Welfare Benefit Plan ERISA News
September 2010

Good News
Legislation Introduced to Repeal FSA and HSA Limitations
that were included in the Patient Protection and Affordable Care Act: funding the purchase of over-the-counter medication unless a doctor writes a prescription for it and, starting in 2013, the annual FSA contribution cap of $2,500.
Senate to Consider Repeal of 1099 Requirement
As reported in the July ERISAPros Newsletter, PPACA will require businesses to file a 1099 form for every vendor, whether corporate or individual, to whom they paid more than $600 for goods and/or services, in a given year beginning in 2011. Under current law, a 1099 is only required for reporting income paid to individuals providing services. In what could be described by many insurance practitioners and employers as an understatement, Senator Blanche Lincoln was quoted as saying, "No piece of legislation is ever perfect." 
Bad News
IRS to Scrutinize Fringe Benefits During Employer Audits The IRS has commenced a wave of comprehensive employment tax audits of 6,000 selected large and small businesses, focusing on issues it has identified as common compliance problems, including fringe benefits - all the way down to Christmas turkeys and dependent group term life insurance premiums that are not being taxed to employees. (Source: IRS' "Executive Benefits - Fringe Benefits Audit Techniques Guide.") This is the first such initiative to be conducted in 25 years and is projected to continue until 2013.
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© 2017 ERISAPros, LLC, All rights reserved. Information on ERISAPros' website, its newsletter, “News & Views,” and its blog, “ERISA Wonk,” is published as a general informational source. Information and articles are general in nature and are not intended to constitute legal or tax advice in any particular matter. Blog posts and comments reflect the personal views of their respective authors - not those of ERISAPros. Transmission of this information does not create an attorney-client relationship. ERISAPros, LLC is not a law firm and is not giving legal or tax advice. It does not warrant and is not responsible for errors or omissions in the content on its website or in its newsletters. ERISA is a complicated and confusing law. Summary Plan Descriptions (SPDs), Wrap Plan Documents, and Form 5500s require review and updating by qualified ERISA compliance professionals.


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