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Employer’s Guide to Tax-Exempt Fringe Benefits

We are pleased to present the attached Tax Treatment of Common Fringe Benefits Chart, which summarizes whether certain types of fringe benefits are exempt from federal income, FICA, and unemployment taxes. Fringe benefits discussed include:

  • Accident and health benefits
  • Transportation benefits
  • Group-term life insurance coverage
  • Moving expense reimbursements

Click on the image below to view and download the chart.

 

 

Please contact me if you have any questions about this report.

Regards,

Matt Hollister
President

Matt Hollister No Comments

HHS Releases HIPAA Cyber-Attack Checklist

Tips for Responding to Cyber-Related Security Incidents

The Department of Health and Human Services (HHS) Office of Civil Rights (OCR) has released a quick-response checklist briefly describing the steps that HIPAA-covered entities (including medical and dental offices) and their business associates should take in response to a cyber-related security incident. Steps include:

  • Executing the entity’s response and mitigation procedures and contingency plans, such as immediately fixing any technical or other problems to stop the incident;
  • Reporting the crime to other law enforcement agencies, which may include state or local law enforcement, the Federal Bureau of Investigation (FBI), and/or the Secret Service;
  • Reporting all cyber-threat indicators to federal and information-sharing and analysis organizations (ISAOs), including the Department of Homeland Security and the HHS Assistant Secretary for Preparedness and Response (any reports should not include protected health information); and
  • Reporting the breach to the OCR as soon as possible, but no later than 60 days after the discovery of a breach affecting 500 or more individuals, and notifying affected individuals and the media unless a law enforcement official has requested a delay in the reporting.

Note: OCR considers all mitigation efforts taken by the entity during any particular breach investigation. Such efforts include the voluntary sharing of breach-related information with law enforcement agencies and other federal and analysis organizations.

Click here to read the entire cyber-attack checklist.

Please visit our HIPAA section for more on the law’s requirements.

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Health Care Reform Updates

The Patient Centered Outcomes Research Institute (PCORI) fees, which are part of the Affordable Care Act (ACA) are due July 31.   If you have a fully-insured health plan your insurance carriers will file the fee automatically.  However, for self funded plans, including employer-sponsored Health Reimbursement Arrangements (HRAs), employers are responsible for making the payment and filing the IRS form 720.  Fees for plan years that ended in 2016 are due July 31, 2017.

How to Pay PCORI Fees:

Hollister will prepare the Form 720 for employers who ask.  However, some employers will do it on their own or obtain it through their CPAs.  For plan years ending between January 1, 2016 and September 30, 2016, the fee for an employer sponsoring an applicable self-insured plan is $2.17 multiplied by the average number of lives covered under the plan (including dependents). For plan years ending between October 1, 2016 and December 31, 2016, the fee is $2.26 multiplied by the average number of lives covered under the plan.

For additional information, please contact us or visit our HR support site (HR360).

 

Matt Hollister, L.I.A., M.P.H.