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
Bulletins
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.