News & Analysis as of

Grace Period Carryover Basis

Ogletree, Deakins, Nash, Smoak & Stewart,...

The IRS Giveth and Then Giveth Again: New DCAP Guidance Provides Welcome Tax Relief

Participants in dependent care assistance programs (DCAPs) will get the best of both worlds (at least in 2021) under new guidance from the Internal Revenue Service (IRS). In another of what appears to be a seemingly...more

Bradley Arant Boult Cummings LLP

IRS Answers Questions on Taxation of DCAPs and COVID-19 Relief

The Internal Revenue Service (IRS) has published Notice 2021-26 to provide answers regarding the taxability of benefits received in 2021 and 2022 under a dependent care assistance program (DCAP) that permits carryovers or...more

Perkins Coie

IRS Clarifies Extended Cafeteria Plan Relief

Perkins Coie on

Much of the previous relief that had been granted to cafeteria plans during the COVID-19 pandemic was set to expire after 2020. In late December, though, Congress passed the Consolidated Appropriations Act, 2021 (CAA), which...more

Morgan Lewis

IRS Gymnastics With Code Section 125 for FSAs: Notice 2021-15

Morgan Lewis on

As discussed in our earlier LawFlash, the Consolidated Appropriations Act, 2021 (Act) contains certain permissible provisions plan sponsors may adopt to offer employees greater flexibility under a healthcare flexible spending...more

McDermott Will & Emery

IRS Provides Additional COVID-19 Relief for Cafeteria Plans

McDermott Will & Emery on

On February 18, 2021, the Internal Revenue Service (IRS) issued clarifying guidance on the temporary special rules for health flexible spending arrangements (FSAs) and dependent care assistance programs (DCAPs) under Internal...more

Verrill

IRS Notice 2021-15 Provides Clarity Regarding FSA Relief Available Under Consolidated Appropriations Act Benefits Law Update

Verrill on

Section 214 of the Consolidated Appropriations Act, 2021 (CAA) provides a substantial amount of flexibility for the operation of health and dependent care Flexible Spending Accounts (FSAs). The CAA did, however, leave many...more

McDermott Will & Emery

Consolidated Appropriations Act: Health and welfare Benefits Provisions

McDermott Will & Emery on

The Consolidated Appropriations Act (the “Act’”) was signed into law by the president on December 27, 2020, and includes significant health and welfare benefits provisions that affect group health plans and health insurance...more

Seyfarth Shaw LLP

Stimulus Part 2: What It Means for Welfare Benefit Plans

Seyfarth Shaw LLP on

Seyfarth Synopsis: On December 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 which includes several provisions affecting employer-sponsored benefit plans, and provides voluntary relief related to...more

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