http://www.infinisource.net/Rss/HRA.ashx News and Review: Topic - Health Reimbursement Arrangements 10 IRS added three types of expenses to the approved list of medical expenses when it issued Revenue Ruling 2007-72 in December. Section 213 of the Internal Revenue Code broadly defines medical expenses for the purposes of the medical expense tax deduction and for reimbursement under a Health FSA, Health Reimbursement Arrangement or a Health Savings Account. http://www.infinisource.net/Infinisource/News_Review_Articles/news_review20080107-3.aspx 7 Jan 2008 The IRS recently released the 2007 version of Publication 502, which taxpayers use to determine what medical expenses are deductible on their tax returns. This publication also serves as a resource for determining what medical expenses are reimbursable under a Health FSA, Health Savings Account (HSA) or Health Reimbursement Arrangement (HRA). http://www.infinisource.net/Infinisource/News_Review_Articles/news_review20071210-3.aspx 10 Dec 2007 The National Anthem plays in the background as a figure of Uncle Sam appears. The picture of patriotism comes to mind for some. For others, the picture of Uncle Sam, with his white hair and goatee, often dressed in red, white and blue with a top hat, bring other thoughts during this time of year – tax time. Never fear, Uncle Sam is here with some written publications to assist. The IRS recently revised two publications to assist with the preparation of taxes, Publications 969 and 15-B. http://www.infinisource.net/Infinisource/News_Review_Articles/news_review20070312-5.aspx 12 Mar 2007 The IRS recently confirmed what many knew already about taxability of certain payments from Health Reimbursement Arrangements (HRAs). Revenue Ruling 2006-36, issued in August, addressed whether HRAs and other similar reimbursement plans may pay benefits to a designated beneficiary who is not the employee, the employee’s spouse or the employee’s dependents. The short answer is no, they may not. If they do, those amounts are includable in the employee’s gross income. http://www.infinisource.net/news/stories/new_review20060911-4.asp 11 Nov 2006 The Internal Revenue Service (IRS) released guidance that an employee would lose their tax-favored status with a Health Reimbursement Arrangement (HRA) if the employer allowed participants to take unused balances in cash. On April 5, 2005, the IRS released Revenue Ruling 2005-24, providing three HRA designs with a cash-out of unused balances. For each example, the IRS rejected the designs as violating the Tax Code and earlier rules. Previously, it had been determined that to remain tax-favored, HRA balances must be limited to only reimbursement of medical care expenses. http://www.infinisource.net/news/stories/newsroom20050421-4.asp 21 Apr 2005 FSAs. MSAs. HRAs. HSAs. Everyone from the President to the Treasury Department continues to support programs designed to somehow take the sting out of rising benefits costs. Great news for all, but keeping the information straight can be a full time job in itself. http://www.infinisource.net/Infinisource/stories/comp1.asp 28 Jan 2005 On June 26, 2002, the Treasury Department and the IRS released guidance on Health Reimbursement Arrangements (HRAs). Few employers have implemented an HRA. However, now is the time to place yourself ahead of the competition by taking advantage of the opportunities provided with an HRA plan. http://www.infinisource.net/Infinisource/stories/hra3.asp 14 Nov 2003 The Treasury Department and the IRS announced changes allowing participants to pay for over-the-counter medications with pre-tax dollars from health care flexible spending accounts (FSA) and health reimbursement arrangements (HRA). http://www.infinisource.net/Infinisource/stories/otc1.asp 19 Sep 2003 Your clients will want to know, and they will turn to you for answers. An HRA – or Health Reimbursement Arrangement – makes high-deductible plans a viable option for employers, empowers employees to better manage their own health care costs and builds the consumer awareness needed to help curb rising benefit costs. http://www.infinisource.net/Infinisource/stories/hra1.asp 24 Jan 2003