Late last week, Senator Orrin Hatch (R-UT), Ranking Member, Senate Finance Committee and Representative Erik Paulsen (R-3rd, MN) introduced the “Family and Retirement Health Investment Act of 2011.”
Read more … Legislative Alert
3/10/2011 - Introduced
Medical FSA Improvement Act of 2011 - Amends the Internal Revenue Code to allow amounts in a flexible spending arrangement (FSA) that are not spent for medical care to be distributed to the FSA participant as taxable income after the close of a plan year (currently, such unspent amounts are forfeited). Includes such FSAs in the definition of tax-exempt cafeteria plans ...
Read more … The Medical FSA Improvement Act of 2011
Today, the IRS issued notice 2009-95 which announces the delay in the effective date of Revenue Ruling 2006-57 which provides guidance on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under sections 132(a)(5) and (f) of the Code.
Read more … IRS Delays Transit Ruling Effective Date to January 1, 2011
Effective January 1, 2008, debit cards will only be accepted at healthcare related merchants, such as doctor and dentist offices, hospitals, vision care providers and pharmacies AND at retail merchants, such as grocery stores, discount stores and wholesale clubs, who have implemented an inventory information approval system (IIAS) as defined by Notice 2006-69, 2006-31 I.R.B. 107.
Read more … Inventory Information Approval System (IIAS)