The IRS issued Notice 2014-55 on September 18, 2014, which expands the permitted election rules for health coverage under a Section 125 cafeteria plan. The notice addresses two specific situations in which a Section 125 cafeteria plan participant is permitted to revoke her/his election during a period of coverage
Tag Archives: taxes
$2500 Limit for Health FSAs
IRS guidance is out regarding $2500 limit for Health FSAs. More specifically guidance indicates that “taxable year” refers to the plan’s “plan year”; therefore, the rule will not affect any plans beginning prior to January 1, 2013 and fiscal plan years will not be impacted until the first plan year beginning on or after January 1, 2013.