On November 10, 2021, the Internal Revenue Service (IRS) published Rev. Proc. 2021-45, announcing the 2022 annual contribution limit for Flexible Spending Accounts (FSAs), maximum carryover amount, contribution limits for Transportation benefits and more. 2022 FSA Contribution Limits The annual maximum 2022 FSA contribution limit will increase to $2,850. The
For over a year and a half, a large percentage of the American workforce has been working remotely. While many employees are happy to continue that model, employers in general are eager to have their staff return to the office. This can be a big adjustment for everyone involved. “The
With one in five U.S. adults experiencing some form of mental illness in any given year, the need for mental health care impacts many families. Yet, according to the National Alliance of Mental Illness (NAMI), 55 percent of adults and 49 percent of children ages 6-17 with a mental illness don’t
Opening a Health Savings Account (HSA) can be a great investment in your personal healthcare and financial future. Owned by the participant-employee (rather than the employer), the HSA is a versatile spending and savings account that can be used for many healthcare expenses. Since they can keep the account for
School is out for the summer! To combat boredom and keep their kids engaged, a lot of parents turn to summer camps. With options that include fishing, hiking, playing outside, and more, summer camps are a great way to keep your child from the doldrums. Parents and guardians who signed
Health Savings Account (HSA) owners are usually keenly aware of the account’s triple tax advantage: pre-tax contributions, tax-free withdrawals for eligible expenses, and tax-free growth. What you may not know is that you can take advantage of tax-free contributions for the previous year all the way up to the tax
The fight against COVID-19 has expanded to the purchase of personal protective equipment (PPE) items. On Friday, March 26, the IRS released Announcement 2021-7, which qualifies PPE purchased for the primary purpose of preventing the spread of COVID-19 as medical expenses under section 213(d) of the Internal Revenue Code. The regulation
On Thursday, March 11, President Biden signed the American Rescue Plan Act (ARPA) of 2021. In addition to other features, ARPA provides full COBRA subsidies under specific circumstances and creates significant additional COBRA enrollment eligibility rules. The following is a list of common ARPA COBRA subsidy frequently asked questions (FAQs). This blog is not
Employers, you know it’s true. Your benefits plan can make your company look more attractive, help you recruit and keep top talent, and improve the morale of your workforce. While there are standard benefit plan options such as group health coverage, life insurance, and retirement plans, there are other options
When you have a Flexible Spending Account (FSA), you set aside money before taxes to cover qualified out-of-pocket healthcare expenses for yourself and your family. As the year comes to an end, there are a few things you should be aware of so you can maximize your account’s benefits. Here
