On May 18, 2021, the IRS published Notice 2021-31, which includes 86 FAQs relating to the ARPA COBRA subsidies (which the IRS refers to as premium assistance) and tax credits. Among other things, the FAQs provide clarifications and examples relating to the meaning of reduction in hours and involuntary termination, the certification and documentation of premium assistance eligibility status, and the process and forms to claim the related tax credits.
In addition to our summary of the notice, our parent company at NFP will be hosting a special webinar on Monday, May 24, 2021, at 3:00 p.m. ET, to discuss the guidance in detail. Please visit the link below to register.