March 2020 - Employee Benefits I AP Benefit Advisors

CARES ACT – Impact on HSAs, HCFSAs, and HRAs

This advisory summarizes key provisions in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) applying to employee benefit plans. Over-the-Counter (OTC) Drugs and Menstrual Care Products (optional) The CARES Act states that consumers can purchase OTC drugs and medicines with funds from their Health Savings Account (HSA), Health Care Flexible Spending Account (HCFSA) […]

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IRS and Departments of Treasury and Labor Announce Plan to Implement Coronavirus-Related Paid Leave for Workers and Tax Credits for Small & Midsize Businesses

Over the weekend, the U.S. Treasury Department, Internal Revenue Service (IRS), and the U.S. Department of Labor (Labor) announced that small and midsize employers can begin taking advantage of two new refundable payroll tax credits, designed to immediately and fully reimburse them, dollar-for-dollar, for the cost of providing Coronavirus-related leave to their employees. This relief […]

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New Federal Law Mandates Paid Sick Leave & Enhanced Unemployment for Workers Affected by COVID-19 Pandemic

3/25 update, now effective 4/1/2020.  The Senate passed The Families First Coronavirus Response Act [H.R. 6201] in the afternoon of March 18, 2020, with a vote of 90-8, and President Donald Trump signed this into law.  This Act created a federal paid sick leave requirement for coronavirus needs and expanded the Family and Medical Leave […]

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HRCI & SHRM Pre-Approved Webinar | USCIS Form I-9: Purpose, Completion and Audit

Do you understand the requirements of the Form I-9 to ensure accuracy and compliance with employment eligibility verification? Immigration related accountability is on the rise. The United States Immigration and Customs Enforcement (ICE) continues to focus on worksite enforcement in 2020. An increasing number of companies are now requiring the use of E-Verify as a […]

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Overwhelming Vote Passes Cornoavirus Relief Bill

The U.S. House of Representatives passed the Families First Coronavirus Response Act (the “Act”) in an overwhelming vote on Saturday, March 14, 2020. President Trump has endorsed the legislation and the U.S. Senate is expected to vote on it today. The Act will be the second emergency Coronavirus response measure to be passed. President Trump had previously […]

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CMS FAQs on Essential Health Benefits and COVID-19

The Centers for Medicare & Medicaid Services (CMS) released a list of frequently asked questions (FAQs) on Essential Health Benefit (EHB) coverage and the Coronavirus (COVID-19). Under the Affordable Care Act (ACA), EHB reflects the scope of benefits covered by a typical employer and covers at least 10 specified categories of items and services. CMS’ FAQs: 1.Does […]

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IRS HDHP-HSA Plans May Cover Coronavirus Costs as Preventive Care

Today, in IRS Notice 2020-15, the Internal Revenue Service advised that HDHPs (High-Deductible Health Plans) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA).   In Notice […]

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