16 Jun IRS Issues Notice 2020-29

IRS Issues Notice 2020-29

The IRS issued IRS Notice 2020-29 (Notice) that provides increased flexibility for making mid-year elections or changes under a Section 125 cafeteria plan during calendar year 2020 related to employer-sponsored health coverage, health flexible spending arrangements (health FSAs), and dependent care assistance programs (DCAPs).

This Notice also provides increased flexibility to apply unused amounts in health FSAs to medical care expenses incurred through December 31, 2020, and unused amounts in dependent care assistance programs to dependent care expenses incurred through December 31, 2020.

SOURCE: Meidell, M. (12 June 2020) “IRS Issues Notice 2020-29” (Web Blog Post). Retrieved from https://blog.ubabenefits.com/irs-issues-notice-2020-29