ARTICLES
INSTRUCTIONS HOW TO COMPLETE PART I OF FORM 8889 FOR 2012
October 14, 2012
Every year, I receive a number of questions regarding how to complete Part I of Form 8889. The reason for this is that the instructions provided by the Internal Revenue Service for completing Form 8889 are very complex and unclear. To assist, the following shows how to complete Form 8889 in 25 different situations for 2012.
The discussion below is for example purposes only. Individuals should be advised to seek professional tax assistance in the completion of Form 8889 or any other tax return.
AN EMPLOYER’S GUIDE TO HEALTH SAVINGS ACCOUNTS (HSAs)
May 14, 2012
Introduction to the Guide
The following provides you, as an employer, with information about Health Savings Accounts (“HSAs”) under Internal Revenue Code (“Code”) Section 223. You should read this explanation to evaluate whether HSAs may be used either as an alternative to, or in addition to, health flexible spending accounts (“Health FSAs”) under Code Section 125 or Health Reimbursement Arrangements (“HRAs”) under Code Section 105(h).
To fully understand the requirements of these accounts, the following discusses their terms and compares their advantages and disadvantages over Health FSAs and HRAs in a question and answer format. In addition, a chart comparing both Health FSAs and HRAs with HSAs is included at the end of this explanation.
It is important to remember that this explanation is not intended to serve as a substitute for the advice of your lawyer, accountant, or other personal tax or financial advisor.
Click Here To Download The PDF HERE…
Summary of Benefits and Coverage – The New Requirement
May 2, 2012
I presented a free for a free Webinar on April 26 . During this Webinar, I reviewed all of the requirements for creating and distributing the Summary of Benefits and Coverage (SBC).This requirement applies for the first open enrollment period beginning on or after September 23, 2012 for participants and beneficiaries enrolling or re-enrolling through open enrollment.
From this Webinar, you will learn:
- The general requirements
- Who must provide the SBC?
- Who must be furnished the SBC?
- When must the SBC be Distributed?
- Form and manner to distribute the SBC
- Appearance, language, and content requirements for the SBC
- Updating the SBC: Notice of material modifications
- Consequences of failing to provide the SBC
- Resources available for creating the SBC
This webinar is approximately 60 minutes in length.
SUMMARY OF BENEFITS AND COVERAGE (SBC) -EXPLANATION
April 2, 2012
Health care reform expands ERISA’s disclosure requirements by requiring that a “summary of benefits and coverage” be provided to applicants and enrollees before enrollment or re-enrollment. The summary (referred to as the SBC) must accurately describe the “benefits and coverage under the applicable plan or coverage.” The requirement applies beginning with the first open enrollment period beginning on or after September 23, 2012 for participants and beneficiaries enrolling or re-enrolling through open enrollment. For individuals enrolling other than through open enrollment (e.g., newly eligible individuals or special enrollees), the requirement applies beginning on the first day of the first plan year that begins on or after September 23, 2012. For calendar-year plans, this means that SBCs will first be required during open enrollment in 2012 for the 2013 plan year. But for some non-calendar-year plans, the SBC rules may first apply to newly eligible individuals and special enrollees.
Free Webinar Form W-2: Reporting Cost of Employer-Sponsored Health Coverage
January 31, 2012
This webinar reviews all of the requirements for reporting the aggregate cost of applicable employer-sponsored coverage on an employee’s Form W-2. This requirement is first required for the 2012 tax year. This means that the value must be reported on Form W-2 issued in January 2013 for the 2012 tax year.
This webinar covers the following topics:
- Employers subject to reporting.
- What is applicable employer-sponsored coverage?
- Determining aggregate reportable cost.
- Methods of calculating the cost of coverage.
- Other issues relating to calculating the cost of coverage.
- Any transition relief for employers and coverage.
http://http://vimeo.com/35986554
The webinar is presented by Larry Grudzien, Attorney at Law.
Special Guest Sheila Aiken, Aiken & Aiken, LLC