News

Number of uninsured rising thanks to inaction under ACA

The number of individuals lacking health care coverage has risen, due in large part to the federal government’s action and inaction regarding the Patient Protection and Affordable Care Act (ACA), according to a recent report from the Commonwealth Fund. The tracking survey finds that the recent decline in coverage is due in large part to […]

ERISA does not preempt Illinois slayer statute

A spouse who killed her husband but was found not guilty of the crime by reason of insanity was precluded, under the Illinois Slayer Statute, from receiving his pension benefits, according to U.S. Court of Appeals in Chicago (CA-7). The subject of the law was a traditional area of state regulation and the statute incorporated […]

Value of tuition waiver benefit was income

An individual was required to include in gross income the value of a tuition waiver benefit received during the tax year at issue. The taxpayer received the tuition waiver benefit for his son from a qualified educational institution. However, the taxpayer did not present any evidence other than a Form W-2 issued by the educational […]

No private right of action to enforce HIPAA, district court rules

A patient, whose medical information was sent to an open facsimile machine of a retail store by the hospital which treated him, did not have a private right of action to enforce the Health Insurance Portability and Accountability Act (HIPAA), a federal district court in California has ruled. Because the statute does not provide a […]

DOL temporary enforcement policy may allow advisers to maintain practices following vacatur of fiduciary rule

While the final disposition of the fiduciary conflict of rules remains in flux, the Department of Labor (DOL) has issued a temporary enforcement policy, indicating that, pending the issuance of additional guidance, it will not pursue prohibited transactions claims against investment advice fiduciaries who are “working diligently and in good faith” to comply with the […]

Employer appropriately withheld taxes from employee’s wages

An employer appropriately withheld taxes from an employee’s wages and paid the wages to the IRS because the IRS directed the employer to do so. The pro se employee’s claim to have his employer honor the Form W-4 the employee submitted for exemption from taxes was rejected. The employer was specifically directed to disregard the […]

Majority of employers offer financial wellness programs

Eighty-three percent of employers now offer financial wellness programs, up from 20 percent two years ago, according to recent research from Prudential Workplace Solutions Group. The survey, Benefits and Beyond: Employer Perspectives on Financial Wellness, found that an additional 14 percent of employers plan to offer these programs in the next one to two years. […]

PBGC issues disaster relief for Alabama

The Pension Benefit Guaranty Corporation (PBGC) has announced relief from certain deadlines and penalties in connection with the Form 5500 series for “designated persons” adversely affected by severe storms and tornadoes that began on March 19, 2018 in Alabama. The relief generally extends from March 19, 2018 through July 31, 2018. Source: PBGC Disaster Relief […]

IRS requests comments on Forms 1099-R and 1096

The IRS is requesting comments on Forms 1099-R, Distributions From Pensions, Annuities, Retirement or Profit-Sharing Plans, IRAs, Insurance Contracts, etc.; and Form 1096, Annual Summary and Transmittal of U.S. Information Returns. Written comments should be submitted on or before July 10, 2018, to Laurie Brimmer, Internal Revenue Service, Room 6526 (for Form 1099-R), and to […]

IRS issues 2019 HSA inflation adjustments

The IRS has released the 2019 inflation-adjusted amounts for health savings accounts (HSAs) under Code Sec. 223. For calendar year 2019, the annual limitation on deductions under Code Sec. 223(b)(2) for an individual with self-only coverage under a high-deductible plan is $3,500 ($7,000 for an individual with family coverage). A “high-deductible health plan” is defined […]