American Payroll Association: IRS Allows Flexibility in Section 125 Plan Rules for 2020
May 21, 2020
May 21, 2020
SAN ANTONIO, Texas, May 21 -- The American Payroll Association issued the following news:
The IRS is allowing employers to extend the claim period for flexible spending arrangements (FSAs) and dependent care assistance programs and also allowing employees to make mid-year changes to section125 cafeteria plans [IR-2020-95, 5-12-20]. The changes may be applied retroactively to January 1, 2020. This guidance is due to COVID-19.
The IRS also raised the maximum carryover amo . . .
The IRS is allowing employers to extend the claim period for flexible spending arrangements (FSAs) and dependent care assistance programs and also allowing employees to make mid-year changes to section125 cafeteria plans [IR-2020-95, 5-12-20]. The changes may be applied retroactively to January 1, 2020. This guidance is due to COVID-19.
The IRS also raised the maximum carryover amo . . .