Affordable Care Act (ACA) and redefined small employers as those with 50 or fewer employees and gave states the […]
Read moreHRAs, HSAs, and Health FSAs – What’s the Difference?
Health reimbursement arrangements (HRAs), health savings accounts (HSAs) and health care flexible spending accounts (HFSAs) are generally referred to as account-based plans. That is because each participant has their own account, at least for bookkeeping purposes. Under the tax rules, amounts may be contributed to these accounts (with certain restrictions) and used for health care […]
Read moreCompliance Recap // January 2015
IRS Releases Information and Forms for Satisfying the Individual Mandate and Claiming 2014 Premium Tax Credits Although employers are not required to offer coverage during 2014, individuals are generally required to have health coverage during 2014 and must report on that coverage through their 2014 federal income tax return. In many cases, the employee will […]
Read morePreparing for 2015 – Key PPACA Requirements
As we approach 2015, employers should be taking steps to ensure they are prepared to meet the Patient Protection and Affordable Care Act (PPACA) requirements that begin in 2015 and those which must be completed in 2014. The most significant upcoming requirements and options for an employer include the following. Section 125 Plans The maximum […]
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