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 updates FOR YOUR INBOX

IRS HSA Limits For 2022

The IRS announced the new limits for Health Savings Accounts (HSAs) are going up $50 for individual coverage and $100 for family coverage, bringing them to $3,650 and $7,300, respectively. The catch-up contribution limit for those over age 55 will remain $1,000. Each of these updates are set forth below: IRS also announced the Expected Benefit HRAs […]

May 12, 2021

IRS Update, News & Updates, Uncategorized

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IRS Update: PPE Expenses and Tax-Filing Extension Date

Personal Protective Equipment Eligible Medical Expense The IRS has announced that Personal Protective Equipment (PPE) such as masks, hand sanitizer and sanitizing wipes, used for the primary purpose of preventing the spread of the Coronavirus Disease 2019 (COVID-19 PPE) are considered as a medical care expense under section 213(d) of the Internal Revenue Code.  This change is […]

April 7, 2021

IRS Update, News & Updates, Uncategorized

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American Rescue Plan Act of 2021

On March 11, 2021, the American Rescue Plan Act of 2021 (ARPA) was signed by President Biden. ARPA is a $1.9 trillion economic stimulus package proposed by Biden to speed up the United States’ recovery from the economic and health effects of the COVID-19 pandemic.  ARPA includes provisions for COBRA and Dependent Care Flexible Spending […]

March 26, 2021

IRS Update, News & Updates, Uncategorized

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Consolidated Appropriations Act, 2021. What You Need to Know About the New COVID Relief Bill.

Sunday December 27th, 2020 President Trump signed the Consolidated Appropriations Act, 2021 (CAA) into law. The CAA includes $900 billion of COVID relief measures. Highlighted below are sections of the bill that affect health and welfare plans – as well as next steps needing to be taken. If you choose to put any of these […]

January 8, 2021

IRS Update, News & Updates

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IRS Updates Limits for 2021

The IRS Released Revenue Procedure 2020-45 late last night announcing the limits for 2021. Most limits for tax-advantaged accounts remained the same for the upcoming year. The HSA Limits and HDHP Limits were announced earlier this year in Revenue Procedure 2020-32. Each updates are set forth below: 2021 2020 HealthCare FSA $2,750 $2,750 Dependent Care […]

October 27, 2020

IRS Update

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