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Corporate COVID-19 News

  • IRS Allows for Reimbursement of PPE from Health FSAs, HRAs and HSAs

    On Friday March 26, 2021 the IRS announced that personal protective equipment (PPE) that is purchased for the primary purpose of preventing the spread of COVID-19 is now treated as an eligible medical expense under Section 213(d) of the IRS code. PPE includes masks, hand sanitizer and sanitizing wipes.… Read More

  • Mini-COBRA Timeframe Extension Information

    The recent Department of Labor (DOL) regulation requiring COBRA timeframe extensions DOES NOT apply to mini-COBRA groups. COBRA regulations state that an employer qualifies as mini-COBRA if they employ fewer than 20 employees on at least 50 percent of the employer’s “typical business days” in the prior year.… Read More

  • Expansion of Mid-Year Election Changes to §125 Cafeteria Plans

    The IRS recently issued Notice 2020-29, in response to the COVID-19 pandemic. The notice offers employers greater flexibility with respect to mid-year election changes under a Section 125 cafeteria plan, including an election under a health flexible spending account, a limited purpose health flexible spending account (collectively referred to as “Health FSA”) and dependent care flexible spending account (“Dependent Care FSA”).… Read More

  • Regulatory Updates: FSA and HRA Extensions due to COVID-19

    Reimbursement Account deadlines to file reimbursement claims for Flexible Spending Accounts and Health Reimbursement Accounts will be extended to 60 days after the COVID-19 National Emergency has been lifted. The changes apply to any plan that had a final filing date on or after 3/1/2020.… Read More

  • LBS is Monitoring COVID-19 Developments (Updated 05/18/2020)

    LBS is monitoring developments involving novel coronavirus disease 2019 (COVID-19) and what it means for those we serve. The coronavirus COVID-19 pandemic is disrupting life for everyone as our communities battle this potentially deadly virus. The number of confirmed coronavirus cases continues to grow in New York state and across the country.… Read More

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