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July 2006 | Volume V, Issue 6 | Editor: David Wise |
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Final Regulations on Employer HSA ContributionsOn July 28, 2006, the Treasury and IRS issued final regulations on employer HSA contributions. These final regulations concerning Health Savings Accounts (HSAs) comparability rules will be effective January 1, 2007. Click here to learn more about these regulations. Updated Guidance Increases Card ConvenienceThe recent IRS ruling on the use of debit cards, credit cards, and stored value cards to reimburse participants in self-insured medical reimbursement plans, such as health Flexible Spending Arrangements (FSAs) and Health Reimbursement Arrangements (HRAs), has significantly enhanced one of the cards’ most popular attributes: convenience. The ruling also clarified certain substantiation methods and requirements that apply to all medical reimbursement plans whether or not a card is used. This is good news for Third Party Administrators and Plan Service Providers, as it officially recognizes – and absolutely requires – the role of a third party to substantiate certain expenses. Finally, the ruling provided guidance on the use of cards to reimburse participants in dependent care assistance programs (DCAPs). Click here to learn more about the IRS ruling. Understanding a SAS 70 Audit – Part 2Last month we took a short look at the SAS 70 (Statement on Auditing Standard No. 70) Audit and how it has come to the surface in recent years as the benchmark of quality procedural analysis. This month, we will look at the audit from a technical / procedural perspective and examine what is involved in a SAS 70 Audit and how every company can benefit by understanding the value of a SAS 70 Audit Statement. Click here to learn more about SAS 70 Audits. Plans Must Begin Filing Form 5500
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LEGAL DISCLAIMER: Material contained in
this newsletter is not legal advice, and should not be construed as
legal advice. If you need legal advice upon which you can rely, you
must seek a legal opinion from your attorney. © DataPath, Inc. 2006 |
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