|
Your Monthly
Newsletter from Integrated Benefit Solutions
|
November 2017
|
2017 Forms 1094 & 1095 Now Available
|
|
 The Internal Revenue Service
(IRS) has released the final forms and instructions for Forms
1094 and 1095 for calendar year 2017 reporting. Employers are
required to report in early 2018 for calendar year 2017.
2017 Forms and Instructions
The following calendar year 2017 reporting forms and instructions
are now available:
Information Reporting Deadlines
The
deadlines for submitting Forms 1094 and 1095 are as follows:
- Applicable
large employers (ALEs)—generally those with 50
or more full-time employees, including full-time
equivalent employees (FTEs)—must file Forms 1094-C and
1095-C with the IRS no later than February 28,
2018 (or April 2, 2018, if filing electronically). ALEs
must also furnish a Form 1095-C to all full-time
employees by January 31, 2018.
- Self-insuring
employers that are not considered ALEs must file Forms
1094-B and 1095-B with the IRS no later than February
28, 2018 (or April 2, 2018, if filing electronically). A
Form 1095-B must also be furnished to "responsible
individuals" (who may be the primary insured,
employee, former employee, or other related person named on
the application) by January 31, 2018.
Visit our Information
Reporting section for more on the information
reporting requirements.
|
|
|
FSA, QSEHRA & 401(k) Limits Announced
|
|
 The IRS has announced that
the contribution limits for health flexible spending arrangements
(health FSAs), qualified small employer health reimbursement
arrangements (QSEHRAs), and 401(k) retirement plans will increase
in 2018 as follows:
- Health FSAs: The annual dollar limit on employee
contributions to employer-sponsored health FSAs will be $2,650
(up from $2,600 for 2017).
- QSEHRAs: The total amount
of payments and reimbursements by the employer will not be
permitted to exceed $5,050 per employee (up from
$4,950 for 2017) or $10,250 per family (up
from $10,000 for 2017).
- 401(k) Plans: The contribution limit for
employees who participate in 401(k) plans will be $18,500
(up from $18,000 for 2017). The catch-up contribution
limit for those aged 50 and over will remain unchanged
at $6,000.
For more information on these and other new tax
benefit limits, please see IRS Revenue
Procedure 2017-58 and IRS Notice 2017-64.
To learn more about the tax
treatment of various employer-provided benefits, check out our Employee
Benefits section.
|
|
|
IRS Releases 2017 Tip Reporting Form
|
|
 The IRS recently released its
2017 Form 8027, Employer’s Annual Information Return of
Tip Income and Allocated Tips. This form generally must be
filed by employers who operate large food or beverage
establishments. A large food or beverage establishment is a
food or beverage operation:
- That is located in the 50 states or in
the District of Columbia;
- Where tipping of food or beverage
employees by customers is customary; and
- Whose employer normally employed more
than 10 employees on a typical business day during the
preceding calendar year.
Form 8027 (and Form 8027-T,
to be used when filing more than one paper Form 8027) must be
filed by February 28, 2018. However, if an employer files
electronically, the due date is April 2, 2018. Employers
required to file 250 or more Forms 8027 must file electronically.
Click here
for more information and instructions.
Visit our Employment Taxes
section for summaries of various employment taxes and related
resources from the IRS.
|
|
|
PCORI Fees Hiked for 2018 Filing Period
|
|
 The IRS recently announced an
increase in the applicable dollar amount used to determine the
Patient-Centered Outcomes Research Institute (PCORI) fee for plan
years that end on or after October 1, 2017 and before October 1,
2018. As a reminder, employers sponsoring certain self-insured
plans are responsible for the PCORI fee.
For plan years ending on or after October 1, 2017
and before October 1, 2018, the fee for an employer sponsoring an
applicable
self-insured plan is $2.39, multiplied by the
average number of lives covered under the plan. PCORI fees for
plan years that end between October 1, 2017 and December 31, 2017
will be due to the IRS in July 2018.
Click here
to read the IRS notice announcing the increase. Details on how to
determine the average number of lives covered under a plan are
included in these regulations.
Be sure to check out our PCORI Fees for
Self-Insured Plans section for more information.
|
|
|
Sick Workers Should Stay Home!
|
|
We’ve all done it: Even though we know we
shouldn’t, we’ve gone to work when sick. However well-intentioned
they are, employees who go to the office under the weather are
making a huge mistake, exposing co-workers and others to
communicable illnesses that can take a major toll on workplace
health and productivity. Learn ways to prevent the spread of
illness in your workplace this flu season by watching the
video below.
Visit our Safety
& Wellness section
for more tips on maintaining a safe and healthy workplace.
|
|
|
|
|
|
|
