Family First Coronavirus Response Act
On March 18, 2020, President Trump signed the Family First Coronavirus Response Act in response to the spread of COVID-19. The Act is an economic stimulus plan that affects coverage for COVID-19 testing and provides expanded federal family and medical leave and a new federal paid sick leave law.
This is brand new and we are awaiting more details. This is the best information I have found so far explaining how it works and how the tax credit to pay for it will work for employers.
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Posted on 03/20/2020 3:36 PM by David Moore
HSA contributions for 2019
There is still time to contribute tax-deductible dollars for 2019 if you are looking for ways to reduce your tax burden. You must have been covered under a qualified High Deductible Health Plan "HDHP" and not be covered under any other health insurance (spouse, Medicare, TriCare). If so, you can contribute up to $3,500 and if you have dependents on your plan up to $7,000. For those over age 55 there is a $1,000 catch up contribution. You can contribute until you file your taxes or April 15th.
If you contributed for last year there are three forms you will need to file your taxes. IRS form 1099-SA shows the amount of money you spent from your HSA during the tax year. IRS form 5498-SA shows the amount of money deposited into your HSA for last year. IRS form 8889 is the form you fill out and submit with your tax return.
Want more information about offering an HSA qualified plan to your employees? Give us a call we would love the opportunity to explain why this strategy works and help lower your group insurance costs and give employees a better way to pay for the medical expenses.
David Moore 615-724-1699
Posted on 03/09/2020 10:56 AM by David Moore