Cafeteria Plans Get Full-Menu Regs


The IRS updated, clarified and consolidated several previously issued proposed regulations concerning employee benefits under IRC section 125, better known as cafeteria plans. The new sections in REG-142695-05 clarify the definition of a cafeteria plan and guidance changes since the superseded regulations were published (the earliest in 1984) and include new guidance on debit cards and grace periods for using flexible spending arrangements after the end of a plan year. Comments on the regulations and three outstanding issues are requested by Nov. 5 at www.regulations.gov .

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100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.