2007 Patriots Day May Affect Some HSA Administration

It may not seem possible, but next year Paul Revere will have an impact on Health Savings Accounts (HSAs), based on a recent IRS Notice.

Notice 2006-103 provides guidance regarding the impact of Patriots' Day on the April 16, 2007 due date for filing Federal tax documents and making Federal tax payments. Patriots’ Day is a holiday for the District of Columbia and several other states – Maine, Massachusetts, New Hampshire, New York, Vermont, and Maryland – commemorating the American Revolution battles of Lexington and Concord the day after Paul Revere’s famous midnight ride.

The guidance states that the tax filing date for such states will be Tuesday, April 17, 2007. This impacts HSA administration in D.C. and the other six states as follows (in accordance with Notice 2004-2):

• Employees and employers can make HSA contributions for the taxable year at any time prior to the tax filing date; and
• Employers’ ability to cure excess contributions also has a deadline that is before the tax filing date.

A copy of the Notice is available at: www.irs.gov/pub/irs-drop/n-06-103.pdf.

###

News & Review sign-up sheet | Archive