As part of the federal government’s rapidly evolving response to the impact of the 2019 Novel Coronavirus (COVID-19), the IRS has announced that individuals covered under a high deductible health plan (HDHP) will not lose their eligibility to make or receive pre-tax contributions to a health savings account (HSA) merely because their health plan provides benefits associated with testing for and treatment of COVID-19 before the HDHP’s ordinary minimum deductibles are met. » Read More
As the legalization of medical marijuana becomes more prevalent both in New Jersey and nationwide, group health insurance plan administrators face the daunting task of keeping up with an ever-evolving legal landscape. One question, however, is likely familiar to all such individuals: “Can our group health insurance plan provide coverage for medical marijuana claims?” » Read More
As the end of the year approaches, individuals responsible for the management of tax-exempt organizations need to review the operations of those organizations to prepare annual information reporting for this year, to plan potential excise tax payments, and in some cases prevent unnecessary excise taxes and penalties on organizations and individuals. » Read More
Significantly less executive compensation than previously thought may remain tax deductible by publicly held corporations, beginning with the 2018 tax year, under recent governmental guidance implementing a change in law made by the Tax Cuts and Jobs Act (TCJA). Covered companies will need to promptly identify additional employees covered by the new limitations, as well as outstanding compensation arrangements that may be exempt from the limits. » Read More
As Fall arrives, employers and administrators of health plans know that a new season of open enrollment is upon us. New companies, and even experienced benefits departments that may have fallen into an annual routine over the years, could always use a refresher on how to prepare for this important time for both employees and owners. » Read More
