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To print this article, all you need is to be registered or login on Mondaq.com. The IRS recently issued Notice 2021-15 to provide guidance on certain provisions of the Consolidated Appropriations Act of 2020 (the CAA ) affecting the administration of flexible spending accounts ( FSAs ). The CAA changes are intended to address the reality that many participants were not able to incur a sufficient amount of health care or dependent care expenses in 2020 to zero out their FSAs by the end of the 2020 plan year, and provides various alternatives to allow participants to access those funds. The changes described in this Client Alert are ....
To embed, copy and paste the code into your website or blog: The IRS recently issued Notice 2021-15 to provide guidance on certain provisions of the Consolidated Appropriations Act of 2020 (the CAA ) affecting the administration of flexible spending accounts ( FSAs ). The CAA changes are intended to address the reality that many participants were not able to incur a sufficient amount of health care or dependent care expenses in 2020 to zero out their FSAs by the end of the 2020 plan year, and provides various alternatives to allow participants to access those funds. The changes described in this Client Alert are discretionary and not mandatory; employers may choose to adopt some, all or none of them. ....