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How The Pandemic Affects FSAs and Dependent Care

How The Pandemic Affects FSAs and Dependent Care

Medcom recently hosted a webinar discussing the changes the Pandemic made to our Flexible Spending Accounts and Dependent Care. Things are increasingly confusing, so we thought we would take a moment to lay out the changes and considerations moving forward. 

A Recap

In 2020, the IRS released Notices 2020-29 and 33. In these notices, the IRS stated they will allow unused amounts from FSAs to carryon over through December 31, 2020, for non-calendar year plans. This means that even if the calendar year plan ended in June 2020, the funds remaining in the participant's FSA were still available through...

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Accomplishing Your 2021 Business Goals

Accomplishing Your 2021 Business Goals

We are at that inevitable time of year again where we all set goals for ourselves, our families, our businesses to become better, more healthy, or more profitable. I struggle each year with setting achievable personal goals without allowing the self-doubt to creep into the back of my mind and defeat me before I even start. It goes about the same way for my professional goals as well. The struggle is real and it is everywhere. The bottom line though is that we'd all like to make improvements personally and professionally, no matter the time of year. Many...

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5500 Season is Drawing to a Close

5500 Season is Drawing to a Close

Did you know that Form 5500 is a basic requirement under ERISA laws?

Do you know what a Form 5500 actually is, or ERISA for that matter?  No, well, you are certainly not alone. So let's take a moment to review.

ERISA

According to the U.S. Department of Labor, ERISA, or the Employment Retirement Income Security Act of 1974, "is a federal law that sets minimum standards for most voluntarily established retirement and health plans in private industry." ERISA laws were established to provide protection for the individuals who are covered by the plans.<...

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Automatically Renew Your Compliance Services

Automatically Renew Your Compliance Services

Have you heard of Medcom’s very own Compliance Portal? If you have, then you already know that it’s a swiss army knife of compliance tools at your fingertips. If you haven’t heard of it, It’s called the Medcom Bridge, or just Bridge if you’re in a hurry. It's a tool built by Medcom for brokers, meant to make the entire process of becoming IRS compliant, and ensuring your client's compliance, that much easier.

How you ask? Well, to learn more about the Bridge,...

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