IRS Releases Revenue Ruling 2014-32 on transportation benefits
On Friday November 21, 2014, the IRS released Revenue Ruling 2014-32. This guidance updates previous guidance on the use of smartcards, debit or credit cards, or other electronic media to provide qualified transportation fringe benefits to employees. This revenue ruling also provides guidance on the use by employees of debit cards for paying mandatory shipping fees on transit passes.
IRS Releases Annual Inflation Adjustments for 2015
The Internal Revenue Service announced the annual inflation adjustments for cafeteria plans on October 30, 2014. The Health Care FSA maximum has increased by $50. Learn more here.
IRS releases Notice 2014-55 regarding eligible changes in enrollment
This notice expands the application of the permitted change rules for health coverage under a § 125 cafeteria plan in situations
where a participant may wish to revoke their election in order to purchase a Qualified Health Plan through a competitive marketplace (or “Exchange”) under the Patient Protection and Affordable Care Act. Click here for more info.