Employee Benefits


The Treasury Department and the IRS released Notice 2005-86, which clarifies that an individual participating in a flexible spending arrangement (FSA) is ineligible to contribute to a health savings account (HSA) during an FSA grace period, which extends the covered expense eligibility time frame up to 2 months into the following plan year ( www.treas.gov/press/releases/js3022.htm ). The notice also provides guidance on how employers can amend an FSA to eliminate the restriction on HSA contributions.

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ASC Topic 842 is a relatively simple standard that can mean profound changes for organizations with leases. This report examines what makes this standard challenging and describes new ways for CPAs to add value.