Posts by Smola Consulting Team
Coronavirus Disease 2019 (COVID-19)
Dear Valued Partner, We understand that COVID19 has had significant and far-reaching impacts on all aspects of living, including broad shifts in workplace operations, culture, and benefits. Smola Consulting is continuing to monitor pandemic trends and explore resources to share best practices, raise public awareness, and support and advocate worksite vaccination efforts. As the COVID19…
Read MoreAnnouncing the 4th Annual 10-Day Whole Food Plant-Based Challenge – January 11-20
We are very excited to announce the 2021 Good Life Challenge, our 4th annual 10-Day Whole Food Plant-Based Challenge. This year’s Challenge begins on Monday January 11 and concludes on Wednesday January 20.
Read MoreThe Lift Project – Success and Impact on the Local Community
On behalf of the Penn Yan Central School District and the Finger Lakes Area School Health Plan (FLASHP), Smola Consulting registered 17 people for The Lift Project in October of 2020. This progressive group of employees completed their coursework and a component of the program is that the Lift Project donates 10% of the course…
Read MoreSmola Consulting Was a Titanium Sponsor For the Mary Cariola Fundraiser
Walking on Sunshine goes virtual and becomes Walking on Sunshine Weekend! Smola Consulting was again proud to be a titanium sponsor of this great event. The Sunshine Crew provided fun and innovative activities for all Walking on Sunshine participants including a virtual kick off event, pep rally, swag bag, cool t-shirts, the Mary Cariola Company…
Read MoreSmola Consulting Sponsors ABVI Summon the Spirits Gala
The Association for the Blind and Visually Impaired Hosted their Summon the Spirits Gala 2020 on October 15th. Smola Consulting was proud to be the presenting sponsor of this fantastic virtual fundraising event. The event was attended by the Rochester community from the comfort of their homes own Doug Emblidge of 13 WHAM TV led…
Read More2021 New York Paid Family Leave (PFL)
On September 1, 2020, the 2021 New York Paid Family Leave (PFL) employee contribution rates and updated annual cap were announced. As of January 1, 2021 the following will take effect: Premium Deduction Rate: 0.511% (up from 0.270% in 2020) Statewide Average Weekly Wage: $1,450.17 (up from $1,401.17 in 2020) Annual Contribution Cap: $385.34 (up…
Read MoreHSA Cafeteria Plan
For clients who offer a qualified High Deductible Health Plan with a Health Savings Account (HSA) allowing for pre-tax HSA contributions, you should have in place a separate written Cafeteria Plan for that HSA. Cafeteria Plans are employee reimbursement plans that are governed by Section 125 of the IRS tax code. When employers establish Cafeteria…
Read More2021 Limits For Health Savings Accounts (HSA) And High Deductible Health Plans (HDHP)
The IRS released the 2021 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. 2021 Annual HSA Contribution Limits Single: $3,600 ($50 increase from…
Read MoreFSA Changes
In response to COVID-19, the IRS released new relief affecting Flexible Spending Accounts (FSAs) and Dependent Care Assistance Programs (DCAPs). Extended Claim Period The claims period has been extended to apply unused amounts remaining in a Health FSA, or DCAP, for expenses incurred for those same qualified benefits, through December 31, 2020. Mid-Year Elections Participants…
Read MoreFebruary 2020
February 2020
Read More1095-B Changes
Form 1095-B is used to report certain information to the IRS and to taxpayers about individuals who are covered by minimum essential coverage. Taxpayers are not required to include Form 1095-B with their tax return. However, health insurers are required to make the form available to members for their records. The IRS made changes…
Read MoreJanuary 2020
January 2020
Read MoreCadillac Tax Repealed
On December 20, 2019, President Trump signed the Consolidated Appropriations Act, 2020, repealing the Affordable Care Act’s (ACA) Cadillac Tax. The U.S. Senate voted 71-23 on December 19, 2019, to approve the spending bill that included a repeal of the ACA’s excise tax on high-cost, employer-sponsored healthcare plans, also known as the “Cadillac Tax.”…
Read MoreDecember 2019
December 2019
Read More2020 Contribution Limit For Flexible Spending Accounts (FSA)
The IRS announced that the maximum FSA contribution limit for 2020 will increase by $50, from $2,700 to $2,750. The FSA limit increase is effective for FSA plan years beginning on or after January 1, 2020. The limit is based on the employee and not the household. If an employee and spouse both…
Read MoreNovember 2019
November 2019
Read MoreOctober 2019
October 2019
Read More2020 New York Paid Family Leave (PFL)
Recently, the 2020 New York Paid Family Leave (PFL) employee contribution rates and updated annual cap were announced. As of January 1, 2020, the following will take effect: Premium Deduction Rate: 270% (up from 0.153% in 2019) Statewide Average Weekly Wage: $1,401.17 (up from $1,357.11 in 2019) Annual Contribution Cap: $196.72 (up from $107.97 in…
Read MoreSeptember 2019
September 2019
Read MoreAugust 2019
2020 Changes to Health Reimbursement Accounts (HRAs)
On June 20, 2019, new Health Reimbursement Account (HRA) rules were released by the Departments of Labor, Health and Human Services, and the Treasury, which can be found here. The changes go into effect for plan years beginning on or after January 1, 2020, and introduce two new types of HRAs: Individual Coverage HRA (ICHRA)…
Read MoreJuly 2019
June 2019
2020 Limits For Health Savings Accounts (HSA) And High Deductible Health Plans (HDHP)
The IRS released the 2020 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. 2020 Annual HSA Contribution Limits Single: $3,550 ($50…
Read MoreMay 2019
April 2019
March 2019
February 2019
January 2019
December 2018
2019 Contribution Limit For Flexible Spending Accounts (FSA)
The IRS announced that the maximum FSA contribution limit for 2019 will increase by $50, from $2,650 to $2,700. The FSA limit increase is effective for FSA plan years beginning on or after January 1, 2019. The limit is based on the employee and not the household. If an employee and spouse both…
Read MoreNovember 2018
November- 2018
Read More2019 New York Paid Family Leave (PFL)
In October 2018, the 2019 New York Paid Family Leave (PFL) employee contribution rates and updated annual cap were announced. As of January 1, 2019, the following will take effect. Premium Deduction Rate: 153% (up from 0.126% in 2018) Statewide Average Weekly Wage: $1,357.11 (up from $1,305.92 in 2018) Annual Contribution Cap: $107.97 (up from…
Read MoreOctober 2018
September 2018
August 2018
July 2018
The Power of Wellness in the Workplace
Clients enjoyed a morning of wellness on May 24th with Keynote Speaker Lisa Norsen, Chief Wellness Officer, UR Medicine Employee Wellness, followed by a Mindful Movement Activity with Marla Pellitier, Inward Office. Smola Consulting Clients, Seneca Falls CSD and Goodwill of the Finger Lakes also shared some “Proof Positive” wellness success from their organizations. Rick…
Read MoreJune 2018
2019 Limits For High Deductible Health Plans (HDHP) And Health Savings Accounts (HSA)
The IRS released the 2019 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the 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. 2019 Annual HSA Contribution Limits Single: $3,500 ($50 increase…
Read MoreMay 2018
2018 HSA Limits – Reverted Back
2018 Limits For High Deductible Health Plans (HDHP) And Health Savings Accounts (HSA) In May 2017, the IRS originally released the 2018 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the out-of-pocket maximums (https://www.irs.gov/pub/irs-drop/rp-17-37.pdf). However, the December 2017 passing of the Tax Reform Bill led to a review of the…
Read MoreApril 2018
Smola Consulting Teams Up Again in 2018 to Support the Lollypop Farm Tails of Hope Telethon – March 2018.
The Tails of Hope Telethon is the annual fundraiser that helps to fund the many great programs for pets in need. Smola Consulting supports this important annual fundraiser so that Lollypop Farm can provide food, shelter, veterinary services, and other forms of compassionate care for hundreds of pets every day. We are committed to providing…
Read MoreKnighthawks and Smola Consulting Team Up to Support a Great Community Organization – Association for the Blind and Visually Impaired (ABVI)- December 2017
Smola Consulting is proud to partner with the Rochester Knighthawks to benefit one of Rochester’s great community assets, The Association for the Blind and Visually Impaired , an affiliate of Goodwill of the Finger Lakes.. Smola Consulting is donating $3 for each save the Knighthawks make during the 2018-2018 season. Smola Consulting is delighted to…
Read MoreRochester’s Small Business National Philanthropy Award – November 2017
Steve Smola honored as 2017 Outstanding Small Business Philanthropist – Doing good things for the right reasons! On National Philanthropy Day, The Association of Fundraising Professionals – Genesee Valley Chapter held their annual awards luncheon on Friday November 3, 2017. Mary Cariola Children’s Center, a Smola Consulting Client nominated Steve Smola for this wonderful award.…
Read More2018 HSA Limits – Updated
In May 2017, the IRS originally released the 2018 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the out-of-pocket maximums (https://www.irs.gov/pub/irs-drop/rp-17-37.pdf). However, the December 2017 passing of the Tax Reform Bill led to a review of the limits. Each year, the IRS reviews these figures based on a cost-of-living adjustment. …
Read MoreMarch 2018
February 2018
January 2018
Suspension of Obamacare Taxes, Including the Cadillac Tax
On January 23, 2018, Congress passed, and President Trump signed into law, a stopgap spending deal that ended the shutdown of the federal government. Included in this deal are the suspensions of three taxes: The Cadillac Tax was delayed for two additional years, from 2020 until 2022. This tax would have imposed a 40% surcharge…
Read MoreNew Medicare Health Insurance Cards For Those Over Age 65 and Medicare Eligible
In an effort to prevent fraud, fight identity theft, and keep taxpayer dollars safe, Centers for Medicare & Medicaid Services (CMS) is removing Social Security Numbers (SSN) from Medicare cards in a year-long phased approach, beginning April 2018. The Medicare Access and CHIP Reauthorization Act (MACRA) of 2015 requires the removal of Social Security Numbers…
Read More2018 Contribution Limit For Flexible Spending Accounts (FSA)
The IRS has announced that the maximum FSA contribution limit for 2018 will increase by $50 – from $2,600 to $2,650. The FSA limit increase is effective for FSA plan years beginning on or after January 1, 2018. The limit is based on the employee and not the household. If an employee and spouse both…
Read MoreDecember 2017
November 2017
October 2017
September 2017
August 2017
July 2017
June 2017
May 2017
NYS Department of Taxation and Finance Notice on New York Paid Family Leave (PFL)
This is a follow-up from the Smola Consulting Benefits Bulletin posted on 7/21/2017 regarding New York Paid Family Leave (PFL) benefits starting January 1, 2018 for new parents, family members caring for sick relatives, and employees with family members deployed abroad on active military duty. The New York State Department of Taxation and Finance just…
Read MoreFinal Regulations Released on New York Paid Family Leave (PFL)
On Wednesday July 19, 2017, the New York State Workers Compensation Board posted Final Regulations regarding New York Paid Family Leave (PFL), which takes effect on January 1, 2018. Final regulations can be found here: http://www.wcb.ny.gov/PFL/pfl-regs.jsp Governor Andrew Cuomo announced that the state has adopted regulations implementing New York’s Paid Family Leave program. These regulations…
Read More2018 Limits For High Deductible Health Plans (HDHP) And Health Savings Accounts (HSA)
The IRS released the 2018 Health Savings Account (HSA) contribution limits, the minimum required HDHP deductibles, and the out-of-pocket maximums. Each year, the IRS reviews these figures based on a cost-of-living adjustment. The figures below pertain to HSA’s and HSA-qualified High Deductible Health Plans. 2018 Annual HSA Contribution Limits Single: $3,450 ($50 increase from 2017)…
Read More2017 Contribution Limit For Flexible Spending Accounts (FSA)
The IRS has announced that the maximum FSA contribution limit for 2017 will increase by $50 – from $2,550 to $2,600. This is the first increase to the limit in two years, and only the second increase since the limit was originally set at $2,500. The FSA limit increase is effective for FSA plan years…
Read MoreAffordable Care Act Penalty Updates
The annual baseline budget projections by the Congressional Budget Office and Joint Committee on Taxation (CBO), is projecting employer responsibility penalties to total $228 billion by the end of 2020. The individual mandate penalty will yield a projected $28 billion. The high-premium employer plan’s Cadillac Tax is expected to yield $18 billion. These penalty estimates…
Read MorePenalty Increases for Benefit-Related Violations
Recently, The Department of Labor published an interim final rule to adjust for inflation within the civil monetary penalties enforced by the Department of Labor. This Benefits Bulletin describes some of the adjustments made to the benefit-related civil monetary penalties enforced by the Employee Benefits Security Administration (EBSA) under the Employee Retirement Income Security Act…
Read More2017 Limits For High Deductible Health Plans (HDHP) And Health Savings Accounts (HSA)
The IRS released the 2017 Health Savings Account contribution limits, the minimum required HDHP deductibles, and the out-of-pocket maximums. Each year, the IRS reviews these figures based on a cost-of-living adjustment. The figures below pertain to HSA’s and HSA-qualified High Deductible Health Plans. 2017 Annual HSA Contribution Limits Single: $3,400 ($50 increase from 2016) Family:…
Read MoreCadillac Tax Delayed
On December 15, 2015, Congress approved a two-year delay of the Cadillac Tax. The “tax extender” package and provision was signed by the President, making it official. The Cadillac Tax effective date will move from 2018 to 2020. The delay was included in a year-end tax and spending package that also makes the Cadillac Tax…
Read MoreIRS Reporting Requirements – Final Forms and Instructions
On 9/17/2015, the IRS issued final forms and instructions for employer reporting relating to insured health plan coverage. The forms will be used to enforce Affordable Care Act employer penalties and individual mandate and tax credit eligibility rules with mandatory reporting starting in 2016 for the tax year 2015. Large employers with 50 or more…
Read MoreHSA Contribution Extended to Veterans
Effective 1/1/2016, the ability to make Health Savings Account (HSA) contributions will be extended to veterans, provided both of these criteria are met: Care is received through a Veteran’s Administration (VA) program Care is specifically for a service-connected disability If the VA hospital care or medical services are specifically affiliated to a service-connected disability, veterans are…
Read MoreSupreme Court Upholds ACA Federal Subsidies
Below is an article released today from Washington (Associated Press), detailing the Supreme Court’s ruling to uphold the Affordable Care Act’s federal subsidies. The ruling holds that the Affordable Care Act authorized federal tax credits for eligible Americans living not only in states with their own exchanges, but also in the 34 states with federal…
Read More2016 Limits For High Deductible Health Plans (HDHP) And Health Savings Accounts (HSA)
The IRS released the 2016 Health Savings Account contribution limits, the minimum required HDHP deductibles, and the out-of-pocket maximums. Each year, the IRS reviews these figures based on a cost-of-living adjustment. The figures below pertain to HSA’s and HSA-qualified High Deductible Health Plans. 2016 Annual HSA Contribution Limits Single: $3,350 (unchanged from 2015) Family: $6,750…
Read MoreEmployer Reporting – Final Forms Available
The IRS has issued final forms and instructions for employer reporting and notices relating to insured health plan coverage. The final versions are largely unchanged from the prior draft versions. The forms will be used to enforce Affordable Care Act employer penalties and individual mandate and tax credit eligibility rules with mandatory reporting starting in…
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