IRS announces proposed changes to cafeteria plan elections and lookback period
The IRS issued two notices on Thursday, proposing to change the rules for when a taxpayer can revoke health care coverage in a cafeteria plan and enroll in a plan on the Health Insurance Marketplace exchanges, and how to measure the lookback period for determining who is a full-time employee when an employee moves positions within the same employer group. Both pieces of guidance are issued under the Patient Protection and Affordable Care Act, P.L. 111-148, as amended by the Health Care and Education Reconciliation Act of 2010, P.L. 111-152. Read more on the Journal of Accountancy.