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Latest Post January 23, 2023

IRS ACA Compliance Reporting Updates for 2023

What is ACA Compliance? The Affordable Care Act requires organizations to offer affordable insurance with minimum essential coverage and file the corresponding forms by the designated deadlines. 2023 ACA Compliance Changes & Penalties What is the compliance threshold? The ACA mandates that large employers, those with over 50 full-time equivalent employees, offer affordable minimum value...

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There are three common types of savings account plans employees choose from, depending on what’s offered under their employer’s benefit plan. They are: Flexible Spending Account (FSA) Health Savings Account (HSA) Health Reimbursement Account (HRA) Although they each have their own unique benefits, they are all alike in that they are tax-advantaged. In plain English,…

Flexible spending accounts (FSA) and health savings accounts (HSA) are creatures of the federal tax code, which is notoriously complicated. To try to make things easier, we in the benefits industry sometimes use shorthand, but sometimes these only complicate things further, especially to those unfamiliar with benefits suchs as FSAs and HSAs. Especially confusing are…

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