IRS Releases Benefit Limits for 2020 November 6, 2019  Today, the Internal Revenue Service announced in Revenue Procedure 2019-44 the annual inflation adjustments for more than 60 tax provisions for 2020, including the tax rate schedules, and other tax changes. This Revenue Procedure provides details about these annual adjustments:   There are several benefit limitations for 2020 included:  * The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending… Read More
On June 13, the U.S. Departments of Health and Human Services, Labor and Treasury issued a final rule that creates two new kinds of Health Reimbursement Arrangements (HRAs) – the Individual Coverage HRA (ICHRA) and the Extended Benefit HRA – effective for January 1, 2020 effective dates. This final ruling is in response to the Trump administration’s October 2017 executive order on healthcare choice and competition. An article published by SHRM provides more information and access to final rulin… Read More
On May 28, 2019, the IRS released  Revenue Procedure 2019-25  which provides the 2020 inflation-adjusted amounts for high deductible health plans (HDHPs) Health Savings Accounts.The amounts for HSAs for 2020 as compared to 2019 are as follows:    2019Rev. Proc. 2018-30 2020Rev. Proc. 2019-25 Annual limitation on deductions to an HSA – self-only coverage $3,500 $3,550 Annual limitation on deductions to an HSA – family coverage $7,000 $7,100 HDHP – self-only coverage … Read More

DECEMBER 13TH, 2018

Peak1 Earns HITRUST Certification

Peak1 Administration LLC Achieves HITRUST CSF® Certification to Manage Risk, Improve Security Posture and Meet Compliance Requirements. Coeur d’Alene ID December 12, 2018 – Peak1 Administration LLC, a leading provider of single source solution for FSA, HRA, VEBA, Section 115, HSA, Transportation, Retiree Billing and COBRA administration products and services, today announced Peak1 Administration has earned Certified status for information security by HITRUST.  HITRUST CSF Certified status demo… Read More
December 23, 2017  Larry Grudzien Attorney-At-Law    In Notice 2018-06, IRS extends the 2018 deadline from January 31 to March 2 for employers and insurers to furnish individual statements on 2017 health coverage and full-time employee status (Forms 1095-B and 1095-C). The notice also extends 2016 good-faith penalty relief to 2017 for incorrect or incomplete reports due in 2018.   In the Notice, the IRS did not extend the due date for filing the 1095 forms with the IRS  February 28, 2018 (… Read More
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