The IRS issued Notice 2020-54 to help employers properly report 2020 emergency paid sick leave and expanded family medical leave wages paid to employees under the Families First Coronavirus Response Act.Learn More Here The IRS released the inflation adjustments for health savings accounts (HSAs) and their accompanying high deductible health plans (HDHPs) effective for calendar year 2021. Most limits increased from 2020 amounts.Annual Contribution Limits
For calendar year 2021, the limitation on deductions for an individual with self-only coverage under a high deductible health plan is $3,600. For calendar year 2021, the limitation on deductions for an individual with family coverage under a high deductible health plan is Employers may make tax-free qualified disaster relief payments to employees to reimburse or pay certain reasonable and necessary expenses incurred by the employee in connection with the COVID-19 pandemic. Below you will find information on the taxation, use, amount and substantiation of these payments.
Learn more at about Qualified Disaster Relief Payments. Morin Associates, LLC. 174 Bridge Street, Floor 2 Groton, Connecticut 06340 (860) 448-2277 The IRS issued guidance on the tax credits under the Families First Coronavirus Response Act. This guidance covers a variety of topics including how to calculate and claim the tax credit, how to determine the amount of the tax credit and documentation requirements to verify eligibility for the tax credits. Click here for a PDF of the information.
For more insurance news or to learn more about Morin Associates, visit MorinAssociates.com. Treatment of expenses with Qualified High Deductible Health Plans
Since many states and health insurance carriers have implemented rules and policies to cover COVID-19 treatment and testing without cost-sharing, there has been concern that such first-dollar coverage would adversely impact individuals covered by qualified high deductible health plans (QHDHPs) with health savings accounts (HSAs). The IRS has issued guidance that provides relief in this situation. The guidance allows QHDHPs to provide medical As the new coronavirus (COVID-19) continues to spread, many employees are wondering whether there is coverage under their medical plan and whether they can take a leave of absence. The following provides some high-level information intended to address these inquiries. This information is up to date as of March 9, 2020, is general in nature, and subject to change.
Health Coverage
According to the CDC, individuals who feel sick with fever, cough, or difficulty breathing, and have been in close contact with Rick Mattson, CLTC, Morin Associates will be conducting a free seminar on “Social Security Timing-When to Take your Check”
Where: Groton Library When: Saturday, March 25th Time: 10-11:00 amQuestions? Please call 860-848-4959 or 860- 448-2277 or visit the website at www.morinassociates.com Kevin S. Morin, CFP of Morin Associates, LLC, Named Platinum Member in the Principal Financial Group Privileged Partner Program for the Fourth Year
Groton, CT – Kevin S. Morin, CFP of Morin Associates, LLC has achieved platinum status in the 2015 Group Benefits Privileged Partner Program for the Principal Financial Group®. Members reach this elite status by offering outstanding client service leading to new business in group insurance benefits including: life, disability, dental and vision.
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