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Your Monthly Newsletter from Integrated Benefit
Solutions
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January 2019
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FSA
Limit to Increase in 2019
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 The
ACA imposes a dollar limit on employees' salary reduction contributions
to health flexible spending accounts (FSAs) offered under
cafeteria plans. This dollar limit is indexed for cost-of-living
adjustments and may be increased each year.
New Limit
Amount
In November 2018, the IRS increased the FSA contribution limit
from $2,650 to $2,700 for taxable years beginning in 2019. This
increase reflects the steady contribution limit increase from the
past few years.
Next Steps
Employers should ensure that their health FSA will not allow
employees to make pre-tax contributions in excess of $2,700 for
2019, and they should communicate the 2019 limit to their
employees as part of the open enrollment process.
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Gen Z
is Coming: Are You Prepared?
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 Soon,
Generation Z—those born between 1996 and 2010—will be entering
the workforce. Is your company somewhere they can thrive? Is it
somewhere they would even want to work?
If you want to attract this budding workforce, you need to
understand Gen Zers' motivations. For
instance, Gen Zers have never known a
life without technology. This means if your business still touts
outdated tech, Gen Zers likely won't
give you a second thought. Consider areas where your company's
tech falls short and brainstorm how you can improve. Getting new
hardware may be sufficient, but another
option is hiring a tech expert to conduct an audit and make
suggestions. (Hint: This might be a good job for a Gen Zer.)
Beyond prizing their tech, Gen Zers
also value their company's culture. Like their millennial
predecessors, Gen Zers want vibrant,
collaborative spaces—think bright colors, open workspaces, and
natural light. However, Gen Zers
also identify as scrappier than millennials. They have a
"self-made" attitude and value healthy competition.
With that in mind, your workplace and culture should accommodate
some isolated spaces for Gen Zers to
hunker down and get things done.
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2016
Pay or Play Enforcement: What You Need to Know
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 In
late 2018, the IRS began issuing enforcement letters related to
employers' compliance with the employer shared responsibility
rules under the Affordable Care Act (ACA) for the 2016 calendar
year. These letters, known as Letter 226-J, inform employers of
their potential liability for an employer shared responsibility
penalty, if any, for 2016.
Who Will
Receive These Letters
These letters are only sent to employers
subject to the employer shared responsibility rules, known as
applicable large employers (ALEs). The determination of whether
an ALE may be liable for a penalty, and the amount of the
proposed penalty in Letter 226-J, are based on information from
Forms 1094-C and 1095-C filed by the ALE and the individual
income tax returns filed by the ALE's employees.
Next Steps
for Those Who Receive a Letter
ALEs must respond to Letter 226-J—either agreeing with the proposed
employer shared responsibility penalty or disagreeing with part
or all of the proposed amount—before any employer shared
responsibility liability is assessed and notice and demand for
payment is made. The response is due by the response date shown on
Letter 226-J, which is generally 30 days from the date of the
letter.
Letter 226-J provides instructions for how the ALE should respond
in writing, as well as the name and contact information of a
specific IRS employee that the ALE should contact if the ALE has
questions about the letter.
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Insuring
Against Small Business Risks
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An
optimistic attitude is a must-have for any business owner.
Planning only for best-case scenarios, though, can lead you into
trouble. A single unfortunate incident--a fire, flood, employee
injury, or lawsuit, for example--can take away all you have
worked to build. The good news is that you can protect your
company by carefully managing these risks. Watch the video below
to learn how to insure against small business risks.
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