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IRS Releases Cafeteria Plan Relief

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On Tuesday, May 12th, the IRS released a pair of notices that affect cafeteria plans and flexible spending accounts (FSAs). These notices give employers the opportunity to add extended grace periods to FSAs, increase the maximum rollover amount on Health Care FSAs, and/or allow their participants to make mid-year cafeteria plan election changes if their needs change during the pandemic.
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Categories: Benefits in General, Compliance | Tags: IRS Notice 2020-29 , IRS Notice 2020-33 , Permitted Election Changes , Cafeteria Plans , Health Care FSA , Dependent Care FSA , Grace Period , Rollover , Amendments

What Benefit Changes Can I Make Due to COVID-19?

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Many employers are having to make difficult decisions regarding staffing during the national pandemic due to COVID-19. Employers are faced with staff leave of absence situations including layoffs, furloughs, and reduction in hours. This leads to questions regarding what changes employees are able to make to their benefits as a result.
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Categories: Benefits in General, Compliance | Tags: Permitted Election Changes , Section 125 , Health Care FSA , Dependent Care FSA , Transportation Plans
IRS Publication 503, used in preparing itemization for child and dependent care expenses for taxes, is now available for use with 2019 tax filings. In addition, Form 2441 and accompanying Instructions (used to report child and dependent care expenses) is available.
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Categories: Benefits in General, Compliance | Tags: Publication 503 , IRS Pub 503 , 2019 tax filing , Child and Dependent Care , Form 2441 , Form 2441 Instructions
As the April 15th income tax deadline quickly approaches, employees that participate in a cafeteria plan that includes employer sponsored health insurance, health care flexible spending accounts (HCFSA), dependent care flexible spending accounts (DCFSA), or health savings accounts (HSA) should keep a few things in mind.
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Categories: Benefits in General, Health Care Reform, Compliance, Health Care in General | Tags: HCFSA , HSA , DCFSA , Dependent Care Flexible Spending Accounts , Health Savings Accounts , Health Flexible Spending Accounts , IRS Form 2441 , IRS Form 8889 , W-2 , IRS , Income Tax Deadline , April 15th , 2018 tax deadline , IRS Form 1099-SA
The IRS has released IRS Publication 503 and Form 2441 (Child and Dependent Care Expenses) and the accompanying Form 2441 Instructions for the 2018 tax year.
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Categories: Benefits in General, Compliance | Tags: Publication 503 , IRS Pub 503 , 2018 tax filing , Child and Dependent Care , Form 2441 , Form 2441 Instructions

Dependent Care FSA Considerations at Open Enrollment

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Why should you consider the Dependent Care FSA at Open Enrollment this year. We will review some key concepts and outline the advantages that the Dependent Care FSA can provide.
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Categories: Benefits in General, Compliance | Tags: Dependent Care FSA , Flexible Spending Account , Dependent Care Tax Credit , DCTC , Form 2441
As the April 17th income tax deadline* quickly approaches, employees that participate in a cafeteria plan that includes employer sponsored health insurance, health care flexible spending accounts (HCFSA), dependent care flexible spending accounts (DCFSA) and health savings accounts (HSA) should keep a few things in mind.
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Categories: Benefits in General, Compliance | Tags: IRS , Tax Day , DCFSA , HCFSA , Dependent Care FSA , Health Care FSA , HSA , Health Savings Account , Form 8889 , Form 2441 , Form 1095-B , Form 1095-C , April 15th , April 17 , 2018 , Personal Tax Return

Income Tax Season is Upon Us

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January 29, 2018 marked the start of tax filing season. People have until Tuesday, April 17, 2018, to file their 2017 returns and pay any taxes due. The filing tax deadline is later this year due to several factors.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: IRS , 1095-A , 1095-B , 1095-C , 1099-SA , 5498-SA , HSA , Dependent Care FSA , Form 2441 , Form 8889 , ACA , group health insurance , HRA , PEB , COBRA Beneficiary
The IRS has released IRS Publication 503 and Form 2441 (Child and Dependent Care Expenses) and the accompanying Form 2441 Instructions for the 2017 tax year.
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Categories: Benefits in General, Compliance | Tags: Pub 503 , IRS , Form 2441 , Dependent Care , Child Expense , DCFSA , Dependent Care Tax Credit
The IRS has released IRS Publication 503 and Form 2441 (Child and Dependent Care Expenses) and its accompanying instructions for the 2016 tax year.
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Categories: Benefits in General, Compliance | Tags: IRS , Pub. 503 , Form 2441 , Dependent Care , FSA , Dependent Care Tax Credit , Form 1040
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