IRS Extends Time to Make IRA, HSA Contributions and File Forms 1040

On March 29, 2021, the Internal Revenue Service issued Notice 2021-21, which extends tax deadlines for filing Form 1040 series returns and other deadlines to May 17, 2021. The Notice, issued as a result of the ongoing COVID-19 pandemic, follows a prior IRS extension (also to May 17, 2021) of the federal income tax filing…
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Amounts Paid for Certain Personal Protective Equipment Treated as Medical Expenses Announcement

Announcement 2021-7 notifies taxpayers that amounts paid for personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of the Coronavirus Disease 2019 (COVID-19 PPE) are treated as amounts paid for medical care under § 213(d) of the Internal Revenue Code. Therefore, amounts paid by an…
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American Rescue Plan

The American Rescue Plan Act of 2021

On Wednesday, March 10, 2021, Congress approved the American Rescue Plan Act of 2021 and it was signed into law on March 11th, but what does that mean for COBRA coverage and Dependent Care FSAs? We’ve gathered some key points to help break it down. COBRA Continuation Coverage Subsidizes 100% of premiums for eligible state…
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