Someone makes a purchase using funds from their health reimbursement arrangement (HRA) or flexible spending account (FSA). Then, they get a request asking for proof that the purchase is eligible. Why do we ask for documentation? The short answer…
EBC Insights
From FSA to HSA: HSA Eligibility
How to Avoid Disqualifying Coverage When offering a health savings account (HSA), there are a few eligibility requirements that employers need to keep in mind for participants looking to transition from their standard health flexible spending account (FSA) to an HSA....
Mastering the Differences between Runout Period, Grace Period, and Rollover
Some flexible spending account (FSA) participants have the unfortunate experience of forfeiting or losing unused funds from their Health Care FSA and/or Dependent Care FSA. In our experience, this…
Form 5500 Filing Season is in Full Swing!
Form 5500 is an Employee Retirement Income Security Act (ERISA) requirement for employers who sponsor health and welfare plans subject to ERISA and that meet certain criteria. An employer has a Form 5500 filing obligation when they have health and…
Summer Camps and Dependent Care FSAs
Many parents enroll their children in camps during the summer months and it’s the season for questions about how Dependent Care Flexible Spending Accounts (FSAs) can be used for summer camp expenses. Summary Day camp expenses are eligible…
IRS Releases Notice on Taxation of Dependent Care Benefits
On Monday, 05/10/2021, the IRS released a notice that impacts recent Dependent Care flexible spending account (FSA) relief. It’s important to review recent legislation when considering this announcement.
Reminders for Filing Individual 2020 Tax Returns
On March 17, 2021, the Treasury Department and Internal Revenue Service (IRS) announced that the federal income tax filing due date for individuals for the 2020 tax year is automatically extended from April…
DOL Releases Guidance on Deadline Extension
On February 26, 2021, the Department of Labor (DOL) released guidance on the duration of deadline extensions provided under a joint rule issued with the Internal Revenue Service (IRS) in April of 2020.