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Covid Outbreak Periods Set to End July 10th
Covid Outbreak Periods Set to End July 10th With the Outbreak Period set to end on July 10, 2023,…
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IRS Announces 2023 FSA & Commuter Contributions Limits
IRS Announces 2023 FSA & Commuter Contributions Limits The IRS has announced Revenue Procedure 2022-38…
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NJDOBI Bulletin 21-08
New Jersey Department of Banking & Insurance (NJDOBI) Issues Bulletin No. 21-08 Update 7-23-2021 With…
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MHPNJ Conversion Notice
OCA's Commitment to Our MHPNJ Clients While we are all saddened with the news that Members Health…
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IRS Announces PPE as Qualified Medical Expense
IRS Treats Face Masks, Hand Sanitizers, and Sanitizing Wipes as Qualified Medical Expenses On March…
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ARPA Increases 2021 Dependent Care Account Limits
Reminder! ARPA Increases 2021 Dependent Care Account Limits On Thursday, March 11, 2021, President…
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Reminder! ARPA Increases 2021 Dependent Care Account Limits
On Thursday, March 11, 2021, President Biden signed the The American Rescue Plan Act (ARPA) of 2021. The relief bill temporarily increases the maximum contribution amount for Dependent Care Assistance Plans (DCAP). For 2021, employees who participate in their employer’s DCAP plan may now contribute up to $10,500 annually (up from $5,000). Taxpayers who are married filing separately will see an increase from $2,500 to $5,250.
The DCAP Increase Is Not Automatic
Employers will need to amend their DCAP plan to allow for the increased limit. The amendment can be retroactive so long as the amendment is adopted by the last day of the plan year in which the amendment is effective. OCA clients can quickly complete our online DCA Amendment Request form by clicking the amendment button above. Once the amendment has been processed, employers may permit their employees to update their DCA elections. Note: If you have already completed the amendment request to increase the contribution limit, please disregard. OCA has already processed your request.