Bicycle Commuting Reimbursement added To Transportation Fringe Benefit Plans
For plan years effective 1/1/2009 and later, employers may reimburse employees up to $20 a month to ride their bicycle to work.
Unlike the transit and parking account options, the Bicycle Commuting Reimbursement option is 100% employer funded. No employee salary reductions are allowed.
November 17, 2008 · Categories: Transportation · Read article »
IRS Releases 2009 Cost of Living Adjustments for Transportation Benefits and Adoption Assistance
The IRS released the 2009 cost-of-living adjustments for transportation fringe benefits and adoption assistance programs.
October 17, 2008 · Categories: FSA, Transportation · Read article »
IRS Notice 2008-74 Delays Transportation Debit Card Regulations
The purpose of IRS Notice 2008-74 is to delay the effective date of Revenue Ruling 2006-57 until January 1, 2010.
September 3, 2008 · Categories: Transportation · Read article »
IRS Announces Mid-Year Increase in Mileage Rates for Transportation to Obtain Medical Care
Due to recent gasoline price increases, the IRS has announced in Announcement 2008-63 dated June 24, 2008, an eight-cent mid-year increase in the standard mileage rate for calculating the cost of using an automobile to obtain medical care. (Such use may be deductible under Code Section 213 if it is primarily for, and essential to, medical care.)
June 27, 2008 · Categories: HSA, HRA, FSA · Read article »
Summary of Notice 2008-59 Guidance on Health Savings Accounts
The Treasury Department and the Internal Revenue Service released Notice 2008-59 on June 25, 2008. A summary of the Notice is included here.
June 26, 2008 · Categories: HSA · Read article »
Treasury Department Releases New Guidance on Health Savings Accounts (6/25/2008)
The Treasury Department and the Internal Revenue Service today (6/25/2008) released Notice 2008-59, which provides employers and employees with a new set of formal questions and answers on Health Savings Accounts (HSAs).
June 25, 2008 · Categories: HSA · Read article »
Heroes Earnings Assistance and Relief Tax Act Signed by President Bush
On June 17th, President Bush signed the Heroes Earnings Assistance and Relief Tax Act of 2008 (the "HEART" Act), passed by Congress last May. Included in the HEART Act is a provision that permits special distributions from health flexible spending arrangements (FSA) to employees who are called to active military service.
June 20, 2008 · Categories: FSA · Read article »
IRS Releases Final HSA Comparability Regulations for Catch-Up and Accelerated Contributions Effective for Calendar Years Beginning on or after January 1, 2009
The Internal Revenue Service released final regulations providing guidance on employer "comparable" contributions to Health Savings Accounts (HSA) where:
(1) an eligible employee has not established an HSA by December 31;
(2) the employer has no notice of the establishment of such HSA by December 31; or
(3) an employer accelerates comparable contributions for the calendar year for eligible employees who have incurred qualified medical expenses that exceed the cumulative employer contributions at the time.
The final regulations were effective April 17, 2008 and are applicable to employer contributions made for calendar years beginning on or after January 1, 2009.
The HSA comparability rules do not apply to employers who offer employees the opportunity to contribute to their HSA on a pre-tax basis through a cafeteria plan.
June 17, 2008 · Categories: HSA · Read article »