OVERVIEW On Dec. 20, 2019, President Trump signed into law a spending bill that prevents a government shutdown and repeals the following three taxes and fees under the Affordable Care Act (ACA): The Cadillac tax on high-cost group health coverage, beginning in 2020; The medical devices excise tax, beginning in 2020; and The health insurance … Continue reading CADILLAC TAX AND OTHER KEY ACA TAXES REPEALED
OVERVIEW Affordable Care Act (ACA) reporting under Section 6055 and Section 6056 for the 2019 calendar year is due in early 2020. Specifically, reporting entities must: File returns with the IRS by 28, 2020 (or March 31, 2020, if filing electronically); and Furnish statements to individuals by March 2, 2020. Originally, individual statements were due … Continue reading UPCOMING ACA REPORTING DEADLINES
The U.S. Supreme Court heard oral arguments recently regarding the discrimination of LGBTQ individuals under Title VII of the Civil Rights Act. The plaintiffs for two separate cases—one concerning a transgender woman, the other involving two gay men—argued that they were unlawfully discriminated against when they were fired based on their sexual orientation. They claimed … Continue reading SCOTUS to Consider whether Civil Rights Act Protects LGBTQ Workers
Planning a holiday party can be a logistical nightmare, especially when you don’t know where to begin. Luckily, we have a few steps to make it easier. Set a Budget A good party doesn’t need to cost more—a buffet can delight as much as a five-course meal. Consider how you want to spend your money … Continue reading 6 ways to have a Sublime Seasonal Shindig
Beginning in 2020, employers of all sizes may implement a new HRA design – an individual coverage HRA (ICHRA) – to reimburse their eligible employees for insurance policies purchased in the individual market or Medicare premiums. Final rules released by the Departments of Labor, Health and Human Services (HHS) and the Treasury (Departments) permit employers … Continue reading NEW ICHRAs – Employers Paying Individual Insurance Premiums
Are you compliant? January 2020 is around the corner.
Department of Labor (DOL) announced a new final rule that updates the salary thresholds that some individuals must meet in order to qualify for a minimum wage and
overtime exemption under the federal Fair Labor Standards Act (FLSA). The final rule becomes effective on Jan. 1, 2020.
2019 Overtime Final Rule
The final rule affects the exemptions for executive, administrative and professional (EAP) employees, highly compensated employees (HCEs), employees in the motion picture industry and individuals who work in various U.S. territories.
The final rule’s salary levels differ from both the 2016 and 2019 proposed levels. For 2020, the final rule EAP and HCE salary exemptions are as follows:’
Standard salary level: $35,568 per year ($684 per week)
HCEs: $107,432 per year
The DOL intends to update the standard salary and HCE total annual compensation levels more regularly in the future through notice-andcomment rulemaking.
Employer Action Steps
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The IRS announced an increase to flexible spending account (FSA) contribution limits for the 2020 plan year. Individuals can contribute $2,750 in 2020, up $50 from the previous year. Since this announcement came so late in the year, some employers may not use the updated figures in their benefits limits—as doing so would require an … Continue reading FSA Contribution and Other Benefits Limits Rise for 2020