Federal Managers Association
In the News
- IRS Provides Tax Relief for Individuals Enrolled in Flexible Spending Accounts, Including FSAFEDS - May 18, 2020
- Edward A. Zurndorfer, My Federal RetirementThe IRS announced on May 12 guidance to allow temporary changes to employer-sponsored “cafeteria plans” that are authorized under Internal Revenue Code Section 125.Among the most important changes are extending the claims period for health care flexible spending arrangements (HCFSAs) and dependent care flexible spending arrangement (DCFSAs) and allowing for HCFSA and DCFSA enrollees in 2020 to make mid-year 2020 changes.Federal employees have access to both the HCFSA (also the Limited Expense FSA or LEXFSA which reimburses the enrollee for out-of-pocket dental and vision expenses only) and the DCFSA through the Federal Flexible Benefits Plan (“FedFlex”). Federal employees who choose to participate in “FedFlex” program do so through FSAFEDS (www.fsafeds.com).To read the full article, please click here.