In January we hosted a webinar and published a subsequent blog, How the Pandemic Affects FSAs and Dependent Care, and typical for this Pandemic, we now have updates for some of that information. Things are changing rapidly and e are working very hard to ensure you have the most current information possible, at all times.

Dependent Care

During the webinars we presented a few weeks ago a question kept coming up over and over:

"If an employer allows a roll-over of unused DCAP funds from 2020 to 2021 as allowed by the CAA-2021, does this reduce the maximum...

It is no surprise that with everything happening in 2020, we would round out the year with more complicated legislation about employee benefits. We are thankful for the folks in Washington who worked diligently to bring the Consolidated Appropriations Act, 2021, to the table. It will extend many of the conditions and modifications we were given in 2020 regarding our FSA and Dependent Care accounts. Now, more than ever, it seems, we Americans need help, and we are relieved that our Congress and President passed the legislation early this week.

Earlier this week, Medcom's Senior Legal Counsel, Michelle Barki,...

Medcom Benefit Solutions recently announced a significant and valuable platform for its ACA division with the introduction of ACA Connect. This program enhances and streamlines the ACA Reporting process for our clients and brokers by providing intuitive and centralized technology!

An Overview of ACA Connect's Capabilities Send and receive data files securely View employer, plan, premium, employee, and dependent data View 1094 Forms by Employer EIN Review 1095 Forms by specific categories Generate PDF and Excel reports Notate updates on specific fields Schedule a call with assigned Account Manager Receive secured notifications Gain access to timely and readily available...

The pandemic is changing the way we all work, including the IRS. Since the scathing report from the Inspector General earlier this year, the Internal Revenue Service haven't answered their calls, still we know they are working diligently behind closed doors to step up their penalty letters and create much-needed revenue. According to the report, the IRS collected a mere 4.4% of its original goal for assessing ACA penalties. The estimated penalty income was based on employers failing to offer affordable health coverage to employees; however, most employers were already providing coverage, so the IRS lost...