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Archive for 2021

IRS Extends ACA Reporting Deadline for Furnishing Statements for 2021 for 30 days

 November 24, 2021   In proposed regulations released on November 22, 2021, the IRS permanently and automatically extends the deadline for 30 days from January 31, 2022 each year for employers and insurers to furnish individual statements on health coverage and full-time employee status (Forms 1095-B and 1095-C). This new requirement applies to the 2021 reporting (March 2, 2022).   The proposed regulations do not extend the good-faith penalty relief to 2021 for incorrect or incomplete reports due in 2022.   In the proposed regulations, the IRS did not extend the due date for filing the 1094 and 1095 forms… Read More

IRS Releases 2022 Cost of Living Adjustments for Certain Tax Provisions

Today, the IRS released IRS Revenue Procedure 2021-45 which provides the 2022 cost-of-living increases for inflation for certain items. In addition, on November 4, 2021, the IRS released Notice 2021-61 which provided the 2022 COLA increases for retirement plans, including 401(k) plans.   Taxable Years Beginning in 2022 Taxable Years Beginning in 2021 Limit on voluntary employee salary reduction contributions to a health flexible spending arrangement (Section 3.16 of Rev. Proc. 2021-45) $2,850 $2,750 Maximum carryover amount of unused FSA amounts (Section 3.16 of Rev. Proc.2021-45 $570 $550 Monthly limit on fringe benefit exclusion for transit and parking (Section 3.17 of Rev…. Read More

Agencies Release FAQs on Issues Surrounding Receiving COVID Vaccinations

October 4, 2021     Today, the Departments of Labor, Health and Human Services (HHS), and the Treasury released Frequently Asked Questions (FAQs) regarding implementation of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act), the Health Insurance Portability and Accountability Act of 1996 (HIPAA) and the Affordable Care Act.    These FAQs provide guidance of how receiving COVID-19 vaccinations for eligibility HIPAA nondiscrimination, premium discounts under HIPAA wellness program purposes and for determining affordability of coverage with respect to the employer mandate. The important FAQs are provided below:   Q3: May a group health plan (or health insurance issuer… Read More

Agencies Release FAQs About ACA and CAA, 2021 Implementation

August 21, 2021 On Saturday afternoon, the Departments of Labor, Health and Human Services (HHS), and the Treasury (collectively, the Departments) issued twelve (12) Frequently Asked Questions (FAQs) regarding implementation of certain provisions of the Affordable Care Act (ACA) and certain provisions of title I (the No Surprises Act) and title II (Transparency) of Division BB of the Consolidated Appropriations Act, 2021 (the CAA). These 12 Q&As address: Transparency in Coverage Machine-Readable Files Price Comparison Tools Transparency in Plan or Insurance Identification Cards Good Faith Estimate Advanced Explanation of Benefits Prohibition on Gag Clauses on Price and Quality Data Protecting… Read More

IRS Guidance on COBRA Premium Subsidy

Late Tuesday afternoon, the IRS released the eagerly anticipated guidance regarding the COBRA premium assistance provisions of the American Rescue Plan Act of 2021. This Notice 2021-31 contains 86 questions and answers. Among the issues discussed, this Notice addresses who is eligible for this COBRA premium assistance and what constitutes a reduction in hours of employment or an involuntary termination of employment that makes an individual eligible for the COBRA premium assistance. The Notice addresses what coverage is eligible for the premium assistance, the period of time that the premium assistance is available, and the extended election period for COBRA coverage…. Read More