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...
Why businesses are beginning to see the need. Organizations are facing more pressure than ever to strengthen their employee benefits packages to stay competitive in the marketplace, find top talent, and retain their best employees. But there’s more to consider than just offering a variety of benefits. When organizations fail to factor in compliance, the...
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...