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IRS Releases Revised Form 720

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

IRS Releases Higher HSA Contribution Limits for 2024

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

COVID National Emergency Now Ends on April 10, 2023

April 13, 2023   On January 30, 2023, the Biden Administration announced that both the COVID Public Health Emergency and National Emergency would end on May 11, 2023. Despite this, President Biden signed a resolution ending the National Emergency effective as of April 10, 2023. As a result, employers will now have less time to react to the end of the National Emergency, but this does not mean that all COVID coverage mandates or extensions have ended.   What Is Ending?   The end of the National Emergency brings the end of the “Outbreak Period” that gives additional time for individuals… Read More

President Biden to End COVID-19 Emergencies on May 11

January 31, 2023 President Joe Biden has informed Congress yesterday that he will end the twin national emergencies for addressing COVID-19 on May 11, as most of the world has returned closer to normalcy nearly three years after they were first declared. The move to end the national emergency and public health emergency declarations would formally restructure the federal coronavirus response to treat the virus as an endemic threat to public health that can be managed through agencies’ normal authorities. It comes as lawmakers have already ended elements of the emergencies that kept millions of Americans insured during the pandemic…. Read More

Patient-Centered Outcomes Research Institute (PCORI) fee for Self-Insured Health Plans is updated by IRS

On November 14, 2022, the IRS released Notice 2022-59 which updated the amount of the Patient-Centered Outcomes Research Trust Fund fee that self-insured health plans must pay for plan years ending on or after October 1, 2022, and before October 1, 2023. The PCORI fee is calculated using the average number of lives covered under the policy or plan and the applicable dollar amount for that policy year or plan year. The applicable dollar amount was $2.00 when the fee was enacted as part of the Affordable Care Act and that amount is increased annually based on increases in the… Read More