Yes, paperless statements are available for both business and personal banking customers who have access to Online Banking. Business customers can receive paperless statements by signing up for Business Banking Online (BBO).
For additional assistance with paperless statements or Business Banking Online, please contact UBTgo Support at (402) 323-1454 or toll free, (833) 323-1454.
Each Basic Business and Basic Business with Interest account includes 250 free transactions per statement cycle. These transactions include deposited items, withdrawals, electronic debits and checks. If there are more than 250 transactions, a nominal transaction fee is assessed.
Yes, a business debit card is available and encouraged for all business checking accounts. There is no annual or transactions fees and the purchase detail appears on your checking statement.
Yes. Typically, a line of credit is an effective form of overdraft protection for businesses. Visit with a Treasury Management Officer (402-323-1557) for more details.
Employers assume a level of risk similar to that the employee takes under the use-it-or-lose-it rule. Potential forfeitures offset the risk of early termination losses for many employers. Flexible plan design options allow you to limit your risk.
No. The Uniform Coverage Rule does not allow employers to charge an employee for the balance of an FSA if he or she terminates mid-year. The rule indicates that the maximum amount of reimbursement from a Health Care FSA must be available at all times during the coverage period. The uniform coverage rules prohibit an employer from designing a plan that ties the maximum amount of reimbursement at any time to the amount the employee has contributed. Similarly, the employee contribution payment schedule for the required amount for coverage under a Health Care FSA may not be based on the rate or amount of covered claims incurred during the coverage period. Employee salary reduction payments must not be accelerated based on the employee’s incurred claims and reimbursements.
Employers can either use leftover funds to apply to administrative costs incurred during the plan year or adopt a Carryover option, Grace Period Extension, or Run-out Period in the Plan document.
Medical expenses of a domestic partner who is a tax dependent of the employee are eligible for tax-free reimbursement from the employee’s health FSA. Medical expenses for a domestic partner who is not the employee’s tax dependent are not eligible for tax-free reimbursement from the employee’s health FSA, even if the employer offers domestic partner health insurance benefits.
Yes. Based on requirements set by the Internal Revenue Service (IRS) Section 125 Cafeteria, flexible spending accounts cannot discriminate in favor of highly compensated or key employees. To ensure that employers are in compliance with these rules, nondiscrimination testing is required annually.
No. According to IRS guidelines, anyone with two percent or more ownership in a schedule S corporation, LLC, LLP, PC, sole proprietorship, or partnership may not participate. C-corporation owners and their families are eligible to participate in FSA plans because they are considered to be W-2 common law employees.
Healthcare FSAs are governed by Internal Revenue Code Section 125 when offered through a cafeteria plan. If the healthcare FSA isn’t offered through a cafeteria plan it’s subject to Internal Revenue Code Section 105. Usually they’re subject to ERISA, COBRA and HIPAA laws.
Yes. An FSA plan can be offered alongside any medical or dental plan. However, according to IRS regulations, if employees contribute to an HSA, they can only enroll in a limited-purpose FSA.
With a healthcare FSA, your employees can pay for eligible healthcare expenses on a pre-tax basis, which reduces the amount paid for federal income tax, FICA tax and, as applicable, their state income taxes. Healthcare FSAs cover an extensive list of eligible, reimbursable expenses, as defined by IRS Code Section 213(d).
Dependent Care FSA Dependent care FSAs (DCAs) gives your employees the ability to pay for work related dependent care expenses with pretax dollars, which allows them to save on federal income tax, FICA tax and, as applicable, their state income taxes. DCAs may provide your employees more tax advantages than the federal income tax credit.
Limited-Purpose FSA If you offer an HSA-compatible high-deductible health plan paired with a health savings account (HSA), you may offer only a limited purpose FSA to those employees that have an HSA. The limited-purpose FSA is designed to complement the HSA and may be established to pay for eligible vision and dental expenses. Medical expenses are not permitted, because the tax-favored HSA is used to fund those costs.
A flexible spending account (FSA) is a benefit you sponsor for your employees. A flexible spending account lets your employees set aside pre-tax dollars to pay for eligible expenses like healthcare and/or dependent care, depending on plan type.
Owners and officers with greater than two-percent share of a Subchapter S corporation, or partners in a partnership or LLC, cannot make pre-tax contributions to their HSAs by salary reduction. Any contributions made to their HSAs by the company are taxable as income. However, they can make their own personal contributions to their HSAs and claim the contributed amount as a deduction on their personal income taxes.
No. You do not own your employees’ HSAs, nor are you responsible for how the funds are managed by the employee. The employee fully owns the contributions to the account as soon as they are deposited, just as with a personal checking or savings account to which you would deposit their compensation.
Employees contributing to an HSA through a cafeteria plan may adjust their contributions at any time, as long as the change only affects future contributions.
No, the employer is not responsible for substantiating the employee’s HSA expenses. The individual account holder is responsible for determining that their account funds are being properly used and would be required to provide supporting evidence on the use of their funds if requested under IRS audit.
Yes. But only a limited-purpose FSA so as not to duplicate the coverage provided by the HSA. The limited-purpose FSA is designed to complement the HSA and may be established to pay for eligible vision and dental expenses. The FSA is not permitted to cover medical expenses because the tax-favored HSA is used to fund those costs.
Yes. Employers may make pre-tax contributions to their employee’s HSAs with or without a section 125 plan. If an employer is making contributions without a Section 125 plan, the employer is required to make comparable HSA contributions for all eligible employees with the same category of coverage. Employers often utilize a Section 125 plan to avoid the comparability rules on their HSA contributions. Employer HSA contributions through a Section 125 plan are not subject to the comparability rules, but rather to Section 125 nondiscrimination rules regarding eligibility, contributions and benefits tests, and key employee concentration tests. Nondiscrimination rules restrict employers from making contributions excessively in favor of highly compensated employees. Employers typically use a section 125 plan to offer matching contributions to their employees and to save payroll taxes (7.65%) on all employee contributions.
The tax treatment of employer HSA contributions depends on how the business is incorporated. For sole proprietors, partnerships, and S-corporations, contributions to a partner’s HSA will be treated as a distribution to the partner and included in the partner’s income and may be deductible by the partner but not by the business (see IRS Notice 2005-8 for treatment of HSA contributions in exchange for guaranteed payments of services rendered for partners and two percent shareholder employees of S-corporations). For larger corporations, employer contributions are treated as employer-provided coverage for medical expenses under an accident or health plan.
Yes. An employer may fully fund the employee’s HSA at the beginning of the year, however HSAs belong to the individual and not the employer and the employer has no further control over the accounts after they have been funded. As a result, many employers elect to fund employee’s HSAs periodically throughout the year.
No. Employers are under no obligation to make any contributions to their employees’ HSAs. Many employers find that contributing to employees’ HSA accounts may help improve adoption of HDHPs and HSAs, especially if they are transitioning from a more traditional type of health coverage.
Employee contributions to an HSA can be made by payroll deductions or personal deposits. When an employee makes contributions through a payroll deduction and is ran through a Section 125 plan (also called a salary reduction or cafeteria plan) these dollar are pre-tax, including social security tax. If employees make personal deposits into their HSA it is on a post tax basis. The amount can be deducted from their taxable income but they will not recover the social security tax.
Yes. High-deductible health plan premiums are much lower than the typical HMO and PPO premiums. Many businesses are finding these health plans affordable for their companies and their employees.
An HDHP is a health insurance plan that offers higher deductibles and lower premiums than a traditional health insurance plan. With an HDHP, the annual deductible must be met before plan benefits are paid for services. In order for an HDHP to be paired with a Health Savings Account, it must meet the following requirements.
IRS Guidelines for a qualified HDHP:
Year
Annual Deductible
Out-of-Pocket Expenses
2019
At least $1,350 for individual coverage and $2,700 for family coverage
Not exceeding $6,750 for individual coverage and $13,500 for family coverage
2020
At least $1,400 for individual coverage and $2,800 for family coverage
Not exceeding $6,900 for individual coverage and $13,800 for family coverage
If an employee meets all the criteria listed below, they are eligible to open and contribute to an HSA:
Are covered by a qualified high-deductible health plan (QHDHP) on the first day of a given month;
Are not covered by another health care plan, such as a health plan sponsored by your spouse’s employer;
Are not enrolled in Medicare, Medicaid or TriCare;
Have not received VA benefits at any time during the preceding three months. However, if you are a veteran with a service-connected disability, this exclusion does not apply;
Are not claimed as a dependent on another individual's tax return;
*Other exceptions & restrictions may apply. Please consult a tax or legal professional to discuss your personal circumstances.
A Health Savings Account (HSA) is a tax-advantaged benefit account that allows you to save and pay for qualified medical expenses.
Unused HSA dollars roll over from year to year, making HSAs a convenient and easy way to save and invest for future medical expenses. Employee’s own their HSA at all times and can take it with them when they change medical plans, change jobs or retire.
Yes. High-deductible health plan premiums are much lower than the typical HMO and PPO premiums. Many businesses are finding these health plans affordable for their companies and their employees.
Employee contributions to an HSA can be made by payroll deductions or personal deposits. When an employee makes contributions through a payroll deduction and is ran through a Section 125 plan (also called a salary reduction or cafeteria plan) these dollar are pre-tax, including social security tax. If employees make personal deposits into their HSA it is on a post tax basis. The amount can be deducted from their taxable income but they will not recover the social security tax.
To assist our customers living abroad or with family members who live outside of the United States, we have an International Wire SWIFT Code. Use the information below to send a wire to a Union Bank & Trust account:
Receiving Bank: Union Bank & Trust Co.
SWIFT Code: UNTUUS42
Beneficiary: Union Bank & Trust Co. Account Name
Address: Union Bank & Trust Co. Account Address
Account Number: Union Bank & Trust Co. Account Number
You will owe money when your loan is due if you use the loan amount for anything other than payroll costs, mortgage interest, rent, and utilities payments over the 8 weeks after getting the loan. Due to likely high subscription, it is anticipated that not more than 25% of the forgiven amount may be for non-payroll costs. Please reference our guide to forgiveness.
You will also owe money if you do not maintain your staff and payroll.
Number of Staff: Your loan forgiveness will be reduced if you decrease your full-time employee headcount.
Level of Payroll: Your loan forgiveness will also be reduced if you decrease salaries and wages by more than 25% for any employee that made less than $100,000 annualized in 2019.
Re-Hiring: You have until June 30, 2020 to restore your full-time employment and salary levels for any changes made between February 15, 2020 and April 26, 2020.
You can submit a request to the lender that is servicing the loan including a completed Loan Forgiveness Application. The request will include documents that verify the number of full-time equivalent employees and pay rates, as well as the payments on eligible mortgage, lease, and utility obligations. You must certify that the documents are true and that you used the forgiveness amount to keep employees and make eligible mortgage interest, rent, and utility payments. The lender must make a decision on the forgiveness within 60 days.
These loans have a fixed rate of 1.00% for 2 years. All payments are deferred for 6 months; however, interest will continue to accrue over this period. There are no prepayment penalties or fees for paying your loan early.
No. There is no personal guarantee requirement. ***However, if the proceeds are used for fraudulent purposes, the U.S. government will pursue criminal charges against you.***
