Carryover Basis

News & Analysis as of

Pittsburgh’s New Sick Leave Ordinance Challenged in State Court

In August, the City of Pittsburgh, Pennsylvania passed an ordinance that will require most employers to provide workers with paid or unpaid sick time. Pittsburgh follows the lead of Philadelphia, which approved a similar...more

City of Tacoma Issues Rules Interpreting Paid Leave Ordinance

On August 5, 2015, the City of Tacoma, Washington published its final Paid Leave Rules (“Rules”) implementing Tacoma’s Paid Leave Ordinance (“Ordinance”). The Ordinance requires nearly all private sector employers to provide...more

BREAKING: Obama Administration Considering Executive Order Requiring Federal Contractors To Provide Employees Paid Sick Leave

According to a report in the New York Times, the White House is currently considering an Executive Order (“EO”) requiring federal contractors to provide paid sick leave to their employees. According to the report, the...more

Global Tax News - March 2015

Australia's Investment Management Regime reforms 30 MAR 2015 - Australia’s Investment Management Regime (IMR) reforms, initially proposed by the Australian Financial Centre Forum in the Johnson Report in 2009 and the...more

Germany's safe harbors to its net operating loss carryover limitation rules – or: let's make a law

Historically – meaning until the end of 2007 – the German corporate tax law provided for limitation rules on the use of tax-wise net operating loss carryovers of a corporation, where the "loss corporation," after a change in...more

Employee Benefits Developments - December 2013

RULINGS, OPINIONS, ETC. - Modification of “Use-or-Lose” Rule for Health FSAs - Internal Revenue Service (IRS) Notice 2013-71 modifies the “use-it-or-lose-it” rule for health flexible spending accounts (health...more

New Carryover Option for Health Flexible Spending Arrangements

Recent guidance from the IRS modifies the long-standing “use or lose it” rule under a health flexible spending arrangement (“Health FSA”) to permit such arrangements to offer participants the opportunity to carryover up to...more

IRS Modifies FSA Use-or-Lose Rule

The IRS recently modified the “use-it-or-lose-it” rule for healthcare flexible spending accounts (FSAs) to permit a limited carryover of unspent funds from one plan year to the next. Effective immediately, plan sponsors may...more

IRS Modifies Health Flexible Spending Account "Use It or Lose It" Rule: $500 Carryover Now Permitted

Employees generally may not use contributions made to a health flexible spending account ("health FSA") in one plan year to purchase a benefit that will be provided in a subsequent plan year. This "use it or lose it" rule...more

Income Tax Cost Basis Planning

Prior to the recent and significant increases in the federal estate tax exemption amount, many clients engaged in planning the purpose of which was to ensure the use of both spouses’ exemption amount through the use of a...more

Health FSA Carryover Amendments - Proceed with Caution

Recently the Internal Revenue Service published guidance that permits an employer to amend its health care flexible spending account program (HFSA) to allow a limited carryover of funds. In IRS Notice 2013-71, the IRS...more

The Benefits Game: New Carryover Option for Health Flexible Spending Accounts – A Change in The “Use It or Lose It Rule”

Some cafeteria plans already contain optional grace period provisions that modify the strict “use it or lose it” rules for Health Flexible Spending Accounts (“Health FSA” or “FSA”). These grace period provisions permit FSA...more

IRS Change to Use-Or-Lose Rule for FSA Accounts

Typical Flexible Spending Arrangements (FSAs) (also commonly called flexible spending accounts) allowed employees to set aside money pre-tax to pay for medical expenses not covered by insurance, including deductibles, copays,...more

Labor & Employment E-Note - November 14, 2013

In This Issue: - High Court Takes on Union Strategy to Push Neutrality Agreements - Justices Consider Pay for Union Workers to Don Safety Gear - Appeals Court Rules for Employers Over Birth Control Coverage -...more

IRS Loosens Use It Or Lose It Rule

As employers who sponsor cafeteria plans know, flexible spending accounts (FSAs) under those plans have had a “use it or lose it” rule. Under that rule, employees who participate in the spending accounts must make elections...more

IRS Changes Health FSA "Use-or-Lose" Rule; Clarifies Transition Relief for 2013-14

On October 31, 2013, the Internal Revenue Service (IRS) released Notice 2013-71 (Notice), which modifies the "use or lose" rule for health flexible spending accounts (health FSAs) to allow a $500 annual carryover of unused...more

IRS Modifies Health FSA "Use or Lose" Rule

On October 31, the IRS issued Notice 2013-71, modifying the long-standing “use or lose” rule for health flexible spending arrangements (FSAs). Under the new rule, employers may permit health FSA participants to carry over up...more

IRS Modifies 'Use-or-Lose' Rule for Health FSAs

IRS Notice 2013-71 recently modified the longstanding "use-or-lose" rule for health flexible spending arrangements (FSAs) so that covered individuals may now be permitted to carry over up to $500 in unspent funds in their...more

Use-It-or-Lose-It Rule Modified for Health Care FSAs

The IRS has issued IRS Notice 2013-71, allowing limited carry-over of amounts in employees’ flex plan accounts to the following plan year. Under the guidance employers may permit participants to carry over up to $500 of...more

IRS Modifies "Use It or Lose It" Rule for Health Flexible Spending Arrangements

The Internal Revenue Service (IRS) recently issued guidance modifying the longstanding "use it or lose it" rule for health flexible spending arrangements (health FSAs). Under the notice, employers that sponsor health FSA...more

IRS Provides Additional Flexibility for Flexible Spending Arrangement Use-or-Lose Rules

On October 31, the Internal Revenue Service (IRS) released Notice 2013-71, which modifies the long-standing “use-it-or-lose-it” rule for health flexible spending account plans (“FSAs”). Under the rule, any unused...more

IRS Relaxes Use-or-Lose Rule for Health FSAs

On October 31, 2013, the Internal Revenue Service (“IRS”) issued guidance relaxing the Use-or-Lose Rule applicable to Health FSAs under employers’ cafeteria plans. Now an employer may amend its cafeteria plan to permit plan...more

New Health FSA Carryover Rule Poses Tough Choices for Plan Sponsors

The IRS has announced new, long-requested relief from the “use it or lose it” rule that will allow health flexible spending account (FSA) participants to carry over up to $500 of unused contributions to the next plan year if...more

Health Flexible Spending Accounts – Modification Of "Use It Or Lose It" Rule

Many employers offer health flexible spending account arrangements ("Health FSAs") through cafeteria plans to their employees. Historically, Health FSAs have been subject to a "use it or lose it" requirement, meaning that...more

IRS Relaxes Use-It-Or-Lose-It Rule for Health Flexible Spending Accounts

On October 31, 2013, the Internal Revenue Service (the “IRS”) issued Notice 2013-71, which relaxes (but does not eliminate) the “use-it-or-lose-it” rule for health flexible spending accounts (“Health FSAs”) under Code Section...more

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