Regulatory News

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
2022 Limits for Health Saving Accounts and High-Deductible Health Plans

Posted on: 5/21/2021 10:00 AM

On May 10, 2021, the Internal Revenue Service (IRS) announced (see Revenue Procedure 2021-25) cost-of-living adjustments to the applicable dollar limits for health savings accounts (HSAs) and high-deductible health plans (HDHPs). The amounts for 2022 are as follows: Annual limitation on deductions to an HSA: Self-Only coverage is $3,650, which increased $50 from 2021 Annual limitation on deductions to an HSA: Family coverage is $7,300, which increased $100 from 2021 HDHP – Self-Only coverage … 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