PCORI Fee Amount Adjusted for 2021

The Affordable Care Act (ACA) imposes a fee on health insurance issuers and plan sponsors of self-insured health plans to help fund the Patient-Centered Outcomes Research Institute (PCORI). The PCORI fee was originally scheduled to expire for plan or policy years ending on or after October 1, 2019. However, a …

2021 Transportation Benefit Limits Remain Unchanged

The Internal Revenue Service (IRS) has released Revenue Procedure 2020-45, which includes cost-of-living adjustments for employee qualified transportation fringe benefits for the 2021 taxable year. The combined 2021 monthly limit for transportation in a commuter highway vehicle and a transit pass remains unchanged at $270. For qualified parking, the monthly limit …

Health FSA Limit Will Remain the Same for 2021

The Affordable Care Act (ACA) imposes a dollar limit on employees’ salary reduction contributions to health flexible spending accounts, or FSAs, offered under cafeteria plans. For 2020, the health FSA limit on employees’ pre-tax contributions increased by $50 — from $2,700 to $2,750. On October 27, 2020, the Internal Revenue …

Transition Relief for 2020 ACA Reporting

Last Friday, the Internal Revenue Service (IRS) issued Notice 2020-76 to: Extend the due date for furnishing 2020 forms under Section 6055 and 6056 from February 1, 2021 to March 2, 2021; Provide a final extension of good-faith transition relief from penalties related to 2020 information reporting under Sections 6055 …