IRS releases final regs for comparable contributions for HSAs
The Internal Revenue Service has issued its final regulations for employers complying with the comparable contribution requirements for Health Savings Accounts, also know as HSAs, under Section 4980G. The regulations concern employees that do not establish an HSA by the end of the year or an employee who has neglected to tell the employer that he or she has established an HSA.
The regulations also cover instances when an employer accelerates contributions for the calendar year for employees who have incurred qualified medical expenses.
The IRS's new regulations went into effect April 17 and apply to employer contributions made for calendar years beginning on or after Jan. 1, 2009.
The information in the final regulations was reviewed and approved by the Office of Management and Budget in accordance with the Paperwork Reduction Act of 1995, according to tradingmarkets.com.
For further information, the IRS recommends contacting Mireille Khoury, principal author of the regulations and Office of Division Counsel/Associate Chief Counsel, Tax Exempt and Government Entities. Khoury can be reached at 202.622.6080.