The Internal Revenue Service (IRS) has issued new guidance, Notice 2020-29, in response to the COVID-19 pandemic, providing for temporary flexibility with respect to mid-year elections made during 2020 under Code section 125 cafeteria plans related to employer-sponsored health coverage, health Flexible Spending Arrangements (health FSAs), and dependent care Flexible Spending Arrangements (DC FSAs). The guidance [&hellip… Continue Reading »
The Internal Revenue Service (IRS) issued a notice that allows individuals to participate in a health savings account (HSA) while participating in a high deductible health plan (HDHP) that provides coverage for both the testing and treatment of coronavirus (COVID-19), without first satisfying the required deductible. The March 12 notice, titled Notice 2020-15, means that participants in [&hellip… Continue Reading »