May 29, 2020 | Coronavirus, COVID-19, Flexible spending accounts (FSAs), IRS
The IRS recently released two notices of interest to employers offering flexible spending accounts (FSAs). Notice 2020-29 relates to cafeteria plan elections and FSA grace periods, both of which are optional. These plan amendments must be adopted before December 31,...
Mar 25, 2020 | COVID-19, Government, Health Savings Accounts (HSAs), IRS, News, Uncategorized
As a result of COVID-19, the Internal Revenue Service (IRS) has clarified that the deadline for making health savings account (HSA) and individual retirement account (IRA) contributions for the 2019 tax year has been extended to July 15, 2020. This matches the new...
Dec 20, 2019 | Affordable Care Act, Announcements, Cadillac Tax, Caroline Fraker, IRS, News, PCORI, Self-funding
On December 19, the Senate passed the $1.4 trillion end-of-year spending package that will fund the government through September 2020. The bill brings self-funded employers good news and bad news: If signed by President Trump, it would finally repeal the so-called...
Dec 11, 2019 | Announcements, Consumer-driven Health Plans, Flexible spending accounts (FSAs), IRS
Just a reminder that if your plan offers a health flexible spending account (FSA), plan members need to use their tax-free contributions by December 31, 2019 before the remaining funds are forfeited… unless your plan offers a grace period or allows members to...
Dec 6, 2019 | Announcements, Compliance, IRS, News
Happy holidays from the IRS! While many of us are hard at work preparing for the Holidays and getting last minute tasks done at work, the IRS has been thinking about the first quarter of 2020. As we all know, if you’re a self-funded employer, January is the time...
Nov 8, 2019 | Announcements, Consumer-driven Health Plans, Flexible spending accounts (FSAs), IRS, News
The Internal Revenue Service (IRS) has announced the annual inflation adjustment for flexible spending accounts (FSAs) for the 2020 tax year. As has been the case in previous years, contribution limits will see only modest increases or remain unchanged. The 2020...
