irs update Archives - Employee Benefits I AP Benefit Advisors

IRS Releases 2021 Limits for HSAs

On May 20, 2020, the IRS released Revenue Procedure 2020-32.  It provides the 2021 inflation-adjusted amounts for HSA-qualified high deductible health plans (HDHPs). The inflation-adjusted increases for 2021 are: HSA-Qualified HDHP Self Coverage: Annual deductible must be $1,400 or more in 2021 (up $50 from 2020), and annual out-of-pocket expenses cannot exceed $7,000 (up $100 […]

Read More...

IRS Releases 2020 Limits for HSAs

On May 28, 2019, the IRS released Revenue Procedure 2019-25 It provides the 2020 inflation-adjusted amounts for HSA-qualified high deductible health plans (HDHPs). The inflation-adjusted increases for 2020 are: HSA-Qualified HDHP Self Coverage: Annual deductible must be $1,400 or more in 2020 (up $50 from 2019), and annual out-of-pocket expenses cannot exceed $6,900 (up $150 […]

Read More...

IRS Employment Tax Overpayment Procedural Revisions and Post-Windsor Guidance

From EBIA The IRS has issued simplified procedures that employers may use to correct employment tax (FICA and federal income tax withholding) overpayments for 2013 and prior years resulting from the change in tax treatment for health and certain other benefits provided to employees’ same-sex spouses due to the Supreme Court’s partial invalidation of DOMA […]

Read More...