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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.
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Categories: Benefits in General, Compliance | Tags: cafeteria plan , forfeitures , irs , information letter , health fsa , flexible spending account , Section 125
According to a press release, the “House Ways and Means Committee Chairman Kevin Brady (R-TX) released legislation on March 6, 2017 to repeal and replace Obamacare through a budget process known as reconciliation.
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Categories: Benefits in General, Health Care Reform, Compliance | Tags: GOP , American , American Health Act , Taxes , Ways and Means , Energy and Commerce , Obamacare , Repeal , Replace
The IRS recently released an information letter providing that a qualified transportation plan can require participants to use a debit card to pay for transit expenses, even if the circumstances might otherwise permit participants to claim cash reimbursement from their employer.
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Categories: Benefits in General, Compliance | Tags: transit , transportation , qualified transportation plan , readily available
The IRS has published new versions of various publications used by taxpayers to assist them in preparing their 2016 income tax returns.
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Categories: Benefits in General, Compliance | Tags: HSA , IRS , Pub 969 , Form 8889 , Health Savings Account
An IRS Chief Counsel Memorandum released on January 20, 2017, addressed the tax treatment of fixed indemnity health plans.
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Categories: Benefits in General, Compliance | Tags: IRS , Indemnity , Wellness , Tax Exclusion
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).
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Categories: Benefits in General, Compliance | Tags: DCFSA , WFTRA , IRS , Qualifying Child , Qualifying Relative , Dependent
The Internal Revenue Service, state tax agencies and the tax industry today renewed their warning about an email scam that uses a corporate officer’s name to request employee Forms W-2 from company payroll or human resources departments.
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Categories: Benefits in General, Compliance | Tags: IRS , Phishing , W-2 , SSN
IRS Notice 2017-16 provides that an HCTC election for a month in 2016 may be made at any time before the expiration of the 3-year statute of limitation under § 6511 for such year, including on an amended income tax return.
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Categories: Benefits in General, Compliance | Tags: HCTC , IRS , Trade Act of 2015 , 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
Taxpayers interested in filing itemized deductions for medical expenses will find the IRS Pub. 502 a useful resource when preparing their federal income tax returns.
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Categories: Benefits in General, Compliance, Health Care in General | Tags: Pub. 502 , IRS , Tax , Medical Expense
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