Compliance ✔- New IRS FAQs on ARPA Tax Credits for Paid Sick and Family Leave
The IRS released new FAQs in June about tax credits for eligible employers who voluntarily provide paid employee leave under the Families First Coronavirus Response Act (FFCRA). The previous-required FFCRA paid sick and family leave expired Dec. 31, 2020, but...
Compliance ✔- 2021 PCORI Fee and Form 720 (Q2)
The Affordable Care Act (ACA) imposes a fee on health insurance issuers and self-insured plan sponsors in order to fund comparative effectiveness research. These fees are widely known as Patient-Centered Outcomes Research Institute (PCORI) fees. Employers who sponsor...
Compliance ✔- ARPA COBRA Subsidy (Premium Assistance)
The IRS issued Notice 2021-31 to give instructions and clarification on the COBRA subsidy (“premium assistance”) under the American Rescue Plan Act (ARPA). The subsidies are funded through a payroll tax credit and cover an individual’s cost of COBRA...
Compliance ✔- Taxability of Dependent Care Carryover
The IRS issued Notice 2021-26 to address the tax treatment of dependent care benefits provided through a Section 125 Cafeteria Plan for tax years ending in 2021 and 2022. The IRS clarified that amounts attributable to carryover and extended grace period relief for a...