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Friday, November 20, 2009
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TAX: Changes sought for FSA rules
A new bill joins an existing measure that seeks to change the rules applying to flexible spending accounts. Introduced by Rep. James Sensenbrenner, R-Wis., HR 1279 would increase contribution limits to dependent care FSAs and would allow unused amounts to carry over to the following tax year. Already on the table is HR 544, which would allow up to $500 of unused money in health FSAs to be permanently carried over to subsequent plan years. HR 544 also would allow the unused amounts to be rolled into certain other savings plans, including health savings accounts or qualified retirement plans. The new bill was referred to the Ways and Means Committee. For more information, visit thomas.loc.gov/.
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