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 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
In mid-July, Capital One announced that the personal information of more than 100 million of its U.S. customers was compromised in one of the largest data breaches involving a bank. In an official release from the company, Capital One noted that the information exposed includes names, addresses, emails, credit scores and transaction data. In some … Continue reading Financial Industry Experienced 3,500 Cyber Attacks in 2019 So Far
Employers that sponsor group health plans should provide certain benefit notices in connection with their plans’ open enrollment periods.
U.S. Secretary of Labor Alexander Acosta recently said that he “fully expects” OSHA inspections to increase once new inspectors are trained. Acosta’s remarks are in line with the significant increase in enforcement actions employers have seen in the past two fiscal years. Increased DOL Enforcement Actions The DOL’s enforcement actions across the vast majority of … Continue reading DOL Enforcement Actions Are up and Expected to Stay That Way