Archive by tag: FSAReturn
RSS
The IRS Released Revenue Procedure 2017-37 on May 4, 2017 that provides the HSA limits for 2018 as follows:
Read More
Categories: Compliance, Health Care in General | Tags: HSA , IRS , FSA , HRA , HSA compatible , Limits , 2018
As the April 18th 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.
Read More
Categories: Benefits in General, Health Care Reform, Compliance | Tags: HCFSA , HSA , DCFSA , 1099-SA , Form 2441 , Form 8889 , Income Tax , IRS , April 15th , W-2 , Employer-sponsored Health , Health Insurance , ACA
The IRS recently released an information letter addressing the treatment of cafeteria plan forfeitures when an employer ceases operations and the plan terminates. Specifically, the letter clarifies that Section 125 of the Internal Revenue Code does not require that unused cafeteria plan funds be paid to the U.S. Treasury in these circumstances. How unused funds are disposed of when a plan terminates depends on what the plan document provides and the facts and circumstances at the time.
Read More
Categories: Benefits in General, Compliance | Tags: cafeteria plan , forfeitures , irs , information letter , health fsa , flexible spending account , Section 125
Employee Benefits Corporation sent three members of our Compliance team to the Employer Council on Flexible Compensation (ECFC) Annual Conference in Washington, D.C. March 8-10, 2017.
Read More
Categories: Health Care Reform, Compliance, Health Care in General | Tags: AHCA , ACA , House , Senate , FSA , HSA , HRA , Consumer directed accounts , GOP
Last week, Senators Orin Hatch (R-UT) and Marco Rubio (R-FL) introduced the Health Savings Act of 2017, S.403. Companion legislation was introduced in the House of Representatives by Rep. Eric Paulsen (R-3rd MN). The legislation would expand the use of HSAs by broadening eligibility rules, increasing maximum contribution limits and widening the universe of expenses that could be reimbursed from HSAs. The legislation also contains provisions pertaining to the interaction between HSAs, FSAs and...
Read More
Categories: Health Care Reform | Tags: HSA , HRA , FSA , Health Savings Accounts , Health Reimbursement Arrangements , Flexible Spending Accounts , Health Care Reform
January 19, 2017, the IRS issued proposed regulations that reflect changes to the definition of dependent under Code §152 and other IRS Code provisions made by the Working Families Tax Relief Act of 2004 (WFTRA) and by the Fostering Connections to Success and Increasing Adoptions Act of 2008 (FCSIAA).
Read More
Categories: Benefits in General, Compliance | Tags: DCFSA , WFTRA , IRS , Qualifying Child , Qualifying Relative , Dependent
The IRS has released IRS Publication 503 and Form 2441 (Child and Dependent Care Expenses) and its accompanying instructions for the 2016 tax year.
Read More
Categories: Benefits in General, Compliance | Tags: IRS , Pub. 503 , Form 2441 , Dependent Care , FSA , Dependent Care Tax Credit , Form 1040
That depends. The answer will be different if the employee has a cafeteria plan with runout, grace period or rollover.
Read More
Categories: Benefits in General, Compliance | Tags: HSA , Health FSA , Grace Period , Rollover , Runout
As calendar-year cafeteria plans have begun the 2017 plan year, employers might be wondering whether it is really too late to allow employees to make changes to or revoke their flexible spending account (FSA) elections, especially if it is prior to the first payroll of the new plan year.
Read More
Categories: Benefits in General | Tags: fsa , flexible spending accounts , cafeteria plan , permitted election change
Today the IRS announced under Revenue Procedure 2016-55, the 2017 annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules, and other tax changes. Included in the announcement is the inflation adjusted 2017 limits for health flexible spending accounts (FSAs) in an IRC §125 cafeteria plan and the Parking and Transit account limits in an IRC §132 Transportation Plan.
Read More
Categories: Compliance, Health Care in General | Tags: Health FSA , Transit , Parking , IRS , 2017 Limits