This is what everyone has been waiting for! On Feb. 18, 2021, the IRS released Notice 2021-15 to clarify special rules for Section 125 plans, health flexible spending arrangements (FSAs) and dependent care assistance programs (DCAPs). The Notice responds to changes in medical and dependent care guidelines as a result of COVID-19. The relief plan for 2021 plan years, for Section 125 plan mid-year election changes, is similar to prior guidance for calendar year 2020.
This write up from Miller Johnson provides an easy to digest summary of the guidance.
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