Category: Industry Insights
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Dependent Care Limit Increase and Run-Out Deadline Reminder
On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (ARPA). The legislation goes into effect April 1, 2021 and contains provisions for an increase to the annual Dependent Care FSA contribution limit for 2021.
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CAA 2021 Updates for Cafeteria Plans
On December 27, President Trump signed the Consolidated Appropriations Act, 2021(CAA), which includes $900 billion of COVID relief measures. Below we highlight the legislation included in this bill that affects Cafeteria Plans.
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IRS Releases 2016 Salary Reduction Limit for Health FSAs
On October 21, 2015 the IRS announced that the dollar limit on employee salary reduciton contributions to Health FSAs will remain at $2,550 for 2016.
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IRS Releases Annual Inflation Adjustments in Revenue Procedure 2014-61
The IRS released the annual inflation adjustments for 2015 yesterday
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IRS Notice Expanding Permitted Election Rules
The IRS issued Notice 2014-55 on September 18, 2014, which expands the permitted election rules for health coverage under a Section 125 cafeteria plan. The notice addresses two specific situations in which a Section 125 cafeteria plan participant is permitted to revoke her/his election during a period of coverage
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FSA Carryover Further Explained (Video)
Watch this explanation of FSA (Flexible Spending Account) carryover options.
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FSA Carryover Further Encourages a Repeal of the OTC Prescription Provision
No matter on which side of the coin you fall regarding the Affordable Care Act, something on which we can probably all agree is that thankfully, we have ECFC to help us advocate to protect the value of tax-advantaged accounts.
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Employer Penalty
During last week’s Fourth of July holiday break, the Obama Administration announced a one-year delay in penalties and reporting requirements that larger employers would have faced beginning next year under the Affordable Care Act (ACA) if they did not offer health coverage to their workers.
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Max Out Your Flexible Spending Account
As we near the end of the year, it’s wise to spend all of your FSA dollars — lest they disappear forever. From medical procedures to prescription drugs, these funds can be used to cover a variety of expenses, so find out what’s covered and don’t leave money sitting in your account.