Treasury and IRS proposed 1993 business plan omits projects concerning COBRA and cafeteria plans
Article Abstract:
The IRS and the Department of the Treasury's Office of Tax Policy have issued a proposed business plan for 1993 listing broad subject areas on which the two hope to give guidance before the end of that year. The broad categories of the plan's employee benefits portion are qualified plans and nonqualified deferred compensation, employment taxes and fringe benefits. Guidance on cafeteria plans under IRC 125 and on the health insurance continuation requirements of the Consolidated Omnibus Reconciliation Act of 1985 will apparently not be forthcoming.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1993
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New cafeteria plan regulations affecting elections issued
Article Abstract:
The interaction between eligibility for new enrollment under the Health Insurance Portability and Accountability Act (HIPAA) and IRS cafeteria plan rules is addressed by IRS proposed and temporary regulations. Existing regulations allow plan participants to change elections during coverage periods on the occurrence of specified events. The new regulations authorize employees to conform their cafeteria plans to their HIPAA enrollment rights.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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Employee plans voluntary correction programs consolidated into new Employee Plans Compliance Resolution System (EPCRS)
Article Abstract:
The IRS's Employee Plans Compliance Resolution System (EPCRS) explained in Revenue Procedure 98-22 harmonizes the majority of employee qualified retirement plan voluntary correction programs. Flexibility in methods is retained while greater consistency is provided for fee and sanction assessment. Voluntary corrections cannot be made in cases of more substantive error where US Labor Dept jurisdiction exists.
Publication Name: Tax Management Compensation Planning Journal
Subject: Law
ISSN: 0747-8607
Year: 1998
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