Posts by Joe Hamway
2024 Contribution Limit For Flexible Spending Accounts (FSA)
The IRS announced that the maximum FSA contribution limit for 2024 will be $3,200, an increase of $150 from 2023. The limit is based on the employee and not the household. If an employee and spouse both have access to their own FSA through their respective employers, they are each eligible to contribute up to…
Read More2024 New York Paid Family Leave (PFL)
As of January 1, 2024 the following will take effect regarding the 2024 New York Paid Family Leave (PFL): The state has set forth the following PFL rules which will also take effect from 1/1/2024: Premiums should be withheld from employees’ gross wages, until the annual cap is reached, which may occur prior to the…
Read More2024 Limits For Health Savings Accounts (HSA) And High Deductible Health Plans (HDHP)
The IRS released the 2024 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the HDHP out-of-pocket maximums. Each year, the IRS reviews these figures based on a cost-of-living adjustment. The figures below pertain to HSAs and HSA-qualified High Deductible Health Plans. 2024 Annual HSA Contribution Limits Single: $4,150 ($3,850 in 2023)…
Read MoreApril 2023 – National Lawn & Garden Month
That’s right, it’s time to get your green thumb on and get your hands dirty. Not only will you get a great workout, but you’ll also reap the mental health benefits that come with playing in the dirt. And let’s be honest, who doesn’t want an excuse to spend more time outside soaking up the…
Read MoreEnd COVID-19 National and Public Health Emergencies on May 11, 2023
Per the 1/31/2023 Statement of Administration Policy by President Biden: The COVID-19 national emergency and public health emergency (PHE) were declared by the Trump Administration in 2020. They are currently set to expire on March 1 and April 11, 2023, respectively. At present, the Biden Administration’s plan is to extend the emergency declarations to May…
Read More2023 Contribution Limit For Flexible Spending Accounts (FSA)
The IRS announced that the maximum FSA contribution limit for 2023 will be $3,050, an increase of $200 from 2022. The limit is based on the employee and not the household. If an employee and spouse both have access to their own FSA through their respective employers, they are each eligible to contribute up to…
Read More2023 New York Paid Family Leave (PFL)
On 9/1/2022, the 2023 New York Paid Family Leave (PFL) employee contribution rates and updated annual cap were announced. As of January 1, 2023 the following will take effect:• Premium Deduction Rate: 0.455% (down from 0.511% in 2022)• Statewide Average Weekly Wage: $1,688.19 (up from $1,594.57 in 2022)• Annual Contribution Cap: $399.43 (down from $423.71…
Read More2023 Limits For Health Savings Accounts (HSA) And High Deductible Health Plans (HDHP)
The IRS released the 2023 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the HDHP out-of-pocket maximums. Each year, the IRS reviews these figures based on a cost-of-living adjustment. The figures below pertain to HSAs and HSA-qualified High Deductible Health Plans. 2023 Annual HSA Contribution Limits Single: $3,850 ($200 increase from…
Read MoreLollypop Farm – Annual Tails of Hope Telethon
The Smola Consulting Team was proud to again sponsor and support The 25th Tails of Hope Telethon which ensures veterinary services and life saving care for homeless and abused pets. Over $535,0000 was raised which is the most successful telethon yet! We are extremely proud to support such an invaluable community resource as Lollypop Farm.
Read MoreMarch 2022 – National Nutrition Month
National Nutrition Month
Read MoreFebruary 2022 – American Heart Month
American Heart Month
Read More2022 Contribution Limit For Flexible Spending Accounts (FSA)
The IRS announced that the maximum FSA contribution limit for 2022 will be $2,850, an increase of $100 from 2021. The limit is based on the employee and not the household. If an employee and spouse both have access to their own FSA through their respective employers, they are each eligible to contribute up to…
Read More2022 New York Paid Family Leave (PFL)
The 2022 New York Paid Family Leave (PFL) employee contribution rates and updated annual cap were announced. As of January 1, 2022 the following will take effect: Premium Deduction Rate: 0.511% (same as 2021) Statewide Average Weekly Wage: $1,594.57 (up from $1,450.17 in 2021) Annual Contribution Cap: $423.71 (up from $385.34 in 2021) The state…
Read More2022 Limits For Health Savings Accounts (HSA) And High Deductible Health Plans (HDHP)
The IRS released the 2022 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the HDHP out-of-pocket maximums. Each year, the IRS reviews these figures based on a cost-of-living adjustment. The figures below pertain to HSAs and HSA-qualified High Deductible Health Plans. 2022 Annual HSA Contribution Limits Single: $3,650 ($50 increase from…
Read MoreRed Jacket Central School District Finds Value in the Lift Project While Contributing to the Local Community
The Lift Project is an educational program designed to support individuals on how to lift their mood and their life. The Lift Project involves 10 fascinating lessons, taken over 10 weeks. Participants learn and experience scientifically proven ways to feel better and live more! Employees and Leadership completed their coursework and as part of the…
Read MoreCOBRA Subsidy
On March 11, 2021, President Biden signed into law the American Rescue Plan Act (ARPA). As part of the ARPA, several provisions were included that relate to the continuation of insurance benefits, known as COBRA (Consolidated Omnibus Budget Reconciliation Act). Specifically: There is a 100% Medical, Dental and Vision (not FSA) premium subsidy for those…
Read More2020 and 2021 FSA Changes
On December 27, 2020, President Trump signed the year-end spending bill. In that bill included language that makes Flexible Spending Accounts (FSAs) temporarily more advantageous. The temporary rule: Allows plans to permit Health FSAs and Dependent Care FSAs to carryover unused benefits, up to the full annual amount, from 2020 to 2021, and from 2021…
Read More2021 Contribution Limit For Flexible Spending Accounts (FSA)
The IRS announced that the maximum FSA contribution limit for 2021 will not change from 2020, and remain at $2,750. The limit is based on the employee and not the household. If an employee and spouse both have access to their own FSA through their respective employers, they are each eligible to contribute up to…
Read More2021 New York Paid Sick Leave (NYPSL)
Below is a summary of the details and guidance regarding New York’s new paid sick leave law. As of now, there is little formal guidance outside of the statutory language itself. However, as the effective date approaches, we expect regulatory or other guidance from the New York Department of Labor to be issued in the…
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