WHA Financial Solutions' Compliance
Corner newsletter contains valuable information on timely
compliance and regulatory issues. Each newsletter is archived by date at www.whafs.com.
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Age-Related Exception
Authorizes Different Benefit Levels for Retirees Under and Over Age 65
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The Equal Employment
Opportunity Commission (EEOC) recently announced a "special
employment program," which allows employers to create two classes of
retirees - those who are eligible for Medicare at age 65 and those
younger than age 65 - and offer different benefits to each group without
violating the Age Discrimination in Employment Act of 1967 (ADEA).
Additionally, benefits may be reduced or eliminated for spouses or
dependents who become Medicare eligible.
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IRS Provides Guidance Regarding
Definition of Qualifying Relative
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In IRS Notice 2008-5, the Internal Revenue Service (IRS)
issued clarifying guidance regarding the definition of "qualifying
relative" and "qualifying child" under IRC § 152, as
amended by Working Families Tax Relief Act of 2004 (WFTRA) for
determining whether an individual is a qualifying relative enabling the
taxpayer to claim the individual as a dependent. Many employee benefits
(health plans, cafeteria plans, HSAs, HRAs, spending accounts, etc.) use
this definition for eligibility purposes.
Click here for more
information
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New EBSA Online Calculator
Available to Help in Filing Overdue Form 5500s
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The Employee Benefits Security Administration (EBSA) website
has a new interactive calculator that makes it easier for employers who
are delinquent in filing their IRS Form 5500 to accurately compute
penalties owed under the agency's Delinquent Filer Voluntary Compliance
Program (DFVCP).
Click
here for more information
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New Group Health Plan
Reporting Requirement
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Effective January 1, 2009, group health plans will be
responsible for submitting a new report to the Department of Health and Human
Services (HHS). The report pertains to Medicare Secondary Payer
provisions and was created by the recently enacted Medicare, Medicaid,
and SCHIP Extension Act of 2007. Future guidance will be issued including
the data to be reported and the report's format.
Click here for more
information
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IRS Releases Revised
Forms and Instructions
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Form
2441 -
Filed by individuals to determine dependent care tax credit and report
DCAP benefits
Click here for more
information
Publication 15-B -
Employer's Tax Guide to Fringe Benefits
Click here for more
information
Publication 970 -
Filed by individuals to report certain educational benefits including
employer educational assistance programs and Section 529 Plans
Click here for more information
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WHA Financial
Solutions, Inc.
800-362-7121
or 608-274-1820
The
information included in WHA Financial Solutions' Compliance Corner is
intended for general information purposes only. This information
does not and is not intended to constitute legal advice. Any
decisions whether to implement these ideas should be made by the reader
in consultation with professional financial, tax, and legal counsel.
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