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May 24, 2013
IRS’ Final Colleges and Universities Compliance Project Report Uncovers Widespread Noncompliance (article)
May 23, 2013
FBAR Must be Received by June 30; Electric Filing Mandatory Thereafter (article)
May 21, 2013
IRS Instructs Examiners Not to Challenge Treatment of Eligible Milestone Payments (article)
May 13, 2013
Personal Guarantees Made to Corporation Owned by IRAs Were Prohibited Transactions Disqualifying IRAs (article)
May 10, 2013
HRB 74 - Notice to Employees of Coverage Options; Updated COBRA Model
May 9, 2013
HRB 73 - Early Retiree Reinsurance Program
May 7, 2013
HRB 72 - Minimum Value and Affordability; Shortened Exchange Application
May 6, 2013
COBRA Policies and Procedures Reign Supreme
A recent Northern District of Ohio case reminds plan administrators of the importance of a well documented well communicated COBRA procedure. In the case of Rayle v. Wood County Hospital, 2013 WL 1654898 (N.D. Ohio, April 16, 2013), a COBRA disability extension was denied because the qualified beneficiary did not follow the proper notice procedure.
The Government Administrations are Here to Help
As we have reported in prior Benefit Beats, the various government agencies responsible for plan compliance, whether retirement or welfare benefit, are taking the approach that they want to provide tools to encourage and facilitate compliance; see these prior Benefit Beat articles:
Health Savings Account: 2014 Cost of Living Adjustments
In Rev Proc 2013-25, the IRS released the 2014 cost of living adjustments (COLA) for health savings accounts. The HDHP out-of pocket limits and the statutory HSA contribution amounts have increased slightly. The $1,000 catch up contribution available to accountholders aged 55 and over is not subject to a cost of living adjustment and thus, remains at $1,000. Note: these are the figures that will be used for the Affordable Care Act required cost sharing limits in 2014.