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2023 FSA limit increases: What to know
During the first week of November, the IRS announced 2023 contribution limits for all Flexible Spending Account (FSA) plans. Below is an overview of the limit increases across all the types of FSAs except for Dependent Care FSAs, which remain the same at $5,000 per...
2023 draft instructions released for Form 1042-S
The IRS has released a draft version of the 2023 instructions for Form 1042-S (Foreign Person's U.S. Source Income Subject to Withholding). For those unaware, withholding agents file Form 1042-S to report amounts paid to foreign persons (e.g., salaries,...
IRS announces 2023 retirement plan dollar limits and thresholds
The IRS has announced the 2023-dollar limits and thresholds for retirement plans, which reflect the latest cost-of-living adjustments. Note: Dollar limits and thresholds primarily affecting health and welfare plans were announced last week. Here are the limits most...
IRS announces maximum failure to report penalty amounts on late field 2023 returns
The IRS has announced the penalty amounts for failure to file correct 2023 information returns, and failure to furnish correct 2023 payee statements in 2024. IRS Code 6721 imposes a penalty on a taxpayer for failing to file a correct information return (any 1099...
5 HRA FAQs to keep in mind
Health Reimbursement Arrangements (HRAs) are tax-advantaged, employer-funded accounts geared to help pay for qualified medical expenses not covered by a health plan. Months ago, NueSynergy explained the benefits of an HRA. Now, it’s time to discuss five frequently...
Adoption Assistance FSA: 5 Facts
An Adoption Assistance Flexible Spending Account (FSA) allows participants to set aside pre-tax dollars for eligible domestic (in U.S.) or foreign adoption expenses; notably court costs, attorney fees and agency fees. Below are five facts regarding this account. Fact...
What to expect from NueSynergy’s COBRA team
NueSynergy’s COBRA team is proud to assist employees and their families with the right to maintain group health benefits for limited periods of time. With 25 years of industry experience, NueSynergy’s COBRA administrators have the knowledge to help employees in the...
Everything you need to know about the FSA Carryover
Two months ago, NueSynergy wrote about when carryover funds are available for new FSA members. Now, we are here to provide a more detailed look into what a carryover is, how it works and any questions you may have. What it is and how it works Starting on October 31,...
HSAs once employment ends
Several months ago, NueSynergy wrote about what happens to Flexible Spending Accounts (FSAs) when employment ends and what happens to Health Savings Accounts (HSAs) when retirement starts. Now, it’s time to talk about HSAs following the loss of employment. Here is...
IRS issues mock 2022 form for claiming the Small Employer Health Insurance Premium Credit
The IRS has issued a draft version of the 2022 Form 8941 (Credit for Small Employer Health Insurance Premiums). The draft 2022 instructions have not yet been released. Form 8941 is used by small businesses and tax-exempt organizations to calculate the small...
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