Regulatory News

IRS Announces 2022 Employee Benefit Plan Limits

Posted on: 11/22/2021 10:00 AM

The IRS and the Social Security Administration recently announced the cost-of-living adjustments to the applicable dollar limits on various employer-sponsored retirement and welfare plans and the Social Security wage base for 2022. The table below compares the applicable dollar limits for certain employee benefit programs and the Social Security wage base for 2021 and 2022.* Please note that Lifetime Benefit Solutions will automatically increase the Health FSA maximum salary reduction limit for… Read More

American Rescue Plan Act of 2021: AEI 2021 Premium Assistance Credit Report is Now Available

Posted on: 7/26/2021 2:30 PM

Reporting is now available for employer groups that need to file for a tax credit against their share of the Medicare payroll taxes for the subsidized premium amounts paid for any Assistance Eligible Individual (AEI) from April 1, 2021 to September 30, 2021. If you have access to the Employer Portal, please see the step-by-step directions on how to generate and download the report. For those without access to the Employer Portal, if you have not received your report before filing, please reach… Read More

IRS Notice 2021-31: Premium Assistance for COBRA Benefits

Posted on: 5/19/2021 1:40 PM

On May 18, 2021, the IRS released additional guidance for the COBRA Premium Assistance (Subsidy) under the American Rescue Plan.  The guidance included additional clarification around eligibility requirements, employer tax credits and Federal and State continuation provisions.… Read More

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

Posted on: 4/2/2021 10:00 AM

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

Relief Provided for Flexible Spending Account Plans in Stimulus Bill

Posted on: 1/5/2021 9:00 AM

On December 27, 2020, the President signed the Consolidated Appropriations Act for 2021. This new law provides relief options related to Flexible Spending Accounts (FSAs). As an Employer, you can choose to adopt any of these provisions or to keep your plan the same.… Read More

2021 Medical FSA and Transportation Benefits Contribution Limits

Posted on: 11/3/2020 11:13 AM

The IRS has announced that there will be no changes to the contribution limits for Medical Flexible Spending Accounts (FSA) and Transportation Benefits (QTB) for 2021.… Read More

Option to increase FSA carryover in 2020 to $550

Posted on: 10/12/2020 12:30 PM

Earlier this year, the IRS released Notice 2020-33 which allows for greater flexibility for unused funds in a Flexible Spending Account (FSA) for the 2020 plan year. Employers have the option to increase their annual FSA carryover from $500 to $550 for the end of the 2020 plan year.… Read More

IRS Releases 2020 Cost-of-Living Adjustments

Posted on: 11/7/2019 11:19 AM

The IRS has released the 2020 cost-of-living adjustments (COLAs) for a wide variety of tax-related limits, including limits relating to health FSAs, qualified transportation fringe benefits, qualified small employer health reimbursement arrangements (QSEHRAs), adoption assistance, DCAPs, the small business health care tax credit, the premium tax credit, and Archer MSAs… Read More