MEDIA ALERT: Tax implications for taxpayers as they make their 2021 healthcare plan elections
Wolters Kluwer Tax & Accounting:
What: In light of the COVID-19 pandemic, health insurance coverage is particularly important this year. The Internal Revenue Service (IRS) took the unusual step in 2020 of authorizing mid-year changes to health plan elections and flexible spending accounts (FSAs) due to so many persons having changed circumstances due to the pandemic. Now, we are approaching the regular annual enrollment periods with the pandemic still with us. The individual mandate, which under the Affordable Care Act required a payment with a tax return for failure to maintain minimum essential health insurance coverage, was repealed effective January 1, 2019. Also, the Supreme Court will be reviewing a case that may decide whether the repeal of the individual mandate invalidates the entire Affordable Care Act.
Why: Surrounded by this uncertainty, the healthcare enrollments for the 2021 year are proceeding in the normal fashion, with the exception that some of the deadlines may be more flexible if COVID-19 issues have interfered with meeting the deadlines.
Contact: To arrange an interview with Mark Luscombe or other federal and state tax experts from Wolters Kluwer Tax & Accounting on this or any other tax-related topics, please contact Bart Lipinski (News - Alert).
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