Traditionally, section 125 plan elections are irrevocable for a plan year unless a participant experiences a qualifying event. In response to the pandemic, the Internal Revenue Service (IRS) released three notices that provide flexibility through December 31, 2020, concerning
The coronavirus outbreak continues to impact day-to-day business, and employers are seeking clarity on coronavirus-related insurance claims. Below, we have outlined basic guidance regarding coronavirus for workers’ compensation, business income insurance and health insurance.
The IRS issued new contribution limits for 2020 tax-advantaged accounts. The limits, adjusted for inflation annually, are effective January 1, 2020. Limits for cafeteria plans were adjusted slightly.