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
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.
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…
IRS and DOL Provide Deadline Relief
On April 28, 2020, the U.S. Department of Labor (DOL) and Internal Revenue Service (IRS) issued a joint rule titled Extension of Certain Timeframes for Employee Benefit Plans, Participants, and Beneficiaries Affected by the COVID-19 Outbreak. The rule is in response...
Coronavirus Aid, Relief, and Economic Security (CARES) Act Impact on Benefits
The U.S. government continues to develop and enact legislation to aid employers and individuals in light of COVID-19. Today, President Trump signed the Coronavirus Aid, Relief, and Economic…