KPMG is reporting that The IRS released an advance version of Notice 2021-31 as guidance regarding tax relief provided by the “American Rescue Plan Act of 2021” (Pub. L. No. 117-2, enacted March 11, 2021) for COBRA-related continuation of health coverage.
Notice 2021-31 provides guidance in a “question and answer” (Q&A) format for employers, plan administrators, and health insurers regarding the new credit available to them for providing continuation health coverage to certain individuals under COBRA.
See the full KPMG article by clicking: Premium assistance and tax credit for COBRA continuation of health coverage (May 18, 2021).
Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.