June 16, 2023 IRS released an updated IRS Form 720 a few days ago. Please take note of the following change to the form:Line 133 of the form has been updated to reflect the $2.79 PCORI fee for the plan or policy years ending before October 1, 2022 and $3.00 PCORI fee for plan or policy years ending on or after October 1, 2022 and before October 1, 2023. Many have been waiting for this copy of the form because it will be used for the filing due on July 31, 2023. For a copy of Form 720, click on… Read More
The IRS recently announced a significant increase in HSA contribution limits for 2024. Self-only HSAs will rise to a contribution limit of $4,150 (up from $3,850 for 2023) and family HSAs are rising to $8,300 (up from $7,750). According to the U.S. Bureau of Labor Statistics, U.S. consumer prices rose 4.9% for April, down from the most recent peak of 6.6% for September – an indication that the Federal Reserve’s efforts to stem inflation have had some effect. However, notes Bloomberg, rates remain well above those seen prior to the pandemic, and high prices for everything from gas to housing to groceries… Read More
