compliance
June 9, 2021
IRS Draft Form 941 Reflects COBRA Subsidy Tax Credit
The IRS recently released a draft of the revised 2021 version of Form 941, Employer’s Quarterly Federal Tax Return, in order to, in part, reflect the tax credit in connection with the 100% COBRA subsidy under the American Rescue Plan Act (ARP). The COBRA subsidy is required to be provided to ...
June 8, 2021
BCBSA Antitrust Settlement Classes Eligible for Proceeds
June 7, 2021 November 5, 2021 is the deadline for filing a claim in connection with the Blue Cross Blue Shield Association (BCBSA) $2.67 billion settlement reached in October 2020. The class action lawsuit was filed more than eight years ago by subscribers seeking injunctive and compensatory ...
May 27, 2021
IRS Guidance on Reduction in Hours for COBRA Subsidy Eligibility
May 26, 2021 The IRS recently issued IRS Notice 2021-31 in the form of FAQs, which provides extensive guidance on the COBRA subsidy under the American Rescue Plan Act of 2021 (ARP). Previously, the Department of Labor (DOL), in consultation with the Department of Treasury and the IRS, issued ...
May 25, 2021
IRS Guidance on Involuntary Termination for COBRA Subsidy Eligibility
On May 18, 2021, the IRS issued IRS Notice 2021-31 in the form of FAQs, which provides extensive guidance on the COBRA subsidy under the American Rescue Plan Act of 2021 (ARP). Previously, the Department of Labor (DOL), in consultation with the Department of the Treasury and the IRS, issued ...
May 20, 2021
2021 Patient-Centered Outcomes Research Institute (PCORI) Fee
The Patient-Centered Outcomes Research Institute (PCORI) fee deadline is around the corner. In Notice 2020-84, the IRS adjusted the applicable dollar amount to be multiplied by the average number of covered lives for purposes of calculating the fee for policy years and plan years that end on or ...
May 19, 2021
Advance Availability of the Increased Child Tax Credit
The American Rescue Plan Act (ARP) is most notable for the COBRA subsidy but also provides relief for taxpayers with children. The ARP increased the maximum Child Tax Credit (CTC) and also allowed taxpayers to receive an advance of the CTC. For 2021, the CTC is increased to $3,600 for children ...
May 13, 2021
Compliance Recap | April 2021
April was a busy month in the benefits industry, largely due to the temporary 100% COBRA subsidy mandated by the American Plan Rescue Act of 2021 (the ARP). The Departments of Labor, Treasury and Health and Human Services (the Departments) jointly issued FAQs regarding the amendments to the ...
May 13, 2021
IRS Issues Guidance on Taxation of DCAP Carryover Amounts
The IRS recently issued Notice 2021-16 to address the taxation of dependent care benefits, provided through a dependent care assistance program (DCAP) in taxable years ending in 2021 and 2022 due to the application of either the carryover or the extension of a claims period under the Taxpayer ...
May 13, 2021
IRS Issues 2022 HSA and HRA Limits
The IRS issued Revenue Procedure 2021-25 on May 10, 2021, to announce the 2022 inflation adjusted amounts for health savings accounts (HSAs) under Section 223 of the Internal Revenue Code (Code) and the maximum amount that may be made newly available for excepted benefit health reimbursement ...
May 13, 2021
Biden Administration Lowers Costs of the Marketplace Health Plans
The Biden Administration is using its rulemaking authority to lower health care costs for consumers and improve access to health care in connection with health plans sold on the Affordable Care Act’s (ACA) exchanges. Lower cost marketplace plans could serve as a disincentive for employees to ...
