My Flex Resource - IRS Regulations & Notices

90 Percent Rule Update - IRS NOTICE 2008-104

December 4, 2008

The IRS has made a significant change pertaining to the implementation date for the 90% rule.

Medical Mileage Rate Decrease Effective January 1, 2009

December 1, 2008

Effective January 1, 2009, the optional standard mileage rate for medical and moving purposes has decreased from the current rate.

New Transportation Fringe Benefit to Bicycle Commuters

October 22, 2008

The benefit -- up to $20 per month -- begins with the new year in 2009. Employers may reimburse employees, tax free, for "reasonable" expenses related to their bike commute, including equipment purchases, bike purchases, repairs, and storage if the bicycle is used as a "substantial part" of the commuter's trip to work for the month.

Breaking News--Increased 132 Transit Limits for 2009 Just Announced

October 16, 2008

The qualified transportation monthly limits for 2009 are increased to $120 for commuter transit and $230 for parking. (See Rev. Proc. 2008-66.)

IRS Issues Guidance on FSA Distributions for Military Reservists

October 15, 2008

IRS Notice 2008-82 was issued jointly by the Treasury Department and the Internal Revenue Service (IRS) and provides guidance for “qualified reservist distributions” (QRDs) that are provided for in the Heroes Earning Assistance and Relief Tax Act of 2008 (HEART).

IRS Delays Implementation of Transportation and Debit Card Regulations

September 4, 2008

The purpose of this notice is to delay the effective date of Revenue Ruling 2006-57, 2006-2 C.B. 911. Revenue Ruling 2006-57 provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under Internal Revenue Code §§ 132(a)(5) and 132(f).

Summary of Notice 2008-59 Guidance on Health Savings Accounts

August 26, 2008

The Treasury Department and the Internal Revenue Service released Notice 2008-59 on June 25, 2008. A summary of the Notice is included here.

Proposed Regulations Regarding HSAs

July 16, 2008

The Internal Revenue Service (IRS) and the U.S. Treasury Department have issued Proposed Regulations regarding Health Savings Accounts (HSAs).

HEART ACT (Heroes Earnings Assistance and Relief Tax Act) Signed Into Law

June 28, 2008

The Heroes Earnings Assistance and Relief Act of 2008, which was recently signed into law by President Bush, is a new law whose purpose is to address the payments made to individuals who have been called to active military service.

IRS Announces Mid-Year Increase in Mileage Rates for Transportation to Obtain Medical Care

June 27, 2008

Due to recent gasoline price increases, the IRS has announced in Announcement 2008-63 dated June 24, 2008, an eight-cent mid-year increase in the standard mileage rate for calculating the cost of using an automobile to obtain medical care.

IRS Releases Final HSA Comparability Regulations for Catch-Up and Accelerated Contributions Effective for Calendar Years Beginning on or after January 1, 2009

June 17, 2008

The Internal Revenue Service released final regulations providing guidance on employer "comparable" contributions to Health Savings Accounts (HSA) where...

IRS Issues 2009 Index Amounts for Health Savings Accounts

May 1, 2008

The new 2009 maximum annual HSA contribution has been raised to $3000 for individuals with self-only coverage and to $5950 for family coverage.

Delay of IRS Revenue Ruling 2006-57 on 132 Transportation Debit Cards

October 1, 2007

The purpose of this notice is to delay the effective date of Revenue Ruling 2006-57, 2006-47 I.R.B. 911. Revenue Ruling 2006-57 provides guidance to employers on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringes under Internal Revenue Code §§ 132(a)(5) and 132(f).

Proposed Regulations Issued for Cafeteria Plans

August 1, 2007

On August 3, 2006, the U.S. Treasury Department and the Internal Revenue Service (IRS) released proposed regulations regarding cafeteria plans. These rules replace the previously-proposed and temporary regulations issued intermittently between May 1984 and March 2000.

IRS Revenue Ruling 2006-57 on 132 Transportation Debit Cards

November 20, 2006

Qualified transportation fringes; smartcards and debit cards. This ruling provides guidance to employers on the use of smartcards and debit cards to provide qualified transportation fringes under section 132(f) of the Code.

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