In late May, the IRS issued Notice 2012-40, which offers long-awaited guidance on the $2,500 limit on Health FSA salary reduction contributions. This rule is effective in 2013 under the Affordable Care Act (ACA).
Notice 2012-40 brings clarity to several gray areas related to §9005 of the ACA. This provision created §125(i) of the Internal Revenue Code. In addition, the IRS publicly indicated a willingness to change the Use-or-Lose Rule.
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