This week the Michigan Supreme Court in Baruch SLS Inc v Township of Tittabawassee (MSC Docket No 152047) clarified how the factors are to be considered in determining whether real property is exempt from taxation. Continue reading Michigan Supreme Court Clarifies Eligibility for Charitable Property Tax Exemption
In Michigan, employment is usually considered to be “at-will”. This means that either an employer or employee may decide to terminate employment at any time, with no reason needed. There are, however, a few exceptions to the rule. Continue reading How to Avoid Wrongful Termination Lawsuits in Michigan
Patient-Centered Outcomes Research Institute (PCORI) Fee / Comparative Effectiveness Fee:
Reminder: Plan Sponsors of Applicable Self-Funded Health Plans Must Make PCORI Fee Payment By July 31, 2017 Continue reading Client Reminder: PCORI Payment Due July 31st
At Fraser Trebilcock, our lawyers help clients keep up with changing regulations and advancements in technology. A prime example is the work we do with banks and financial institutions. Continue reading NEW VIDEO: Financial Institutions & Banking Law
The IRS has just released its 2018 annual inflation adjustments for Health Savings Accounts (HSAs) as determined under Section 223 of the Internal Revenue Code.
Specifically, IRS Revenue Procedure 2017-37 provides the adjusted limits for contributions to a Health Savings Account (“HSA”), as well as the high deductible health plan (“HDHP”) minimums and maximums for calendar year 2018.
The 2018 limits are as follows:
- Annual Contribution Limit
- Single Coverage: $3,450
- Family Coverage: $6,900
- HDHP-Minimum Deductible
- Single Coverage: $1,350
- Family Coverage: $2,700
- HDHP Maximum Annual Out-of-Pocket Expenses (including deductibles, co-payments and other amounts, but not including premiums)
- Single Coverage: $6,650
- Family Coverage: $13,300
- The catch-up contribution for eligible individuals age 55 or older by year end remains at $1,000.
Plans and related documentation, including employee communications, should be updated to reflect these new limits.
As always, please keep in mind that participation in a health FSA (or any other non-HDHP) will result in HSA ineligibility, unless the health FSA is limited to: (1) limited-scope dental or vision excepted benefits; and/or (2) post-deductible expenses.
Questions? Contact us to learn more.
Elizabeth H. Latchana specializes in employee health and welfare benefits. Recognized for her outstanding legal work, in both 2018 and 2015, Beth was selected as “Lawyer of the Year” in Lansing for Employee Benefits (ERISA) Law by Best Lawyers, and in 2017 as one of the Top 30 “Women in the Law” by Michigan Lawyers Weekly. Contact her for more information on this reminder or other matters at 517.377.0826 or email@example.com.