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

November 10, 2021

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