IRS Issues New Proposed Regulations On Cafeteria Plans
Mondaq Business Briefing › United States Law Articles in English (2007)
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IRS Issues New Proposed Regulations On Cafeteria Plans
On August 6, 2007, the Internal Revenue Service (the "IRS") issued new proposed regulations regarding cafeteria plans under Section 125 of the Internal Revenue Code of 1986, as amended (the "Code"). Cafeteria plans are the sole method through which an employer may offer employees a choice between taxable and nontaxable benefits without the choice itself resulting in includible income for the employees. In order to provide such benefits, a cafeteria plan must comply with all of the requirements of Code Section 125 and IRS regulations. The options available under a cafeteria plan must include cash (or certain taxable benefit...
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