Healthcare Provider Update: Healthcare Provider for Xerox Holdings Xerox Holdings provides its employees with access to health insurance plans primarily through a partnership with major national insurers. Prominent health insurance providers include UnitedHealthcare, Anthem, and others, depending on the specific plan and state location. Employees are encouraged to review their options during open enrollment to choose the plan that best suits their healthcare needs. Projected Healthcare Cost Increases in 2026 The landscape for health insurance premiums in 2026 is disconcerting, especially for Xerox Holdings employees relying on plans from the Affordable Care Act (ACA) marketplace. In many states, premium increases could surpass 60%, primarily due to the anticipated expiration of enhanced federal premium subsidies, rising medical costs, and aggressive rate hikes from insurers. Consequently, individuals enrolled may see their out-of-pocket costs rise dramatically, with estimates suggesting an overall increase in premiums by as much as 75% for nearly 92% of marketplace enrollees. This combination of factors makes proactive financial planning essential for employees to navigate the upcoming challenges in healthcare expenditures effectively. Click here to learn more
The Internal Revenue Service (IRS) recently revealed that a staggering amount over $1 billion
in tax refunds from the 2020 tax year remains unclaimed. This considerable sum represents excess payments that Xerox Holdings employees, among others, have not yet reclaimed for various reasons, including incomplete filing forms and the intricacies of tax regulations.
Moreover, an additional $7 billion in unclaimed funds are overlooked annually due to missed claims on earned-income tax credits, child tax credits, and recovery rebate credits for both the 2020 and 2021 tax years. This highlights a pervasive issue within the tax system where employees at major corporations like Xerox Holdings could miss out on substantial financial returns simply because they are unaware of or do not fully understand applicable tax laws and benefits.
For Xerox Holdings employees, it’s critical to recognize that time is still on your side if you've forgotten to claim rightful credits or deductions. The IRS allows refund claims up to three years post the original filing deadline, typically April 15. Due to pandemic-related delays, the filing deadline for the 2020 tax year has been extended to May 17, providing an extra window to correct your filings and claim your dues before they revert permanently to the U.S. Treasury after the deadline.
At the state level, unclaimed funds are even more common. For instance, Nebraska has seen around $420 million in unclaimed property tax deductions since 2020. Similarly, in New Mexico, more than 16,000 residents failed to claim approximately $6 million in rebate credits anticipated for 2022.
A significant portion of these unclaimed refunds can be attributed to taxpayers who either did not file a return or failed to update their mailing addresses with the IRS, resulting in refunds that were never delivered. In 2020, the median amount of these unclaimed refunds was $932 per taxpayer.
The complexity of the tax code often deters taxpayers from pursuing their entitlements, including lesser-known deductions such as those for home offices and specific benefits for owners of pass-through entities. Ryan LoRusso, a partner at Withers, mentions that even tax experts frequently overlook benefits due to the code's complexities.
Most states align with the federal deadline of May 17 to file claims for the 2020 tax year.
According to Lucy Dadayan from the Urban-Brookings Tax Policy Center, most states offer a three-year window to file for unclaimed refunds, mirroring the IRS.
However, filing an amended return can be both challenging and costly, as Jamie Yesnowitz, a tax principal at Grant Thornton, emphasizes. The financial and administrative burdens of filing amended returns might deter individuals, especially when the potential savings do not justify the fees.
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Strategic estate planning is crucial in this environment. Consider a person with substantial assets, such as a $3 million brokerage account and a $3 million tax-deferred retirement account, planning to distribute wealth to family and charities. Understanding the tax implications and available credits or deductions can significantly affect the financial outcome of such legacies.
In summary, the complexities of tax laws mean many potential refunds and credits go unclaimed. Xerox Holdings employees need to be proactive and informed about their tax filings to optimize potential refunds and credits, enhancing their personal financial management and engaging more deeply with the broader financial and economic landscape.
Xerox Holdings employees, particularly those nearing or in retirement, should also be vigilant about tax scams. During tax season, retirees are often targeted by fraudulent schemes, including fake IRS calls demanding immediate payment. The IRS warns that these calls are scams, exploiting fears about law enforcement and compliance. A report by the Treasury Inspector General for Tax Administration in February 2021 indicated that over $10 million was lost to such scams in the previous year, highlighting the need for increased vigilance.
What type of retirement savings plan does Xerox Holdings offer to its employees?
Xerox Holdings offers a 401(k) retirement savings plan to its employees.
How can employees of Xerox Holdings enroll in the 401(k) plan?
Employees of Xerox Holdings can enroll in the 401(k) plan through the company’s online benefits portal or by contacting the HR department.
Does Xerox Holdings match employee contributions to the 401(k) plan?
Yes, Xerox Holdings provides a matching contribution to the 401(k) plan, subject to certain limits.
What is the maximum percentage of salary that employees can contribute to their 401(k) at Xerox Holdings?
Employees at Xerox Holdings can contribute up to 100% of their eligible compensation, subject to IRS contribution limits.
When can employees of Xerox Holdings start contributing to their 401(k) plan?
Employees of Xerox Holdings can start contributing to their 401(k) plan after they have completed their eligibility requirements, typically within the first few months of employment.
What investment options are available in the Xerox Holdings 401(k) plan?
The Xerox Holdings 401(k) plan offers a variety of investment options, including mutual funds, stocks, and bonds, allowing employees to diversify their portfolios.
Can employees of Xerox Holdings take loans against their 401(k) savings?
Yes, Xerox Holdings allows employees to take loans against their 401(k) savings, subject to specific terms and conditions.
What happens to the 401(k) plan if an employee leaves Xerox Holdings?
If an employee leaves Xerox Holdings, they can choose to roll over their 401(k) balance to another retirement account, withdraw the funds, or leave the money in the Xerox Holdings plan, subject to plan rules.
Are there any fees associated with the Xerox Holdings 401(k) plan?
Yes, there may be administrative fees and investment-related fees associated with the Xerox Holdings 401(k) plan, which are disclosed in the plan documents.
Can employees of Xerox Holdings change their contribution rates to the 401(k) plan?
Yes, employees of Xerox Holdings can change their contribution rates at any time, subject to the plan’s guidelines.