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Benefits

What changes are allowed to DCAP and Health FSAs due to COVID?

There are several recent changes that allow benefits-related relief provisions, including important changes to the rules governing dependent care assistance plans (DCAP) and health flexible spending accounts (FSA), with possible changes affecting plan years 2020, 2021, and 2022. Below is a summary of these important changes that will provide significant relief for DCAP and health FSAs participants if adopted by plan sponsors. Temporary Relaxed Carryover Rules for DCAP and Health FSAs:  The relief bill allows employers to permit participants to carry over all unused funds from 2020 DCAP and health FSA plan year accounts to 2021 plan year accounts. The

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Compensation

FFCRA Info – Employee with COVID

The Families First Coronavirus Response Act (FFCRA or Act) requires certain employers to provide their employees with paid sick leave or expanded family and medical leave for specified reasons related to COVID-19. The Department of Labor’s (Department) Wage and Hour Division (WHD) administers and enforces the new law’s paid leave requirements. These provisions will apply from the effective date through September 30th, 2021 (extended from December 31st, 2020). Generally, the Act provides that covered employers must provide to all employees: Two weeks (up to 80 hours) of paid sick leave at the employee’s regular rate of pay where the employee is unable to work

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Compensation

Small Business COVID Relief – PPP and ERC

The American Rescue Plan Act of 2021 changed the rules on the Paycheck Protection Program (PPP) loans and Employee Retention Credit (ERC). Both programs are available to small businesses that meet the requirements, and each has the potential to positively impact the company. A quick overview of the programs can help any small business decide which  is the best option to pursue.  The American Rescue Plan (signed into law March 11, 2021) and the Consolidated Appropriations Act (signed into law on December 27, 2020) made a number of changes to the PPP and ERC. Under the Consolidated Appropriations Act, business owners can now take out a PPP

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Benefits

Important COBRA Subsidy Update

What is COBRA? The Consolidated Omnibus Budget Reconciliation Act of 1985, or COBRA,  is a federal law that requires employers of 20 or more employees who offer healthcare benefits to offer the option of continuing this coverage to individuals who would otherwise lose their benefits due to termination of employment, reduction in hours or certain other events. As an employee and an employer, it’s important to be aware of laws like these and their details! What is the COBRA Subsidy Update? On March 11, 2021, President Joe Biden signed into law a new economic stimulus package known as the American Rescue Plan

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Benefits

2021 IRS Health Savings Accounts (HSA) Contribution Limits

Every year, the IRS updates their Health Savings Accounts (HSA) contribution limits. It’s important to stay up to date with these changes and be aware of how much you could be saving each year for qualified medical expenses. Single Plan Family Plan Maximum Contribution Limit $3,600 $7,200 Minimum Deductible $1,400 $2,800 Maximum Out-of-Pocket $7,000 $14,000 Catch-up Contribution (55+) $1,000 $1,000   Flexible Spending Account Dependent Care Flexible Spending Account (DCFSA) Commuter Benefits 2021 Maximum Contribution Limit: 2021 Maximum Contribution Limit: 2021 Parking & Transit $2,750 $2,500 $270 per month / per benefit Maximum Carryover Amount: If filing taxes jointly, Maximum

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