IRS Issues Additional Guidance on the Tax Treatment of Dependent Care Benefits
With the optional increased annual limit ($10,500) for 2021 DCAP plan years, questions remained about how to administer the increased annual limits. Notice 2021-26 clarifies that (1) if DCAP benefits would have been excludable if used in a prior tax year, they remain excludable in 2021 and 2022, as applicable; and (2) carried over amounts and amounts subject to an extended claims period will not be considered when applying the annual DCAP maximum contribution limits for a subsequent plan year.
Click Here To find out moreEverybody in the employee benefits field uses acronyms like ALE, MLR, and ACA, but what do these and other employee benefits acronyms stand for?
04/14/2023
Everybody in the employee benefits field uses acronyms like ADA, MSP, and PHI, but what do these and other employee benefits acronyms stand for?
04/14/2023
Everyone in the employee benefits field uses acronyms like CDHC, EAP, and VEBA, but what do they stand for?
04/14/2023
The IRS has issued FAQs that explain when certain costs related to nutrition, wellness, and general health are medical expenses under Code § 213.
04/14/2023
A new wrinkle recently added a potential complication to calculating these deadlines.
04/14/2023