Resources

Client Alerts, News Articles, Blog Posts, & Multimedia

Everything you need to know about BMD and the industry.

CLIENT ALERT: IRS Announces 401(k) and HSA Contribution Limits for 2020

Client Alert
November 6, 2019

With 2020 just around the corner, the IRS announced important information for the upcoming year for both 401(k) Contributions and Health Saving Accounts (HSAs).

401(k) Contribution limits for 2020

Employee 401(k) contributions for 2020 will increase by $500 to $19,500, while the total for employer plus employee contribution limit increases by $1,000 to $57,000.

For participants ages 50 and over, the "catch-up" contribution limit will rise to $6,500, up by $500.

HSA Contribution limits for 2020

The annual limit on deductible contributions is $3,550 for individuals with self-only coverage under an HDHP (a $50 increase from 2019) and $7,100 for family coverage (a $100 increase from 2019).

The limits on annual deductibles are also subject to annual inflation adjustments. For 2020, the lower limit on the annual deductible for an HDHP is $1,400 for self-only coverage and $2,800 for family coverage, both increased from 2019. The upper limit for out-of-pocket expenses is $6,900 for self-only coverage and $13,800 for family coverage, both increased from 2019

The new limits will take effect January 1, 2020, HR and payroll managers should plan to adjust their systems for the new year and inform employees about the new limits - especially for those with a year-end open enrollment.

For questions about your 401(k) Plan or Health Savings Accounts, the recent changes to IRS Contribution Limits, or any other Tax questions, please contact Priscilla A. Grant, Esq.

 

 

401(k)HSAIRSPriscilla Grant
Client Alert

CMS Rescinds EMTALA Guidance for Emergency Abortions

June 16, 2025On June 3, 2025, CMS withdrew its 2022 guidance on emergency abortion care under EMTALA, eliminating federal protection for providers in states with abortion restrictions. This policy change could significantly impact how hospitals handle emergency care involving pregnancy complications.Client Alert

Supreme Court Eliminates Higher Burden for Majority-Group Plaintiffs in Title VII Claims

June 11, 2025In Ames v. Ohio Department of Youth Services, the U.S. Supreme Court unanimously ruled that all Title VII plaintiffs, whether from majority or minority groups, must meet the same evidentiary standard. The decision eliminates the “background circumstances rule” and reinforces equal treatment in workplace discrimination claims.Client Alert

Understanding Reasonable Fear vs. Credible Fear Interviews: A Critical Guide for Immigrants Facing Removal

May 23, 2025In his latest article, Immigration Attorney and former Immigration Judge Rob Ratliff offers a clear breakdown of Reasonable Fear vs. Credible Fear Interviews—key procedures for noncitizens seeking protection from persecution or torture. Citing Judge Brian Murphy’s recent ruling on unlawful deportations to South Sudan, Ratliff connects these critical legal standards to current judicial developments. Read the full article at www.removal-defense.com.Client Alert

House Republicans Propose Cuts to Medicaid to Finance Savings

May 12, 2025House Republicans have introduced legislative language that proposes substantial cuts to the Medicaid entitlement program, aiming to achieve significant budget savings through policy changes. The proposed measures include stricter eligibility verification, work requirements for certain adults, and federal funding cuts to states providing coverage to undocumented residents. The Congressional Budget Office (CBO) estimates that the proposed healthcare provisions would reduce spending by $715 billion and could result in 8.6 million fewer people having health insurance by 2034.Client Alert

Protecting Your Image in the Age of AI-Generated “Deepfakes”

April 8, 2025The rapid evolution of artificial intelligence (AI) has transformed how we create and consume digital content, but it also poses significant risks. Among the most troubling developments in AI is the proliferation of AI-generated fraudulent content, often called “deepfakes”.
Older posts