The IRS has issued Revenue Ruling 2014-32 (Rev. Rul.) providing guidance on the tax consequences of employer use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringe benefits to employees. The Rev. Rul. also discusses whether mandatory delivery charges employees incur when ordering vanpool vouchers are qualified transportation fringe benefits.
The US Department of Labor (DOL) published FAQs clarifying that attempting to save on health care costs by reimbursing employees who purchase individual health insurance coverage or by providing cash incentives to employees to drop employer health coverage for individual coverage could result in Affordable Care Act (ACA) penalties.
The IRS announced that a group health plan that fails to provide substantial coverage for in-patient hospitalization and/or physician services does not meet the minimum value requirement of the Affordable Care Act (ACA).
The US Supreme Court will review a legal challenge to the Affordable Care Act (ACA) and the availability of premium subsidies in states that chose not to establish a health care exchange and instead rely on the federal exchange.
The EEOC lost its bid to temporarily stop Honeywell International from imposing surcharges on employees who refuse to submit to biometric testing as part of its wellness program, which the EEOC claims violates the Americans with Disabilities Act (ADA) and Genetic Information Nondiscrimination Act (GINA).
The IRS has announced the annual cost-of-living adjustments made to several employee benefits and taxable amounts, based on changes to the Consumer Price Index. These are the maximum amounts that may be excluded in 2015 from an employee's taxable income for specific benefits.
The Internal Revenue Service has announced the tax year 2015 cost-of-living adjustments affecting dollar limitations on benefits and contributions under qualified retirement plans and other inflation-adjusted amounts. Many of the pension plan limitations will increase for 2015 because the increase in the cost-of-living index met the statutory thresholds that trigger their adjustment. Other limitations will not change because the relevant thresholds were not met.
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