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DOL Releases Model Notices and Guidance for the COBRA Subsidy

April 7, 2021     Today, the IRS released the following:     COBRA Premium Assistance under the American Rescue Plan Act of 2021 FAQs General COBRA FAQs for Workers   Model Notices Model General Notice and COBRA Continuation Coverage Election Notice: MS Word | PDF Model Notice in Connection with Extended Election Period: MS Word | PDF Model Alternative Notice: MS Word | PDF Model Notice of Expiration of Premium Assistance: MS Word | PDF Summary of COBRA Premium Assistance Provisions under the American Rescue Plan Act of 2021: MS Word | PDF  

IRS Treats Face Masks, Hand Sanitizers, and Sanitizing Wipes as Qualified Medical Expenses

The IRS released Announcement 2021-7 that provides that amounts paid for personal protective equipment for the primary purpose of preventing the spread of COVID-19, such as masks, hand sanitizer and sanitizing wipes for use by the taxpayer, the taxpayer’s spouse, or the taxpayer’s dependent(s) are treated as amounts paid for medical care under § 213(d) of the Internal Revenue Code (Code). As such, these amounts can be reimbursed by a health flexible spending arrangement, a health reimbursement arrangement or a health savings account.

IRS Confirms HSA Contribution Due Date as May 17, 2021

Last week the IRS announced that the due date for 2020 tax returns was postponed to May 17, 2021. Today they announced in IR 2021-67 that the due date for 2020 contributions to an HSA is also May 17, 2021. 

DOL Releases EBSA Disaster Relief Notice 2021-01

DOL Releases EBSA Disaster Relief Notice 2021-01 February 26, 2021   On Friday, the Department of Labor released EBSA Disaster Relief Notice 2021-01, which provides guidance on the duration of the COVID-19-related relief provided by the Timeline Extension Rule. The past relief, provided in 2020, continues until sixty (60) days after the announced end of the COVID-19 National Emergency  or such other date announced by the relevant Agency or Agencies in a future notification (the “Outbreak Period”). This notice provides that under Section 518 of ERISA and Section 7508A(b) of the Code, the disregarded period for individual actions “required or permitted” is expressly limited… Read More

IRS Releases 2021 Cost of Living Adjustments for Certain Tax Provisions

Yesterday, the IRS released IRS Revenue Procedure 2020-45 which provides the 2021 cost-of-living increases for inflation for certain items. In addition, the IRS also released today Notice 2020-79 which provided the 2021 COLA increases for retirement plans, including 401(k) plans.     Taxable Years Beginning in 2021 Taxable Years Beginning in 2020 Limit on voluntary employee salary reduction contributions to a health flexible spending arrangement (Section 3.17 of Rev. Proc. 2020-45) $2,750 $2,750 Monthly limit on fringe benefit exclusion for transit and parking (Section 3.18 of Rev. Proc. 2020-45) $270 $270 Maximum exclusion for qualified adoption expenses furnished pursuant to an adoption assistance… Read More