by Editorial Staff | Mar 29, 2021 | Employee benefit plans, IRS
The Internal Revenue Service (IRS) recently announced that it considers personal protective equipment (PPE) purchases as qualified medical expenses. Namely, examples of PPE include masks, hand sanitizer, and sanitizing wipes. These items are medical care under Section...
by Editorial Staff | Mar 23, 2021 | Coronavirus (COVID-19), IRS
On March 18th, 2021, the Internal Revenue Service (IRS) updated information on its Employee Retention Credit (ERC). The ERC issues a refundable tax credit to eligible employers who have retained employees during the COVID-19 pandemic. Earlier this year, the IRS...
by Editorial Staff | Feb 26, 2021 | Association Health Plans, Coronavirus (COVID-19), IRS
On February 18th, 2021, the Internal Revenue Service (IRS) released a new notice covering health and dependent care assistance programs. Under this notice, employee benefit plans offering health flexible spending arrangements (FSAs) or dependent care assistance...
by Editorial Staff | Dec 18, 2020 | Coronavirus (COVID-19), DOL, HHS, IRS, Vaccinations
In late October, the Trump Administration released an interim final rule (IFR) regarding employer health plan coverage of COVID-19 vaccines. In summary, the IFR provides rules from multiple federal agencies, including the Internal Revenue Service (IRS), Department...
by Editorial Staff | Nov 23, 2020 | Coronavirus (COVID-19), Familes First Coronavirus Response Act (FFCRA), IRS, Paycheck Protection Program, Uncategorized
On November 18th, 2020, the Internal Revenue Service (IRS) issued additional guidance on Paycheck Protection Program (PPP) loans. Created in conjunction with the Treasury Department (Treasury), the guidance addresses the tax treatment of PPP expenses. More...
by Editorial Staff | Nov 5, 2020 | Affordable Care Act, IRS
On October 26th, 2020, the Internal Revenue Service (IRS) announced specific cost-of-living adjustments for tax year 2021 contributions. This blog post covers the adjustments that affect dollar contribution limitations for pension plans and other retirement-related...