News & Analysis as of

U.S. Treasury Carryover Basis

Verrill

Consolidated Appropriations Act of 2021 Includes Flexible Spending Account Relief

Verrill on

The Consolidated Appropriations Act of 2021 (the “Act”) was signed into law on December 27, 2020. Buried within its 5,593 pages is some welcome flexibility relating to 2020 and 2021 health care and dependent care Flexible...more

Proskauer Rose LLP

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

Proskauer Rose LLP on

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

McCarter & English, LLP

IRS Modifies Health FSA "Use or Lose" Rule

McCarter & English, LLP on

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

Ballard Spahr LLP

New IRS Guidance Modifies the ‘Use-It-or-Lose-It’ Rules for Health Flexible Spending Accounts

Ballard Spahr LLP on

The Internal Revenue Service will now allow an employer-sponsored health flexible spending account (FSA) program to permit the carryover of up to $500 in unused health FSA funds from one year to the next. ...more

Dickinson Wright

IRS Announces Modification To “Use-It-Or-Lose-It” Rule For Health Care Flexible Spending Accounts

Dickinson Wright on

On October 31, 2013, the Internal Revenue Service (“IRS”) announced a modification to the “use-it-or-lose-it” rule that applies to health care Flexible Spending Arrangements (“FSAs”) under a cafeteria plan. Under the use...more

Bradley Arant Boult Cummings LLP

IRS Announces New Health FSA Carryover and 2014 Benefit Plan Limits

The U.S. Treasury Department and the Internal Revenue Service (IRS) have announced updated guidance permitting carryover of up to $500 of unused health flexible spending account (FSA) balances at the end of a plan year....more

McNees Wallace & Nurick LLC

New Rule For Flexible Spending Arrangements: "Use It Or Lose (Some Of) It"

Flexible spending arrangements, or FSAs, have gained popularity among employers over the past fifteen years. Today, approximately 14 million families participate in these benefit plans. ...more

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