On Sept. 14, 2021, federal agencies announced proposed revisions to the Form 5500 Annual Return/Report. These changes are designed primarily to implement the Setting Every Community Up for Retirement Enhancement Act of 2019 (SECURE Act) and to make other improvements. Timing of Proposed Changes: Nov. 1, 2021 - Public comments on the proposed changes are due. Jan. 1, 2022 - If adopted, the proposed changes generally would be effective for plan years beginning on or after Jan.

IR-2021-181, September 10, 2021 WASHINGTON — The Internal Revenue Service reminds taxpayers today that the cost of home testing for COVID-19 is an eligible medical expense that can be paid or reimbursed under health flexible spending arrangements (health FSAs), health savings accounts (HSAs), health reimbursement arrangements (HRAs), or Archer medical savings accounts (Archer MSAs). That is because the cost to diagnose COVID-19 is an eligible medical expense for tax purposes.