Headlines about "Medical Savings Accounts (MSAs)"

Gathered from the web by the editors at BenefitsLink.com.
[Opinion] A Reconsideration of Tax Expenditure Analysis (PDF)
87 pages. Excerpt: "This document, prepared by the staff of the Joint Committee on Taxation . . . reconsiders the utility of the JCT Staff's current implementation of tax expenditure analysis. . . . Driven off track by seemingly endless debates about what should and should not be included in the 'normal' tax base, tax expenditure analysis today does not advance either of the two goals that inspired its original proponents: clarifying the aggregate size and application of government expenditures, and improving the Internal Revenue Code." (U.S. Congress, Joint Committee on Taxation)

[Official Guidance] IRS Announcement 2008-44: No Penalty for Withdrawing Stimulus Payment That Was Deposited Directly Into IRA, HSA or Similar Accounts (PDF)
4 pages. Excerpt: "The account specified by the taxpayer could be a checking or saving account, or an account that is given favorable tax treatment under the Code, such as an IRA, a health savings account (HSA), an Archer MSA, a Coverdell education savings account (CESA), or a qualified tuition program account (QTP or section 529 program) . . . . An individual may withdraw from a tax-favored account an amount less than or equal to the amount of the Economic Stimulus Payment directly deposited into such account, notwithstanding any restrictions in the Code. To the extent that the withdrawal is made no later than the time for filing the taxpayer's income tax return for 2008, plus extensions (or in the case of a CESA, the later of May 31, 2009, or the time for filing the taxpayer's income tax return for 2008, plus extensions), the amount withdrawn is treated as neither contributed to nor distributed from the account. Thus, the amount withdrawn will not be subject to regular federal income tax nor to any additional tax or penalty under the Code." (Internal Revenue Service)

[Guidance Overview] Are Rollover and Transfer Contributions to Health Savings Accounts Permitted?
Excerpt: "Rollover and transfer contributions from Archer Medical Savings Accounts (MSAs) and other HSAs to an HSA are permitted. They need not be in cash and are not subject to the annual contribution limits. . . . Rollovers from certain flexible spending arrangements (FSAs) and health reimbursement arrangements (HRAs) are also allowed, subject to the rules of IRS Notice 2007-22." (Wolters Kluwer)

Overview: IRS Issues 2008 Inflation-Adjusted Limits for Pre-Tax Transportation and Other Fringe Benefits
Excerpt: "In general, IRC § 132(f) allows employees to exclude from their gross incomes, the value – up to certain limits – of 'qualified transportation fringe' benefits provided by their employers. 'Qualified transportation fringe' benefits include – transportation between home and work in a 'commuter highway vehicle;' mass transit passes; and 'qualified' parking." (Deloitte via BenefitsLink.com)

IRS Releases 2008 Reporting Forms and Instructions for HSA and Archer MSA Trustees and Custodians
Excerpt: "EBIA Comment: Remember that these 2008 forms aren't to be used until 2009, when reporting for the 2008 tax year is due. Note that employers and account holders of HSAs and Archer MSAs also have IRS reporting obligations. Employers must report their contributions to employees' HSAs and Archer MSAs on Form W-2. HSA account holders must report HSA information on Form 8889, which is filed with Form 1040 . . . . Archer MSA account holders must file Form 8853 with Form 1040 to report information about their Archer MSAs." (Employee Benefits Institute of America)

Overview: Key IRS Benefit Plan Limits for 2008 (PDF)
Excerpt: "The IRS has issued a press release announcing the retirement plan limits for 2008, and Revenue Procedure 2007-66, which contains 2008 limits for qualified transportation fringe benefits, adoption assistance programs, long-term care products, and medical savings accounts." (Buck Consultants)

Another Question is Answered in the Consumer-Driven Healthcare Reimbursement Accounts (HSAs, HRAs, Archer MSAs, Medicare MSAs) Q&A Column
What are the requirements to make a tax free Qualified HSA Distribution (rollover from a Health FSA or HRA to a Health Savings Account)? (BenefitsLink.com)

Overview: IRS 2007 List of Approved Nonbank Trustees & Custodians for HSAs & Other Tax-Exempt Trusts
Excerpt: "EBIA Comment: As we have previously noted, the slow growth in the number of approved entities is probably attributable to the extensive requirements that nonbank trustees and custodians must meet in order to gain IRS approval. Note that in addition to HSAs, these entities are approved as trustees and custodians of Archer MSAs." (Employee Benefits Institute of America Inc.)

BenefitsLink Named 'Best of the Web' by Human Resource Executive Online
We're the only site in the 'Benefits' category! Thanks for letting us share this news with you. Excerpt: "With that in mind, we considered it fitting to present in this anniversary issue 10 of the best HR Web sites and 10 of the best HR blogs for your browser's Favorites/Bookmarks list. . . . [I]f it's about benefits, you'll find something about it on BenefitsLink. Just a cruise down its left side navigation/links bar, and you quickly get the idea how they chose the site's name back in 1995." (Human Resource Executive Online; free registration required)

IRS Releases Reporting 2007 Form and Instructions for HSA and Archer MSA Trustees and Custodians
Excerpt: "The IRS has released a revised version of Form 5498-SA for the 2007 tax year, and a revised version of the Instructions for Forms 5498-SA and 1099-SA, to reflect new HSA contributions permitted by the Tax Relief and Health Care Act of 2006 (TRHCA). Trustees and custodians of HSAs and Archer MSAs must use Form 5498-SA to report contributions to (and the fair market value of) these accounts, and they must report distributions on Form 1099-SA." (Employee Benefits Institute of America)

IRS Announces That 2005 and 2006 Are Not Cutoff Years for Archer MSA Program
Excerpt: "EBIA Comment: As we expected, the number of Archer MSAs continues to remain well below the statutory cutoff limit of 750,000. Part of the reason for the low numbers, particularly in 2006, may be that the program previously terminated at the end of 2005 and was not retroactively reinstated until December 2006." (Employee Benefits Institute of America Inc.)

Announement 07-44: Archer Medical Savings Accounts (MSAs) Allowed to Continue Past April 19, 2007 (PDF)
6 pages. Excerpt: "Sections 220 (i) and (j) of the Internal Revenue Code provide that if the number of Archer Medical Savings Account (Archer MSA) returns filed for 2005 or 2006 or a statutorily specified projection of the number of Archer MSA returns that will be filed for 2005 or 2006 exceeds 750,000, then April 19, 2007, is a 'cut-off' date for the Archer MSA pilot project. . . . [The IRS has determined that] April 19, 2007 is not a 'cut-off' date . . . ." (Internal Revenue Service)

Text of 2007 'Medicare & You' Handbook (PDF)
116 pages. Provides insight into what individuals are being told about coordination with employer-provided health plans (p. 61), long-term care insurance (p. 62), and Medical Savings Accounts (p. 39). (Centers for Medicare & Medicaid Services)

Overview: Archer MSA Trustees' Reports Due March 20
Excerpt: "Announcement 2007-24 notifies Archer MSA trustees and custodians that they must report on Form 8851, no later than March 20, 2007, the number of Archer MSAs established (1) between January 1, 2005 and June 30, 2005; and (2) between January 1, 2006 and June 30, 2006." (Employee Benefits Institute of America)

Text of Announcement 2007-24: Reporting Requirements by Trustees of Archer MSAs (PDF)
Announcement 2007-24 notifies trustees and custodians of Archer Medical Savings Accounts (MSAs) that they must report to the Internal Revenue Service the number of Archer MSAs established (1) between January 1, 2005 and June 30, 2005 and (2) between January 1, 2006 and June 30, 2006. Trustees must report this information to IRS on separate Forms 8851 for 2005 and 2006, no later than March 20, 2007. It will appear in Internal Revenue Bulletin 2007-10, dated March 5, 2007. (Internal Revenue Service)

Overview: 2006 Pub. 969: HSAs, HRAs, Health FSAs, Archer MSAs, and 2007 Pub. 15-B on Fringe Benefits
Excerpt: "EBIA Comment: The Tax Relief and Health Care Act of 2006 made many important changes to HSA contribution limits, comparability, and HRA and health FSA interaction . . . . Publication 969 mentions some of these changes, which are effective for 2007. However, the brief summary on HSAs contained in Publication 15-B doesn't reflect these HSA changes, and could be misleading." (Employee Benefits Institute of America Inc.)

Overview: 2007 Minimums and Maximums for High-Deductible Health Plans, HSAs and Archer MSAs
Excerpt: "Update: Provisions in the Tax Relief and Health Care Act of 2006 (Public Law 109-432), which Congress passed and President Bush signed into law in late December 2006, enhance Health Savings Accounts (HSAs), including effectively increasing the contribution maximum. The second table in this Capital Checkup has been updated to reflect this change." (The Segal Group, Inc.)

Overview: President Signs Tax Relief and Health Care Act of 2006
Excerpt: "EBIA Comment: As . . . discussed in . . . earlier articles, the Act makes important changes to HSA contribution limits, comparability, and HRA & health FSA interaction, and it extends the Mental Health Parity Act and the Archer MSA pilot project through 2007." (Employee Benefits Institute of America Inc.)

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