Posted December 22, 2010 by admin
Today, the IRS issued Notice 2011-1 addressing the timing of the application of the Patient Protection and Affordable Care Act provisions prohibiting insured group health plans from discriminating in favor of highly compensated individuals. It states that the Treasury Department and the IRS, as well as the Departments of Labor and Health and Human Services, have determined that compliance with these requirements should not be required (and thus, any sanctions for failure to comply do not apply) until after regulations or other administrative guidance of general applicability has been issued. The notice includes a request for public comments, which are due by March 11, 2011. They have requested public comments on 13 separate issues. This notice will be in Internal Revenue Bulletin 2011-2, dated Jan. 10, 2011.
Posted December 20, 2010 by admin
Without this extension, the maximum 2011 transit benefit would have been capped at $120/month. Now, it can be as high as $230/month. Parking benefits have remained at $230/month and were not set to expire when the Bush-era tax-cuts were due to sunset this December 31st.
For additional details about the other aspects of the bill, see the Washington Post article here: