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February 5, 2014

Updated IRS Publications

The IRS has recently updated several publications that may be of interest to employers:

Publication 15-B. Employer’s Tax Guide to Fringe Benefits.  New items added to this publication relate to qualified transportation limits and a discussion of recent changes to the ‘use it or lose it rule’ for health FSAs (as discussed in this Benefit Beat article, IRS Guidance Modifies the Use-it or Lose-it Rule and Permits a Status Change Event for Marketplace Enrollment (11/5/13). 

This publication also includes a discussion of administrative procedures for employers to make claims for refund or adjustments of overpayments of Social Security and Medicare taxes applicable to same sex spouse benefits, as referenced in these prior Benefit Beat articles, Social Security and Medicare Tax Refunds for Same-Sex Marriage Couples and More Agency Guidance Issued on Same-Sex Marriage.

Publication 502. Medical and Dental Expenses. For certain purposes, this publication can be used to determine expenses that are reimbursable from plans such as flexible medical spending accounts and health savings accounts; though, it is important to note that there are differences between deductible expenses and those reimbursable from such plans.

Publication 503. Child and Dependent Care Expenses. Note: exercise caution when relying upon this publication, because the dependent care credit is different from the dependent care assistance credit.

Publication 969. Health Savings Accounts and Other Tax-Favored Health Plans.  New items added to this publication applicable to health FSAs beginning in the 2013 tax year include the $2,500 cap, and $500 rollover (as discussed in this Benefit Beat article, IRS Guidance Modifies the Use-it or Lose-it Rule and Permits a Status Change Event for Marketplace Enrollment (11/5/13).

 

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