Employers Reporting 2021 FFCRA Leave

On September 7th, 2021, the IRS issued Notice 2021-53 which provided guidance for employers on how to report sick and family leave wages for leave taken under the Families First Coronavirus Relief Act (FFCRA). Employers who claim tax credits for leave wages under relevant legislation need to report qualified 2021 …

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 …

IRS Extends Forms 5500 Deadline

On April 9, 2020, the Internal Revenue Service (IRS) extended key tax deadlines for individuals and businesses in response to the ongoing COVID-19 pandemic. The new tax relief gives the IRS authority to postpone deadlines for taxpayers affected by federally declared disasters. Form 5500 – Automatic Deadline Extension Notice 2020-23 …

CMS & IRS Take Action

CMS Issues FAQ’s on Essential Health Benefit Coverage & the Coronavirus To remove barriers and financial disincentives to COVID-19 diagnosis and treatment, the Centers for Medicare & Medicaid Services (CMS) recently issued frequently asked questions (FAQ’s) on essential health benefit (EHB) coverage. EHB is a core set of items and …