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Compensation

Small Business COVID Relief – PPP and ERC

The American Rescue Plan Act of 2021 changed the rules on the Paycheck Protection Program (PPP) loans and Employee Retention Credit (ERC). Both programs are available to small businesses that meet the requirements, and each has the potential to positively impact the company. A quick overview of the programs can help any small business decide which  is the best option to pursue.  The American Rescue Plan (signed into law March 11, 2021) and the Consolidated Appropriations Act (signed into law on December 27, 2020) made a number of changes to the PPP and ERC. Under the Consolidated Appropriations Act, business owners can now take out a PPP

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April 19, 2021
Benefits

Important COBRA Subsidy Update

What is COBRA? The Consolidated Omnibus Budget Reconciliation Act of 1985, or COBRA,  is a federal law that requires employers of 20 or more employees who offer healthcare benefits to offer the option of continuing this coverage to individuals who would otherwise lose their benefits due to termination of employment, reduction in hours or certain other events. As an employee and an employer, it’s important to be aware of laws like these and their details! What is the COBRA Subsidy Update? On March 11, 2021, President Joe Biden signed into law a new economic stimulus package known as the American Rescue Plan

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April 6, 2021
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Benefits

2021 IRS Health Savings Accounts (HSA) Contribution Limits

Every year, the IRS updates their Health Savings Accounts (HSA) contribution limits. It’s important to stay up to date with these changes and be aware of how much you could be saving each year for qualified medical expenses. Single Plan Family Plan Maximum Contribution Limit $3,600 $7,200 Minimum Deductible $1,400 $2,800 Maximum Out-of-Pocket $7,000 $14,000 Catch-up Contribution (55+) $1,000 $1,000   Flexible Spending Account Dependent Care Flexible Spending Account (DCFSA) Commuter Benefits 2021 Maximum Contribution Limit: 2021 Maximum Contribution Limit: 2021 Parking & Transit $2,750 $2,500 $270 per month / per benefit Maximum Carryover Amount: If filing taxes jointly, Maximum

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April 2, 2021
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Benefits

2021 IRS Pension Limits

Confused about IRS pension limits? Have you ever wondered how much you can contribute to your retirement plan and if there are any limitations? The tax law places limits on the dollar amount of contributions to retirement plans and IRAs and the amount of benefits under a pension plan. IRC Section 415 requires the limits to be adjusted annually for cost-of-living increases.  Limits by plan type (IRA, 401(k), SEP, SIMPLE IRA, 403(b), 457(b), defined benefit)  2021 cost-of-living adjustments for pension plans and retirement-related items (IR-2020-244)  COLA Table PDF for prior years’ dollar limitations and Internal Revenue Code references.  IRAs  2021  2020  2019  IRA Contribution

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March 25, 2021
Benefits

2021 IRS Pension Limits and Other Notable Items

Two annual limits apply to contributions A limit on employee elective salary deferrals. Salary deferrals are contributions an employee makes, in lieu of salary, to certain retirement plans: 401(k) plans 403(b) plans SARSEP IRA plans (Salary Reduction Simplified Employee Pension Plans) SIMPLE IRA plans (Savings Incentive Match Plans for Employees) An overall limit on contributions to a participant’s account. The limit applies to the total of: elective deferrals (but not catch-up contributions) employer matching contributions employer nonelective contributions allocations of forfeitures Deferral limits for 401(k) plans  The limit on employee elective deferrals (for traditional and safe harbor plans) is: $19,500

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December 31, 2020

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