|
Monthly
Newsletter
Brought
to you by Integrated Benefit Solutions
|
June 2017 Issue
|
PCORI Fees Due to IRS No Later Than July
31
Fees to fund the Patient-Centered
Outcomes Research Institute (PCORI) are due to the IRS no later than July 31, 2017 from employers who sponsor certain self-insured health plans,
including health reimbursement arrangements (HRAs) that are not treated as excepted
benefits.
How to Pay PCORI Fees
Employers that sponsor certain
self-insured health plans must report and pay the required PCORI fees
via IRS Form
720, Quarterly Federal Excise Tax Return. For plan years ending between
January 1, 2016 and September 30, 2016, the fee for an employer
sponsoring an applicable self-insured plan is $2.17 multiplied by the
average number of lives covered under the plan. For plan years ending between
October 1, 2016 and December 31, 2016, the fee is $2.26 multiplied by
the average number of lives covered under the plan.
For more information on PCORI fees, visit our PCORI
Fees for Self-Insured Plans section.
|
2018 Health Savings Account Limits
Released
The IRS has announced the 2018
inflation-adjusted amounts for Health Savings Accounts (HSAs).
Annual Contribution Limitation
For calendar year 2018, the annual limitation on HSA deductions for an
individual with self-only coverage under a high deductible health plan is $3,450
(up from $3,400 for 2017). The annual limitation on HSA deductions for
an individual with family coverage under a high deductible health plan is $6,900
(up from $6,750 for 2017).
High Deductible Health Plan Amounts
For calendar year 2018, a "high deductible health plan" is
defined as a health plan with an annual deductible that is not less than $1,350
for self-only coverage or $2,700 for family coverage, and annual
out-of-pocket expenses (deductibles, co-payments, and other amounts, but
not premiums) that do not exceed $6,650 for self-only coverage or
$13,300 for family coverage.
Click here to read
the IRS announcement on these amounts.
Be sure to check out our Health
Savings Accounts section for more on HSAs.
|
New OSHA Training Requirements Now
Effective
Under the U.S. Occupational Safety and
Health Administration's (OSHA) recent General Industry Walking-Working
Surfaces and Fall Protection Standards final rule, employers are now
required to ensure that workers who use personal fall protection and
equipment are trained about fall and equipment hazards, including fall
protection systems.
New Training Requirements
Under the recent final rule, employers whose employees use personal fall
protection equipment and work in other specified high hazard situations
must provide employee training as to fall hazards, including fall
protection systems. Specifically, employees must be trained by a qualified
person and must be trained in at least the following topics:
- The nature
of fall hazards in the work area and how to recognize them;
- The
procedures to be followed to minimize those hazards;
- The correct
procedures for installing, inspecting, operating, maintaining, and
disassembling the personal fall protection systems that the employee
uses; and
- The correct use
of personal fall protection systems including, but not limited to,
proper hook-up, anchoring, and tie-off techniques.
In addition, the final rule requires employers to
train each employee on equipment hazards. This required training
includes training as to the proper care, inspection, storage, and use of
certain equipment (including, but not limited to, dockboards
and rope descent systems) before an employee uses the equipment.
Both the fall and equipment hazard trainings must be
presented to each employee in a manner that the employee understands. In
addition, employers must retrain an employee when the employer has reason
to believe the employee does not have the understanding and skill required
by the initial training.
For additional information on the final rule and its
training requirements, please click here.
To read more about worker safety and health, please
visit our Safety & Wellness
section.
|
IRS Offers Tips on Preparing for Natural
Disasters
With hurricane season approaching, the
IRS is offering advice to those impacted by storms and other natural
disasters. The following tips may help businesses prepare for such events:
- Use
electronic records. Businesses may have access to bank
and other financial statements online. If so, their statements are
already securely stored there. Businesses can also keep an additional
set of records electronically by scanning tax records and insurance
policies onto an electronic format. Businesses may also want to
download important records to an external hard drive or USB flash
drive.
- Document
valuables.
Take time- and date-stamped photos or videos of the contents of your
business. These visual records can help prove the value of lost items,
which can help with insurance claims or casualty loss deductions on a
tax return. Businesses should store these records in a safe place.
- Contact the
IRS for help. Businesses that fall victim to a disaster may
call the IRS disaster hotline at 866-562-5227 for special help with
disaster-related tax issues.
- Get copies
of prior year tax records. If a business needs a copy of its
tax return, it should file IRS Form 4506, Request
for Copy of Tax Return. While the usual fee per copy is $50, the
IRS is expected to waive this fee if a business is a victim of a
federally declared disaster. For information that shows most line
items from a tax return, call 1-800-908-9946 to request a free
transcript. Alternatively, businesses may file IRS Form 4506T-EZ, Short
Form Request for Individual Tax Return Transcript, or IRS Form 4506-T, Request
for Transcript of Tax Return.
The IRS offers many resources to help employers plan
for and recover from disasters, including IRS Publication 584-B,
Business Casualty, Disaster, and Theft Loss Workbook, and web pages
devoted to preparing
for a disaster and tax relief
in disaster situations.
Visit our Planning
for Workplace Emergencies section for more on how to protect your
business from natural disasters.
|
Tips for Hiring New Graduates
At colleges
all across the country, the Class of 2017 is graduating. Thinking of
staffing up your business by hiring a new college graduate? Learn some tips
on how to prepare these hires for your workplace by watching the video
below.
For more hiring best practices, visit our Recruitment &
Hiring section.
|
|