HSA IRS Plan Maximums

The IRS recently released Revenue Procedure 2017-37, which provides information on the limits for Health Savings Accounts (HSAs) for 2018. The annual contribution limitation on deductions for individuals with self-only coverage under a high deductible health plan will be $3,450. The deduction limitation for an individual with family coverage will be $6,900. Please note, these limits […]

IRS Ruling Considered An Obstacle To ACOs

A ruling by the Internal Revenue Service creates a significant obstacle to a new type of health care network that the Obama administration has promoted as a way to provide better care at lower cost, industry lawyers and providers say. Health care markets are rapidly changing as independent doctors and hospitals race to form networks, […]

Keep your Health Insurance Documents with Your Tax Records

Gathering documents and keeping well-organized records make it easier to prepare a tax return. They can also help provide answers if the IRS needs to follow-up with you for more information. This year marks the first time that you may receive information forms about health insurance coverage. The information forms are: Form 1095-A, Health Insurance […]

Final Versions of IRS Sections 6055 & 6056 Released

The Internal Revenue Service recently released final versions of forms and related instructions that employers may use to report under Sections 6055 and 6056 for 2014. These forms are not required to be filed for 2014, but reporting entities may voluntarily file them in 2015 for 2014 coverage. The forms for 2015 must be filed […]

Small Business Tasked to Tally Employee’s Health-Care Costs

Small employers are facing an unexpectedly onerous task: tallying their individual employees’ monthly health-care costs. Starting in 2016, under the Affordable Care Act, employers with 50 or more full-time workers are required to file new tax forms laying out what individual employees are being charged for their employer-sponsored plans. The Internal Revenue Service released the […]