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IRS Releases 2025 Contribution Limits
October 22, 2024
The IRS released 2025 limits for FSAs, commuter benefits, adoption assistance, and more.
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IRS Releases 2024 Qualified Benefit Plan Limits
November 9, 2023
The IRS has announced 2024 contribution limits for Flexible Spending Accounts, Adoption Assistance Programs and Commuter Plans.
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2020 Qualified Benefit Plan Limits Released
November 6, 2019
The Internal Revenue Service (IRS) has released additional qualified benefit plan contribution limits for 2020, including limits for flexible spending accounts (FSA) and Commuter Benefit accounts.
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What Transportation Expenses are Eligible Under an FSA or HSA?
July 2, 2024
You likely have a primary care physician and hospital relatively close by, but there may be times when you need to travel outside your local area to see a specialist for diagnosis and/or treatment. Medically related travel expenses can add up quickly, and your healthcare FSA or HSA can be used for many of them.
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Important Plan Limits for 2024
December 20, 2023
On November 9,2023, the IRS issued IRS Revenue Procedure 2023-34, which address annual inflation adjustments for more than 60 tax provisions. Included are new limits for Flexible Spending Accounts, Commuter Benefits and various other code provisions.
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Avoid Compliance Mistakes During Open Enrollment
December 20, 2023
Open enrollment is one of the busiest times of year for employee benefits professionals. It’s a stressful season that typically results in questions and complaints and comes with a high potential for both employer and employee mistakes.
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IRS Releases 2021 Qualified Benefit Plan Limits
October 27, 2020
The IRS has announced new qualified benefit plan limits for 2021. You can also find these and historical qualified benefit plan limits in this handy reference guide.
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Ask Penny: Can I pay for transportation expenses with my FSA or HSA?
November 25, 2019
You likely have a primary care physician and hospital relatively close by, but there may be times when you need to travel outside your local area to see a specialist for diagnosis and/or treatment. Medically related travel expenses can add up quickly, and your healthcare FSA or HSA can be used for many of them. What's eligible?
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IRS Issues Guidance for Qualified Transportation Fringe Benefits
February 28, 2019
Qualified transportation fringe benefits allow employees and employers to use pre-tax dollars towards commuting expenses. The amount of pre-tax dollars allowable varies based on cost-of-living adjustments by the IRS. (The monthly maximum limit for 2019 is $265.) In general, these benefits are completely optional and employers are not required to offer them. However, some cities with high commuter populations (e.g. New York City, San Francisco, Washington, D.C.) have laws that make it mandatory for employers to offer the benefit.