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Dear Brooks Financial Group (BFG) Family,
On May 12, the IRS released two notices allowing employees during 2020 to make changes to their enrollments in employer-sponsored health plans, and to adjust pre-tax contributions to health flexible spending accounts (FSAs) and dependent care flexible spending accounts (Dependent Care FSAs).
Due to the coronavirus pandemic, the due date for filing federal income tax returns and making tax payments has been postponed by the IRS from Wednesday, April 15, 2020, to Wednesday, July 15, 2020. No interest, penalties, or additions to tax will be incurred by taxpayers during this 90-day relief period for any return or payment postponed under this relief provision.
Upcoming Group Health Plan Compliance Dates
Employers must comply with numerous reporting and disclosure requirements throughout the year in connection with their group health plans.
The Tax Cuts and Jobs Act (TCJA), which passed in December 2017, made fundamental changes to the U.S. tax code, and 2018 returns were the first time most taxpayers could see the practical impact of these changes.
At its meeting on March 20, 2019, the Federal Open Market Committee (FOMC) maintained the benchmark federal funds rate at the target range of 2.25% to 2.50% that was set in December 2018. This in itself was not surprising. But other communications signaled a definite hiatus in the Fed's policy of raising interest rates and tightening the money supply.1
Health FSA Limit to Increase in 2019
The ACA imposes a dollar limit on employees' salary reduction contributions to health flexible spending arrangements (health FSAs) offered under cafeteria plans.
To insulate your property from such claims, you'll have to evaluate each tool in terms of your own situation. You may decide that insurance and a Declaration of Homestead may be sufficient protection for your home because your exposure to a claim is low. For high exposure, you may want to create a business entity or an offshore trust to shield your assets. Remember, no asset protection tool is guaranteed to work, and you may have to adjust your asset protection strategies as your situation or the laws change.
IRS Releases New Income Tax Withholding Tables
The Internal Revenue Service (IRS) has released IRS Notice 1036, Early Release Copies of the 2018 Percentage Method Tables for Income Tax Withholding.