Compliance
Large employers are required to offer full-time employees and dependents the opportunity to enroll in qualifying health coverage. Failure to offer coverage or even offering coverage that does not meet certain affordability and coverage standards, could result in large tax penalties being levied against your company.
Human Resources
Human Resources is a critical and complex piece of every business. Our experts can provide a broad range of services to either support your existing HR team or serve as your companies own HR department at a fraction of the cost.
Financial Planning
Parrott Financial serves as a link between your business and the multitude of investment and insurance options available. Through strong carrier relationships and exceptional customer care, we will create a custom financial plan tailored to your business’s unique needs and goals for overcoming economic challenges.
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Take Your Benefits to New Heights.
Latest News
Disaster Deadline Relief Issued for Employee Benefit Plans
On November 8, 2024, federal agencies issued deadline relief to ensure that employee benefit plans, participants, beneficiaries, qualified beneficiaries and claimants in disaster areas are not further adversely affected by Hurricane Helene, Tropical Storm Helene and Hurricane Milton. Relief Period The
Survey: Americans Struggling With Drug Prescription Costs
The latest Patient Experience Survey by Pharmaceutical Research and Manufacturers of America (PhRMA) revealed that more than half (51%) of Americans with health insurance can’t anticipate what they’ll pay for prescription medications. Meanwhile, 38% of patients reported increasing out-of-pocket costs for these
Employee Benefit Plan Limits for 2025
Many employee benefits are subject to annual dollar limits that are adjusted for inflation by the IRS each year. The following commonly offered employee benefits are subject to these limits: High deductible health plans (HDHPs) and health savings accounts (HSAs); Health flexible
2024 Year-end Checklist for Employee Benefit Plans
Although the end of the year is a busy time, employers should continue to prioritize compliance requirements for their employee benefit plans. There are several benefits-related tasks that employers should make sure are completed by the end of 2024, such
IRS Announces 2025 Retirement Plan Limits
The IRS has released Notice 2024-80, containing cost-of-living adjustments for 2025 that affect amounts employees can contribute to 401(k) plans and individual retirement accounts (IRAs). IMPORTANT DATES Nov. 1, 2024The IRS released the 2025 retirement plan limits. Jan. 1, 2025The effective date
ACA Information Reporting Penalties Released for 2026 Returns
IRS Revenue Procedure 2024-40 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 2025 information returns and