IRS Releases Benefit Limits for 2020

Today, the Internal Revenue Service announced in Revenue Procedure 2019-44 the annual inflation adjustments for more than 60 tax provisions for 2020, including the tax rate schedules, and other tax changes. This Revenue Procedure provides details about these annual adjustments: There are several benefit limitations for 2020 included: * The annual dollar limit on employee contributions to employer-sponsored healthcare flexible spending arrangements (FSA) increases to $2,750. *The amount for the adoption credit or the amount excluded for adoption assistance allowed for an adoption of a child with special needs is increased to $14,300. *The dollar amount for employee health Insurance expense of small employers is $27,600. This… Read More

May 29, 2019

Flex-Ed: Using your FSA card the right way

Waiting to get reimbursed from your Flexible Spending Account (FSA) for an FSA-eligible item is tedious—filing paperwork with your FSA administrator, waiting for approval and paying out of pocket in the meantime. Luckily, the FSA debit card streamlines the process. The FSA debit card allows you to electronically access pre-tax contributions you’ve allocated to your FSA. Instead of going through the process of administrator reimbursement, you’ll be able to use your FSA debit card to purchase eligible items you need without having to wait. The reason? The FSA debit card is linked to directly to your FSA. But here’s the deal—FSA debit… Read More