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Employee Benefits

IRS Provides Guidance For HSAs and Retirement Plans

The IRS provided special relief from the April 15, 2020, Federal income tax return filing and payment deadline in response to the ongoing COVID-19 emergency, in Notices 2020-18 and -17.  That relief allows many individuals and businesses until July 15, 2020, instead of April 15, 2020, to file their…

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The CARES Act: Changes Posed to Health Plans and HSAs

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides financial relief to employees facing economic hardships as a result of the pandemic.  Below are provisions applicable to health plans and health savings accounts.

Exemption for Telehealth Services

For plan years beginning on…

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COVID-19 and Partial Plan Terminations

In this ever-changing economy due to COVID-19, we are receiving many questions regarding layoffs, furloughs and terminations of employment and how they impact the company’s qualified retirement plan.

What is a partial plan termination?

  • In general, if 20 percent or more of your employees terminate due…

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The ESOP Team at Krieg DeVault knows our clients are experiencing unprecedented challenges and difficulties caused by COVID-19.  In an effort to fully support you during these difficult times, we are committing to provide you with brief, tailored, ESOP-related content in the days, weeks and months…

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IRS to Issue Guidance for High Deductible Health Plans in Light of COVID-19

Today, the IRS published notice of upcoming guidance related to the impact on the qualification of high deductible health plans (“HDHP”) under Section 223(c)(2)(A) of the Internal Revenue Code (the “Code”) with respect to certain 2019 Novel Coronavirus (COVID-19) related testing and treatment…

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IRS Announces Retirement Plan Limitations for 2020

Earlier today the Internal Revenue Service issued Notice 2019-59 announcing the cost-of-living adjustments applicable to pension and retirement plan dollar limitations for tax year 2020.  The elective deferral limit for participants who participate in 401(k), 403(b), 457(b) plans and SARSEPs has…

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