Employee Benefits

Inflation boosts HSA amounts for 2023

Health savings account maximum contributions, along with minimum deductibles and maximum out-of-pocket expenses of accompanying high-deductible health plans, will be higher next year.

Recent executive compensation and fringe benefit changes

The TCJA significantly affected the tax treatment of executive compensation and employee fringe benefits, amending deduction limitations in Sec. 240 and Sec. 162(m) and enacting a new excise tax under Sec. 4960 on excessive tax-exempt organization executive compensation.

Making the Sec. 83(i) election

Sec. 83(i) allows a qualified employee to defer income inclusion from the exercise of a restricted stock unit or option of the qualified stock of a nonpublicly traded corporation for up to five years from the date of vesting.

Dependent care assistance programs get pandemic relief

Dependent care assistance program benefits carried over or available during an extended claims period under special temporary COVID-19 relief provisions retain their status as excludable from employees’ gross income and wages, the IRS explains in a notice.

Guidance on COBRA premium assistance credit

The IRS answered questions concerning COBRA continuation coverage premium assistance and the corresponding tax credit that employers, plan administrators, and insurers may claim under the American Rescue Plan Act.

Tax Insider Articles

DEDUCTIONS

Business meal deductions after the TCJA

This article discusses the history of the deduction of business meal expenses and the new rules under the TCJA and the regulations and provides a framework for documenting and substantiating the deduction.

TAX RELIEF

Quirks spurred by COVID-19 tax relief

This article discusses some procedural and administrative quirks that have emerged with the new tax legislative, regulatory, and procedural guidance related to COVID-19.