As 2019 winds down there are a number of things that you need to be aware of going in to 2020 to ensure compliance with federal and state wage and hour rules and other payroll related laws. Continue reading
Each year there are a number of payroll limits that may change. In preparation for 2018, below is a list of changes that will take effect beginning January 1, 2018 (unless otherwise noted).
- Tax bracket changes (federal) issued by the IRS on October 19, 2017 in Revenue Procedure 2017-58 – click here for more information.
- Social Security limit will increase from $127,200 to $128,400 (NOTE: The Social Security Administration had previously announced a limit of $128,700 but that has been revised to $128,400).
New research has shed light on the current state of affairs in the HSA world. As noted, the pace of HSA formation has picked up. A survey by the industry group “America’s Health Insurance Plans” (AHIP) found 28 percent of the nearly 400,000 HSAs in existence at the end of 2012 were established that same year. In fact, the number of total accounts had nearly doubled from just two years prior.
HSA contributions, which can be made both by employees and employers, are tax deductible, earnings on saved amounts are also not taxed, nor are the funds taxed when withdrawn to pay for eligible medical expenses. Eligible expenses include long-term care insurance premiums, COBRA payments and health insurance premiums when individuals are collecting unemployment compensation.