Explore CBIZ’s latest insights on the critical issues that help advance accounting, tax, insurance, HR and much more at your organization. Search for exactly what you need to succeed below.
November 5, 2009
2010 COLAs – Various Benefits, Social Security and Medicare
In Revenue Procedure 2009-50, the IRS released several cost of living adjustments for various benefits. Following are amounts applicable to tax years beginning in 2010.
Notice Reminders: Medicare Part D
Pandemic H1N1 Planning
Several federal and state resources are available to assist businesses and employers in preparing a pandemic plan for their workplace (also seePandemic Flu Basics from the May 2009 Benefit Beat). Below are links for revised information and guidance that may be helpful:
Welfare Benefit Plan Violations: Self-Reporting Required
On September 8, 2009, the Department of Treasury issued final regulations relating to self-reporting excise taxes imposed as a result of certain welfare benefit plan violations. The excise taxes are not new; the self-reporting requirement is new. These rules apply for plan years beginning on or after January 1, 2010.
Civil Penalties for HiTech Violations
On October 30, 2009, interim final regulations were issued by HHS’ Office for Civil Rights relating to civil monetary penalties, arising from violations of the HiTech law (Health Information Technology for Economic and Clinical Health (HITECH) Act, enacted as part of the American Recovery and Reinvestment Act of 2009). These rules amend the four tiers of civil penalties that can be imposed upon covered entities, as defined by the HIPAA Administrative Simplification laws, to provide for penalties in the event of any HITECH violations relating to breach of medical information (seeBreach Notification Rules Issued). Below is the revised table of potential penalties:
2010 Retirement Plan COLAs
Following are highlights of the 2010 cost-of-living adjustments (COLAs) issued by the IRS, applicable to defined benefit and defined contribution plans. You will note that, by and large, there are no adjustments for 2010. A COLA is based on the cost of living index; which has dropped; and thus, there are no increases for 2010.
October 8, 2009
New Retirement and Savings Initiatives
Amid the flurry of health-related activity ranging from H1N1 preparedness, to health system reform, the Obama Administration has found time to begin placing its mark on retirement savings, as well. Within a span of just of couple of days, the IRS issued several Retirement and Savings Initiatives; and, the DOL issued a Field Assistance Bulletin, all in an effort to facilitate individual savings. Following is a brief summary of some of these pronouncements. It is important to note that these are not new laws; rather, interpretations of existing law.
HSA Comparability Rules Clarified
Final regulations were issued relating to employer comparable contributions to health savings accounts (HSAs). These rules basically follow the proposed regulations issued in 2008.
The Enforcers….Are You Ready?
The Obama Administration has had 8 months to place people into administrative roles. We are now deemed to get a flavor for how things will be handled.
September 10, 2009
Breach Notification Rules Issued
On August 24th and 25th, 2009, respectively, the Department of Health and Human Services (HHS) and the Federal Trade Commission (FTC) (“Agencies”) issued interim and final regulations relating to breach notification of personal health information. These regulations become effective on September 23rd and 24th, 2009; however, both Agencies have indicated that they will honor a “non-enforcement policy” for six months from the date of issuance. In effect, this non-enforcement policy will be in place until February 24th and 25th, 2010; thereafter, affected entities must be fully in compliance. While these two sets of rules are similar, they are not identical.