Deductibility of Premiums for Individual Health Insurance for S-Corp. Shareholders

The IRS releases Information Letter 2016-0021 discussing the deductibility of health insurance premiums by subchapter S shareholders. Document Excerpt To date, the IRS has not issued any other guidance, so, as stated in Question and Answer 5, taxpayers may continue to rely on Notice 2008-1, 2008-2 IRB 1, for the tax treatment of the health […]

Information Letter on Employer Reimbursement of Individual Health Insurance Premiums

The IRS releases Information Letter 2016-0019 providing additional guidance on employer reimbursement of individual health insurance premiums. Document Excerpt If the employer does not offer the employee a group health plan and the employee obtains other coverage, such as when the employee is covered by an individual health insurance policy, the separate arrangement cannot be […]

Information Letter on Maximum Permissible HSA Contribution in Year of Age 65

The IRS has released Information Letter 2016-0014 providing guidance on the maximum permissible contribution to an HSA in the year an individual reaches age 65. Document Excerpt The amount of the maximum permissible HSA contribution in the year an individual attains age 65 is prorated based on the number of months the individual is an […]

Final 4010 Regulations

The PBGC releases its final Section 4010 annual reporting regulation. Document Excerpt The Pension Benefit Guaranty Corporation (“PBGC”) is amending its regulation on Annual Financial and Actuarial Information Reporting to codify provisions of recent legislation and related guidance that affect reporting under ERISA section 4010. The final rule modifies the reporting waiver under the current […]

Employee Plans News

The IRS releases its most recent edition of Employee Plans News which includes a discussion of normal retirement age for multiemployer plans, interim guidance on the definition of spouse in a Section 403(b) arrangement for purposes of obtaining an opinion or advisory letter as well as when one participant plans must file a form 5500 […]

GAO Report Finds Security and Privacy Enhancements Needed for Federal Exchange

The Government Accounting Office’s report finds that needs enhancements to protect security and privacy. Document Excerpt The Centers for Medicare & Medicaid Services (CMS) reported 316 security-related incidents, between October 2013 and March 2015, affecting—the web portal for the federal health insurance marketplace—and its supporting systems. According to GAO’s review of CMS records […]

FAQs ACA Implementation Part 30

The DOL has posted the Affordable Care Act Implementation Frequently Asked Questions Part 30. Document Excerpt Set out below is an additional Frequently Asked Question (FAQ) regarding implementation of the Affordable Care Act. This FAQ has been prepared jointly by the Departments of Labor, Health and Human Services, and the Treasury (collectively, the Departments). Like […]

ICI Comments to OMB on Proposed DOL Fiduciary Regulations

The Investment Company Institute provides comments to the Office of Management and Budget on the Department of Labor’s proposed fiduciary regulations. Document Excerpt Link

IRS Memorandum on Spousal Provisions in Section 403(b) Plans

The IRS has issued an internal memorandum on its ruling position on Opinion Letter applications on spousal provisions in Section 403(b) Plans. Document Excerpt This sets forth interim guidance on the processing of IRC § 403(b) pre-approved plan applications for opinion and advisory letters with respect to spousal benefit provisions. This is not a pronouncement […]

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