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Returning to Work Balancing Safety & Recovery
As states re-open and employees who haven’t been onsite slowly return to the workplace, employers are tasked with protecting the safety of their staff, customers, and vendors. Meanwhile, employees caring for children and other loved ones may need to extend their paid and unpaid leaves of absence; the surrounding leave laws are becoming more complicated than End excerpt
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Temporary Modifications to I-9 Process
Physical document inspection not required for remote workers during the pandemic The Department of Homeland Security (DHS) announced it will defer the requirements for employers to physically review I-9 documents in-person with new employees. This change applies only to employers and workplaces that are operating completely remotely. If there are any employees physically at the End excerpt
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Coronavirus-related paid leave for workers and tax credits for small and midsize businesses
Source: IRS.com New legislation ensures workers are not forced to choose between paychecks and their health amidst the global pandemic. The U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately End excerpt
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FMLA Expansion and Emergency Paid Leave
Yesterday, President Trump signed into law the “Families First Coronavirus Response Act”. This new law requires certain employers to provide emergency paid leave under the Federal Family and Medical Leave Act (FMLA) and emergency paid sick leave. The main components of the acts are below: Emergency Family and Medical Leave Act The law takes effect April End excerpt
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Form 1095-C or 1095-B Deadline Extended
Updated Deadlines The IRS has issued Notice 2019-63 extending the distribution deadline of Form 1095-B (Health Coverage) and Form 1095-C (Employer-Provided Health Insurance Offer and Coverage) to employees from January 31, 2020 to March 2, 2020. It is important to note that the deadlines are not extended for filing Forms with the IRS. The deadlines End excerpt
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IRS Announces Higher 2020 Retirement Plan
The IRS has announced the inflation-adjusted figures for retirement account savings and other cost-of-living changes in Notice 2019-59 effective January 1, 2020. 2020 Highlights 401(k), 403(b), most 457 plans and the federal government’s Thrift Savings Plan: limits increased by $500 from $19,000 in 2019 to $19,500 in 2020 The catch-up contribution: limit for employees over End excerpt
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HSA Preventive Services Update
HSA plans can cover more preventive services prior to deductible being met after renewal this year. On July 17, 2019, the IRS released Notice 2019-45 providing guidance relating to health savings accounts (HSAs), specifically expanding the types of treatments and services that constitute preventive care. As a reminder, to be HSA-eligible, the individual must be End excerpt
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Reporting Requirement Under D.C. Individual Mandate
OTR NOTICE Under new tax guidance (Notice 2019-04), D.C. residents must have minimal essential health care coverage (MEC), have a coverage exemption, or pay a tax penalty for tax years ending on or after December 31, 2019. Insurance companies, business providing insurance to their employees, and other applicable entities are required to file information returns End excerpt
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2019 Medicare Part D Notice
The following information is provided as guidance for employers and their employees regarding Medicare Part D notification requirements. Should you have specific questions regarding your organization’s health plan, or other employee benefits, please contact a FosterThomas Employee Benefits Specialist. Medicare Part D Eligible Employees This post serves as a reminder that employers who provide prescription drug End excerpt
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2020 Health Savings Account and Compliant Health Plan Limits
The IRS has announced the annual Health Savings Account (HSA) contribution limits and High Deductible Health Plan (HDHP) minimum deductible and maximum out-of-pocket limits that will apply in 2020. Individual contributions are increasing from $3,500 to $3,550. Maximum contributions for family plans are increasing from $7,000 to $7,100. High deductible plans in 2020 will be those that have an End excerpt
