Nowhere to spend child care FSA funds
In IR-2024-65 (the “IR”), the IRS warns taxpayers that some companies are misrepresenting the circumstances under which food and wellness expenses can be paid or reimbursed under health flexible spending arrangements (“health...more
The IRS has announced increased annual limits for retirement and other benefit plans for 2024. While the increases for 2024 are smaller than we’ve seen in prior years, they still may have a significant impact on plans and...more
On March 17, 2023, the Internal Revenue Service (IRS) issued new frequently asked questions (FAQs) addressing whether certain costs related to nutrition, wellness, and general health are medical expenses under Sec. 213 of the...more
The IRS responded to rising inflation with its recent announcement regarding the limitations applicable to retirement and other benefit plans for 2023. Many limits will have significant increases compared to previous years,...more
The Patient-Centered Outcomes Research Institute (“PCORI”) is an independent nonprofit research organization that funds comparative clinical research, among other things. PCORI is funded through annual fees — provided for in...more
In the first article of this Health FSA series, we covered how to determine if an employer’s Health FSA is discriminatory. In the second and final article of this series, we’ll cover what employers should consider if their...more
The IRS and Social Security Administration have announced cost-of-living increases for retirement plans and other employee benefit plans for 2022....more
On March 26, 2021, in Announcement 2021-7, the IRS notified taxpayers that amounts paid for personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread...more
As noted in our prior blog posts here and here, the Consolidated Appropriations Act of 2021 (the “Act”) includes several types of relief for flexible spending accounts (“FSAs”), impacting both health and dependent care FSAs. ...more
As noted in our prior blog posts here and here, Section 214 of the Consolidated Appropriations Act of 2021 (“Act”) permits employers to amend their flexible spending account (FSA) plans to help participants avoid forfeiting...more
In this legal update, our employee benefits attorneys cover three recent health and welfare plan developments....more
Section 214 of the Consolidated Appropriations Act, 2021 (CAA) provides a substantial amount of flexibility for the operation of health and dependent care Flexible Spending Accounts (FSAs). The CAA did, however, leave many...more
The Consolidated Appropriations Act, 2021 (Act) provides certain COVID-19-related relief, including temporary additional flexibility regarding flexible spending accounts (FSAs). Employers have several practical considerations...more
This chronology traces the major ongoing relief provided by legislation, regulatory action, and other agency guidance to assist ERISA plan participants, fiduciaries, and sponsors during the ongoing COVID-19 pandemic through...more
There has been a recent flurry of regulatory guidance issued affecting employee benefit plans. Most of the guidance addresses challenges specifically created by the COVID-19 pandemic, while other guidance is applicable...more
In response to the COVID-19 crisis, Congress and the IRS have provided more flexibility and expanded opportunities for employees to utilize health flexible spending arrangements and to adjust cafeteria plan elections. ...more
Many employers have sought to leverage or make changes to their employer-sponsored benefits to address economic and health-related burdens faced by their employees during the COVID-19 pandemic. Until now, however, employers...more
On May 12, 2020, the Internal Revenue Service (IRS) issued Notice 2020-33 (the Notice), which increases the maximum health flexible spending account (FSA) carryover limit. The Notice also addresses a gap in existing guidance...more
Since the start of the COVID-19 pandemic, we have gotten daily calls and emails from our clients asking how furloughs, layoffs, the CARES Act, and a host of other pandemic-related changes affect the benefit plans that they...more
As the COVID-19 global pandemic continues to impact employers, the IRS has been looking for ways to provide some additional flexibility to employer-sponsored benefit plans. In the past week, the IRS released two notices aimed...more
In response to the Coronavirus (COVID-19) outbreak, on May 12, 2020, the Internal Revenue Service (IRS) issued Code Section 125 (cafeteria plan) guidance (see IRS Notice 2020-29 and Notice 2020-33) that allows employers to...more
In response to the 2019 novel coronavirus outbreak (COVID-19), earlier this week the IRS issued two notices allowing certain changes to cafeteria plans. Notice 2020-33 increases the limit on unused amounts remaining at the...more
The Internal Revenue Service and Social Security Administration have announced the various retirement plan benefit and employment tax limits for 2018. In many cases, including in regard to 401(k) deferrals, the limitations...more
The blood remaining in the umbilical cord after childbirth contains stems cells which may be used in a variety of medical treatments. Many parents of newborns are seeking to save this “cord blood”, either with the hopes of...more
On December 16, 2015, the IRS issued Notice 2015-87 (the "Notice"), which provides "question-and-answer" guidance regarding how various Affordable Care Act (the "ACA") provisions apply to employer-provided group health plans....more