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The latest insurance articles, insight, and news from Ollis/Akers/Arney Insurance & Business Advisors.

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IRS Announces Excepted Benefit HRA Limit for 2025

IRS Announces Excepted Benefit HRA Limit for 2025

May 18, 2024
The IRS has released the inflation-adjusted limit for excepted benefit health reimbursement arrangements (EBHRAs) for plan years beginning on or after Jan. 1, 2025. Effective for 2025 plan years, the maximum annual employer contribution for an EBHRA will increase to $2,150 (up from $2,100 for plan years beginning in 2024). Excepted Benefit HRAs An EBHRA…
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ACA Information Reporting Penalties Increased for Returns Filed in 2025

ACA Information Reporting Penalties Increased for Returns Filed in 2025

April 12, 2024
IRS Revenue Procedure 2023-34 includes updated penalty amounts that may apply to reporting entities that fail to comply with the Affordable Care Act’s (ACA) requirements under Internal Revenue Code Sections 6055 and 6056. The increased amounts apply to 2024 information returns and individual statements that are required to be filed and furnished in 2025. General…
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From the Desk of Richard Ollis April 2024

From the Desk of Richard Ollis – April 2024

April 3, 2024
As the insurance industry grapples with weather volatility, increasing litigation, and cost to replace property, we’ve recently seen several insurance companies be downgraded by financial rating agencies.  An insurance company credit rating indicates an insurance company’s solvency, financial strength, and ability to pay policyholder claims.  As an independent insurance agency, we are very selective about…
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White House Cancels $1.2 Billion in Student Debt for More Than 150,000 Borrowers

White House Cancels $1.2 Billion in Student Debt for More Than 150,000 Borrowers

March 17, 2024
On Feb. 21, 2024, President Joe Biden approved $1.2 billion in student debt cancellation for almost 153,000 borrowers currently enrolled in Saving on a Valuable Education (SAVE) repayment plans, lowering their financial burden. Originally planned for July, this approval relieves borrowers almost six months early. The SAVE plan is an income-driven repayment plan that bases…
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Final Forms and Instructions for 2023 ACA Reporting Released

Final Forms and Instructions for 2023 ACA Reporting Released

October 20, 2023
The IRS has released final 2023 forms and instructions for reporting under Internal Revenue Code Sections 6055 and 6056: Draft versions of these forms were released in July, and draft instructions were released in September. No major substantive changes were made to the final forms and instructions for 2023 reporting. Final Instructions Address New Electronic…
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EEOC Issues Guidance on Artificial Intelligence and Title VII of the Civil Rights Act

EEOC Issues Guidance on Artificial Intelligence and Title VII of the Civil Rights Act

May 21, 2023
On May 18, 2023, the Equal Employment Opportunity Commission (EEOC) issued new guidance aimed at helping employers that use automated systems, including those with artificial intelligence (AI), comply with federal fair employment laws.  The new guidance focuses on preventing discrimination under Title VII of the Civil Rights Act (Title VII), which applies to employers with…
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Insights From Biden’s Proposed $325 Billion Paid Family Leave Program

Insights From Biden’s Proposed $325 Billion Paid Family Leave Program

April 19, 2023
Today in the United States, workers are not guaranteed paid leave by federal law, and many aren’t entitled to unpaid time. To address this issue, President Joe Biden released a budget plan earlier this year, allocating $325 billion to a permanent paid family and medical leave program. The Family and Medical Leave Act (FMLA) is…
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ACA Pay or Play Penalties Will Increase for 2024

ACA Pay or Play Penalties Will Increasefor 2024

March 12, 2023
On March 9, 2023, the IRS released updated penalty amounts for 2024 related to the employer shared responsibility (pay or play) rules under the Affordable Care Act (ACA). For calendar year 2024, the adjusted $2,000 penalty amount is $2,970 and the adjusted $3,000 penalty amount is $4,460. Pay or Play Penalty Calculations Under the pay…
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DOE Proposes Regulations to Reduce Federal Student Loan Payments

January 21, 2023
On Jan. 10, 2023, the U.S. Department of Education (DOE) proposed regulations that would reduce monthly payments for certain federal student loan borrowers. The agency’s proposal overhauls one of the four existing income-driven repayment (IDR) plans—also known as the Revised Pay As You Earn (REPAYE) plan—that aims to make student loan payments more manageable, especially…
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Speak Out Act Signed Into Law

Speak Out Act Signed Into Law 

December 24, 2022
Aiming to improve transparency around illegal conduct in the workplace, the U.S. Congress has enacted a new law, the Speak Out Act, that renders certain nondisclosure and nondisparagement agreements unenforceable. President Joe Biden signed the Speak Out Act into law on Dec. 7, 2022. Contract Enforcement Prohibition In general, the Speak Out Act prohibits courts…
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