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(posted: 04/24/2018)Redwood City, California has adopted a minimum wage ordinance.
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(posted: 04/19/2018)Effective July 1, 2018, the minimum wage in Emeryville, California will rise to $15.00 per hour...
IRS: Health FSAs Cannot be Used for Insurance Premiums
posted: Friday, August 11th
IRS: Health FSAs Cannot be Used for Insurance Premiums
Payments for Medicare Premiums Also Prohibited
A recently released IRS letter reaffirms the agency's view that funds from a health flexible spending arrangement (health FSA) may not be used to reimburse health insurance premium payments or Medicare premium expenses.
Certain Premiums May be Deducted
The IRS letter points out that health insurance premium payments, including those for Medicare, may be considered medical expenses for purposes of the itemized deduction for medical expenses. However, only premiums for which the taxpayer is not claiming a separate credit or deduction can be included as part of a medical expenses deduction. Additional restrictions apply to this deduction. For more information, please see IRS Publication 502, Medical and Dental Expenses.
Click here to read the IRS letter in its entirety.
