As an employer, offering a health savings account (HSA) and limited health flexible spending account (FSA) can significantly enhance your employees’…
EBC Insights
Smart Savings for Summer Camps: A Guide to Dependent Care FSAs
Although summer may seem far away, it’s never too early for parents to start planning for their children’s summer activities – including summer camp options. This is also the perfect time to address a very…
From Gym Memberships to Saunas: IRS Criteria for Reimbursing Wellness Expenses
Gym memberships. Fitness equipment. Red light devices. Supplements. Yoga. Cold plunge tubs. Saunas. What do these all have in common? They are sold for general health and well-being. And, the IRS has…
Understanding Claim Substantiation
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…
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…
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.