Much-Needed Guidance For Health FSAs Has Arrived

Law360, New York (June 15, 2012, 12:29 PM EDT) -- Employers are getting some welcome relief in the form of U.S. Internal Revenue Service guidance that provides helpful details and clarity on how to implement the upcoming $2,500 limit on salary reduction contributions to health flexible spending accounts (FSAs) set by the Patient Protection and Affordable Care Act (PPACA).

Notice 2012-40, which was issued by the IRS on May 30, 2012, also provides a generous deadline for amending cafeteria plans to reflect this new limit — before year-end 2014 — and indicates that the U.S. Department...
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