IRS provides guidance on COVID relief for cafeteria plans, while CARES Act offers new options
What to know about IRS changes, some of which offer increased flexibility on deadlines.
By Rob Browning and Greg Ash|June 10, 2020 at 08:02 AM
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As part of its ongoing response to the COVID-19 outbreak, the IRS has released new guidance (Notice 2020-29) providing temporary increased flexibility with respect to mid-year election changes for cafeteria plans during the 2020 calendar year.
Notice 2020-29 also provides increased flexibility with respect to grace periods that will allow participants with unused amounts in their health or dependent care flexible spending accounts (FSAs) to apply those amounts to expenses incurred through December 31, 2020.
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