Offer FSAs to Employees? You May Need to Act Before Year End

October 1, 2020

During this pandemic year, many employees have relied on flexible spending accounts (FSAs) to pay for health care and dependent care costs. This includes expenses related to COVID-19. Employers that offer employees FSAs also reap several benefits. But if you offer employees FSAs, it’s important for both employers and employees to keep abreast of the latest changes, including those that may affect important decisions before the end of 2020.

Read more

Employers: IRS Updates Business Travel Per Diems

October 8, 2018
per diems

Formal expense reimbursement policies may now be necessary. The process can be simplified by paying travel per diems instead of going through submitted receipts.

Under current tax law, employees aren’t allowed to claim miscellaneous itemized deductions — including unreimbursed business expenses — on their personal tax returns for 2018 through 2025. So, it may be more important than ever for employers to set up expense reimbursement plans for business-related travel costs. Read more

Create an Accountable Plan to Reimburse Employees for Business Expenses

October 5, 2018
Accountable Plan

An “Accountable Plan” can minimize the effects of the tax laws’ changes to itemized deductions for business expenses incurred on behalf of employees.

Did you know that the Tax Cuts and Jobs Act (TCJA) eliminated itemized deductions for employees who incur unreimbursed expenses for company business for 2018 through 2025?

Fortunately, you can set up a so-called “accountable plan” to minimize the adverse effects of this TCJA provision. Here’s how the accountable plan deal works. Read more