On Monday, 05/10/2021, the IRS released a notice that impacts recent Dependent Care flexible spending account (FSA) relief. It’s important to review recent legislation when considering this announcement.
EBC Insights
IRS Announces HSA Limits for 2022
The Internal Revenue Service (IRS) has released Revenue Procedure 2021-25 that provides the health savings accounts (HSA) limits and excepted benefit health reimbursement arrangements (EBHRA) for 2022. The 2022 amounts for HSAs as compared…
Reminders for Filing Individual 2020 Tax Returns
On March 17, 2021, the Treasury Department and Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year is automatically extended from April…
IRS Announces PPE Is a Qualified Medical Expense
The Internal Revenue Service (IRS) released Announcement 2021-7 on March 26, 2021. It states that amounts paid for personal protective equipment (PPE) for the primary purpose of preventing the…
DOL Releases Guidance on Deadline Extension
On February 26, 2021, the Department of Labor (DOL) released guidance on the duration of deadline extensions provided under a joint rule issued with the Internal Revenue Service (IRS) in April of 2020.
Reminder: Medicare Part D Disclosure
Each year, entities providing prescription drug coverage to Medicare Part D eligible individuals must disclose to Centers for Medicare and Medicaid Services (CMS) whether the coverage is creditable prescription drug coverage. Creditable coverage means that the...
DOL Announces 2021 Annual Inflation Adjustments for Noncompliance
The Department of Labor (DOL) announced 2021 annual inflation adjustments to the civil monetary penalties for various violations pertaining to health and welfare benefit plans as well as pension…
Don’t Forget to Distribute Required Notices this Open Enrollment
With open enrollment fast-approaching for many employers, it is a good time to review what employer notices and materials are required for distribution at open enrollment, as well as other times throughout…
COBRA Continuation and Disability
The COBRA continuation coverage may be extended if an individual is deemed disabled by the Social Security Administration (SSA) and the individual meets certain requirements. This allows a qualified beneficiary to remain covered under COBRA until they become…
COBRA Continuation and Medicare
The relationship between COBRA continuation and Medicare can often cause confusion. At times Medicare entitlement (enrollment) can trigger a need to offer COBRA, but at other times it can trigger a termination of COBRA coverage. We hope to provide…