HCFSA Archives - Employee Benefits I AP Benefit Advisors

HRCI & SHRM Pre-Approved Webinar | 2020 Compliance Mid-Year Roundup

Please join us for this HRCI* and SHRM** pre-approved, complimentary, one-hour webinar as Patrick Haynes, AssuredPartners’ General Counsel and SVP of Compliance, covers the following compliance topics through 2020 thus far: IRS Notices 2020-29, 2020-33 Changes to Cafeteria Plans, HCFSAs, HSAs, DCAPs, and more COVID-19 Relief and Changes Other DOL, IRS, and HHS Guidance, including […]

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IRS Offers Guidance and Flexibility for Employee Benefit Plans

The Internal Revenue Service today released guidance to allow temporary changes to section 125 cafeteria plans. These changes extend the claims period for healthcare flexible spending arrangements (FSAs) and dependent care assistance programs and allow taxpayers to make mid-year changes. The guidance issued today addresses unanticipated changes in expenses because of the 2019 Novel Coronavirus […]

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CARES ACT – Impact on HSAs, HCFSAs, and HRAs

This advisory summarizes key provisions in the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) applying to employee benefit plans. Over-the-Counter (OTC) Drugs and Menstrual Care Products (optional) The CARES Act states that consumers can purchase OTC drugs and medicines with funds from their Health Savings Account (HSA), Health Care Flexible Spending Account (HCFSA) […]

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IRS Announces 2020 Contribution Limits for Health Care FSAs and Qualified Transportation Plans

Today, the Internal Revenue Service announced the tax year 2020 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes (generally referred to as cost-of-living increases).  Revenue Procedure 2019-44 provides details about these annual adjustments. The 2020 tax items of greatest interest to our clients that are […]

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IRS Announces 2019 Contribution Limits for Health Care FSAs and Qualified Transportation Plans

Today, the Internal Revenue Service announced the tax year 2019 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes (generally referred to as cost-of-living increases).  Revenue Procedure 2018-57 provides details about these annual adjustments. The 2019 tax items of greatest interest to our clients that are […]

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Treasury Modifies "Use-it-or-Lose-it" Rule for Health Care Flexible Spending Accounts

Moments ago, the Department of Treasury issued a press release, IRS Notice 2013-71 and an informational fact sheet announcing a major policy change relating to Health Care Flexible Spending Accounts (HCFSAs) that has many positive implications for all HCFSA constituents – including administrators, employers and participants.  The Department of Treasury has modified its HCFSA “use-it-or-lose-it” […]

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IRS Releases Publications 502 and 503 for 2012 Tax Returns

The IRS released the latest versions of Publications 502 and 503 for use in preparing 2012 tax returns. Publication 502 (Medical & Dental Expenses) describes what medical expenses are deductible by taxpayers on their 2012 federal income tax returns.  Under Code § 213(a), a taxpayer may claim a deduction for certain unreimbursed medical expenses to […]

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The IRS has relaxed PPACA’s $2500 HCFSA cap for non-calendar year HCFSAs

Yesterday the IRS provided some relief for non 1/1 HCFSA plans.   Under current law there is no dollar-limit-cap on HCFSAs.  However, since HCFSAs contain a “uniform coverage provision”, meaning that the entire annual election is made available on the first day of the plan year, employers self-regulate their HCFSAs caps.  Employers that are worried about […]

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IRS Issues Additional/Revised Guidance on W-2 Reporting of Health Benefits

With the release of Notice 2012-9, the Internal Revenue Service (IRS) has given more advice about how employers, benefit plan administrators and others should go about applying the new Form W-2 health benefits cost reporting requirements that were mandated by PPACA.  This latest guidance (23 pages) updates, expands and replaces prior IRS Notices 2010-69 and […]

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