Thursday, October 29, 2015

IRS Releases Retirement Plan Contribution Limits for 2016

The Internal Revenue Service (IRS) has recently released the contribution limits on Qualified Retirement Plans for 2016.

Strategic Benefit Services created a chart that details the 2016 contribution limits.

Should you have questions, please contact Strategic Benefit Services by calling (855) 882-9177 or email us at sbs@hanys.org.

Thursday, October 1, 2015

Penalties Increased for Section 6055 and Section 6056 Reporting Violations

The Affordable Care Act (ACA) created new reporting requirements under Internal Revenue Code (Code) Section 6055 and 6056. These new reporting rules require certain employers to report information to the Internal Revenue Service (IRS) on the health coverage offered during the year.

Quick Facts:
  • Signed into law on June 29, 2015, the Trade Preferences Extension Act of 2015 increases the penalties for reporting entities that fail to comply with Section 6055 or 6056 reporting.
  • The increased penalties take effect for returns and statements filed in 2016.
  • Short-term relief from penalties is available in certain limited circumstances.
Read the full article for more information on Section 6055 and Section 6056 reporting violations. Should you have questions, please contact Strategic Benefit Services by calling (855) 882-9177 or email us at sbs@hanys.org.

<< Blog Home

Subscribe to blog via email
Subscribe to rss feed

Financial
Wellness Report


Free Download