Medicare Tax -
The regular Medicare tax rate of 1.45% remains unchanged and applies to all income without a limitation for both the employee and employer portion. The Affordable Care Act additional Medicare tax of 0.9%...more
For calendar year 2021, the Health FSA contribution limit and the parking and transit limits remain the same. Other limits increase only slightly....more
Today, the IRS released the annual adjustments for health FSAs, transportation plans and employer adoption assistance benefits. The following chart indicates these new limits, along with other health plan limits applicable...more
Health and Fringe Benefit Plan Limits -
The IRS has updated various health and fringe benefit plan limits for 2019. A comparison of the 2019 and 2018 limits is listed below....more
Under the Tax Cuts and Jobs Act (the “Act”) employers are no longer allowed to take a deduction for qualified transportation fringe benefits provided to employees (other than qualified bicycle commuting reimbursements which...more
Late on December 15th, the House-Senate Conference Committee released the final tax bill. The House and Senate molded the differences between the previous House and Senate versions, with most of the Final Tax Bill looking...more
The Senate is back in session this week. One of the most important items is the vote on the Senate’s version of 2017 tax reform. As background, the House has already passed its 2017 tax reform bill. The Senate’s version...more