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January 5, 2011
Qualified Transportation Limit Clarified
Shortly after last month’s Benefit Beat was published, President Obama signed the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (Public Law 111-312; enacted 12/17/10). This law extends the mass transit benefit that was enhanced by the American Recovery and Reinvestment Act of 2009, through 2011. What this means is that the mass transit benefit amount mirrors the qualified parking amount through December 31, 2011. This was followed by an IRS pronouncement (Revenue Procedure 2011-12) which clarifies that the exclusion amount for transportation in a commuter highway vehicle, any transit pass, and parking for 2011 is $230.
2010 Form M-1 Filing
The DOL has released the 2010 edition of the Form M-1 Filing Packet. If you sponsored a multiple employer welfare arrangement (MEWA) in 2010, make certain that you file the Form M-1 annual report by March 1, 2011 (an automatic 60-day extension to May 3, 2011 can be requested).
Extension of Health Coverage Tax Credit Available for Certain Individuals
The Trade Act of 2002 established a premium assistance program to individuals whose jobs are lost due to foreign trade-related agreements, with the purchase of COBRA or other health coverage. The assistance is in the form of a refundable tax credit, equaling 65% of the health premium. The American Recovery and Reinvestment Act of 2009 (ARRA) increased the tax credit from 65 to 80%, and provided an extension of the credit through December 31, 2010. Two days before the credit would have expired, Congress passed and President Obama signed the Omnibus Trade Act of 2010 (H.R. 6517) extending the HCTC provision through February 13, 2011.
December 23, 2010
HRB 29 - Agencies Issue Additional PPACA Clarifications
HRB 28 - Implementation of Salary-based Discrimination Rules Delayed
December 22, 2010
HRB 27 - Additional Guidelines to the Small Business Tax Credit
Small Business Health Care Tax Credit). Recently, the IRS released some additional welcome guidance on how this credit is to be implemented, specifically:
December 20, 2010
HRB 26 - Mini-Med Plans: Increased Transparency and Disclosure
December 16, 2010
HRB 25 - State Tax Treatment of Older-aged Dependent Coverage
December 7, 2010
2011 Limits: Qualified Transportation and Medicare Parts A and B
Qualified Transportation Expenses
Retirement Plan Reminders
In-Plan Roth Conversions