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IRS Notice 2021-31

IRS Notice 2021-31

On May 18, 2021, the IRS issued Notice 2021-31. The notice provides guidance on tax breaks under the 2021 American Rescue Plan Act (ARPA) for continuation health coverage under COBRA.

We realize it’s a bit overwhelming, but our senior legal counsel, Michelle Barki, summarized the main points covered in the 41-page document. So don’t be scared; we are here to help!

Notice 2021-31 Main Points:

1. Employers may require attestations to AEI status.

Any proof of eligibility records should be kept. 

2. Involuntary Termination, like ARRA, is broadly interpreted based on facts and...

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2021 World Environment Day

2021 World Environment Day

Every day is a good day to celebrate the natural resources available to us here on planet earth. But this Saturday, June 5th, is World Environment Day, and there's even more cause for celebration. The holiday, established in 1972 by the United Nations at the Stockholm Conference on the Human Environment, celebrated the first official World Environment Day two years later, in 1974, with the theme “Only One Earth.”

Medcom Benefit Solutions strives to be considerate of what we can do for the planet. As an employee benefits company, it seems as though...

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Memorial Day: Remembered But Never Forgotten

Memorial Day: Remembered But Never Forgotten

Next Monday is Memorial Day, so we wanted to take the time to share with you the history behind the holiday. It seems a bit strange to say “Happy Memorial Day” because the word memorial carries a connotation of sadness. Nonetheless, it's also a day to be thankful for the freedoms we have because of those who bravely fought for our country.

A Little History Lesson

Memorial Day honors soldiers who died while serving in the U.S. military and originated around the time of the Civil War. The Civil War, which took...

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HSA & DCAP Changes for 2022

HSA & DCAP Changes for 2022

Can you believe we’re almost halfway through the year? 2022 is right around the corner and before you know it Open Enrollment season will be here! To help us get prepared, we are taking time this week to discuss the recent IRS update for Health Savings Accounts and Dependent Care Assistance Programs.

2022 HSA Limits

Last week the IRS issued Revenue Procedure 2021-25, providing the HSA cost-of-living contribution and coverage adjustments for 2022. It also includes the 2022 limit for Excepted Benefit HRAs. We broke it down in layman’s terms for you below, showing the changes from 2021...

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