BSP Alert: IRS Notices 2020-29 and 2020-33 for § 125 Plans On May 12, 2020, the Internal Revenue Service (IRS) released two notices providing relief for 2020 cafeteria plans and related benefit issues in light of the COVID-19 national emergency. Notice 2020-29 focuses on permissible mid-year election changes under § 125 of the Internal Revenue Code and Notice 2020-33 focuses on allowable carryover provisions for a health flexible spending account (HFSA). The key points are summarized below. Click Here To Learn More
The US Senate Committee on Small Business & Entrepreneurship has created a guide to better understand the new benefits that are becoming available via the CARES Act.
This guide provides an easy to follow overview of the various key programs that will soon be available from the Small Business Administration (SBA) along with an overview of select tax provisions that are outside the scope of SBA which are most applicable to small businesses.
However, there remains a number of questions to be answered on the CARES Act. We are finding that many small businesses will want to take advantage of the Payroll Protection Program mentioned in this summary. Unfortunately, lenders can’t take action as it hasn’t been made clear to them what information will be required from the applicants. So, it is possible that we are still weeks away from seeing these loans funded.
For those who weren’t able to listen in to ThinkHR’s COVID-19 webinar, here are the slides and recording that are very much worth listening to and reading. Please reach out if you would like to discuss any components of the webinar (as there is a lot of information covered).Click Here To Read The Complete Article
BSP is committed to innovative and supportive solutions that help you manage your business and not get bogged down by complex compliance concerns or human resource issues.
That’s why we’ve partnered with ThinkHR, a combination of the best live human resource expertise with innovative online technology to deliver trusted HR knowledge solutions. HR professionals use ThinkHR tools to be more effective in their roles, while benefitting from HR compliance tools to build a positive and productive workplace.
ThinkHR provides practical, on-demand Human Resources services to help address the issues that every company confronts in today’s competitive business environment. BSP’s partnership with ThinkHR provides clients with the breadth and depth in all functional areas of Human Resource Management – HR consulting, including compensation, recruiting, training and development. Click Here To Read The Complete Announcement
Easy to read article about the benefits of maxing out your HSA plan before your 401(k). HSA plans offer additional long term savings opportunities and can be an integral part of your financial strategy. Click Here To Read The Complete Article
Top 10 Most Common Reasons for going to the doctor; There are steps you can take to improve your health so you can minimize the number of trips you take to the doctor’s office. Click Here To Read The Complete Article>
BSP is pleased to announce that, in addition to its comprehensive employee benefits brokerage services, HR & Compliance Consulting and guidance is now offered. As a trusted partner for employee benefits, this will help BSP provide a broader spectrum of service and support to you. Click Here To Read The Complete Article
Engaged consumers making informed decisions can go a long way to helping control health care costs, and it takes both the consumer and provider to help make it happen. Click Here To Read The Complete Article
Interest in Private Exchanges is picking up quite a bit of steam. As the link points out though, there are still many questions about what a Private Exchange is, and whether using an Exchange is a better solution than the current approach of offering benefits. Please contact me if you want to learn more about what a Private Exchange is, and whether it may be a good fit for your company or organization. Click Here To Read The Complete Article