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...
The beginning of the plan year is the best time to map your benefits compliance strategy. As Dale Carnegie said, “An hour of planning can save you 10 hours of doing.” This tip is definitely true for employee benefits compliance, and businesses are learning that it’s an unavoidable and essential aspect of maintaining a...
The IRS has announced the 2023 contribution limits for flexible spending accounts (FSA), commuter benefits, and more. Here’s a look at what’s changing. Health FSA: $3,050 (Increased from $2,850). This also applies to limited-purpose FSAs. FSA Carryover: $610 (Increased from $570). Commuter (Parking and Transit): $300 per month (Increased from $280). Dependent Care: The annual limits will remain $5,000 for single taxpayers...