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December 7, 2016

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FSA Contribution Limit Increases for 2017

On October 25, 2016, the IRS announced that the maximum FSA contribution limit for 2017 will increase by $50 to $2,600. This is the first increase to the limit in two years and only the second increase since the limit was originally set at $2,500. With the enactment of the Patient Protection and Affordable Care … Continue Reading

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FSA Makes Important Changes to “Use-It-Or-Lose It” Rule

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If you’ve ever worried about losing your FSA dollars at the end of the year, we have some good news for you.  Today, the U.S. Department of the Treasury and the IRS issued a notice changing the unpopular “use-it-or-lose it” rule for flexible spending accounts.  The rule previously did not allow unspent FSA balances to … Continue Reading

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FSA $2,500 Limit Applies to 2012

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FSA $2,500 Limit Applies to 2012 Fisical Plan Year Plans Although most Internal Revenue Code (IRC) Section 125 plans (Cafeteria Plans) are calendar year plans, there are some plans that are fiscal years plans (e.g. February 1 – January 31). To the delight of tax lawyers everywhere, the IRC contains traps for the unwary! In … Continue Reading