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Archive | January, 2016

Giving Back: C.M. Smith Launches Inaugural Internship Program

As a leader in the constantly evolving field of employee benefits, C.M. Smith understands the value of education. We’re always learning from our business partners, clients, and colleagues. So it makes sense that we’d have much to share with our very first intern. Meredith Manley, a sophomore majoring in Math and Statistics at Amherst College, […]

Legal Alert: Congress Extends Parity to Mass Transit Benefits – Permanently

On December 18, 2015, the President signed the Consolidated Appropriations Act, 2016 (CAA), which, among other changes to the Internal Revenue Code, permanently and retroactively restores parity by equalizing the limits for pre-tax parking and commuter benefits.  In light of the CAA’s retroactive effect, the IRS released Notice 2016-06, which provides guidance for employers that […]

Legal Alert: IRS Provides Guidance on HRAs, FSAs, Pay-or-Play and Other Issues

On December 16, 2015, the IRS released Notice 2015-87, which contains guidance on a broad range of topics under the Affordable Care Act (“ACA”), including: Health Reimbursement Arrangements (“HRAs”) The application of COBRA to health FSAs with a carryover feature Section 6056 Reporting (Applicable Large Employers) Treatment of employer provided flex-credits, opt-out payments and HRAs […]