The IRS released the annual inflation adjustments for 2015 yesterday
IRS Notice Expanding Permitted Election Rules
The IRS issued Notice 2014-55 on September 18, 2014, which expands the permitted election rules for health coverage under a Section 125 cafeteria plan. The notice addresses two specific situations in which a Section 125 cafeteria plan participant is permitted to revoke her/his election during a period of coverage
FSA Carryover Further Explained (Video)
Watch this explanation of FSA (Flexible Spending Account) carryover options.
FSA Carryover Further Encourages a Repeal of the OTC Prescription Provision
No matter on which side of the coin you fall regarding the Affordable Care Act, something on which we can probably all agree is that thankfully, we have ECFC to help us advocate to protect the value of tax-advantaged accounts.
New FSA brochure now available online.
Flexible Spending Accounts are reimbursement accounts that allow you to pay for certain eligible expenses with tax-free dollars.
Year-end Items and Adjustments to be Aware of.
The following is a brief list of year-end items and adjustments that you should be aware of as we close 2013 and head into to 2014
Treasury Modifies “Use-It-Or-Lose-It” Rule For FSA’s.
The U.S. Department of the Treasury and the IRS today issued a notice modifying the longstanding “use-or-lose” rule for health flexible spending arrangements (FSAs). For the first time, at the plan sponsor’s option, employees participating in health FSAs will be allowed to carry over – instead of forfeiting – up to $500 of unused amounts remaining at year-end.
Health Insurance Exchanges
The new health insurance exchanges established by the ACA are scheduled for launch on October 1, 2013. On that date, individual consumers and Members of Congress can begin to enroll in the health exchanges, with coverage starting on January 1, 2014.
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Partnership with FSAstore.com Extends Access to FSA-eligible Products and Services
Glynn Griffing & Associates is happy to announce a new partnership with FSAstore.com, the only e-commerce site exclusively stocked with FSA eligible products and services, to provide expanded access to consumers who use FSAs.