August 7 at 1:00 - 2:30 pm EST
Gain a better understanding of the flexible spending accounts requirements and keep your company in compliance
Employees and employers face enormous financial challenges as we navigate pandemic response, social unrest, and economic instability. Flexible spending accounts provided a simple tax savings program in previous years, but this simplicity has turned to complexity as employers weigh options and employees manage illness, layoffs, and furloughs. Employers can use their existing flexible spending accounts and can even design new vehicles to help employees manage these changes, but without a solid understanding of how these accounts work and the legal requirements, these accounts can become less of a benefit and more of a burden and liability.
This topic will start with flexible spending account basics to ensure that the tax advantages that the accounts offer are maintained. It will also look at documentation requirements and some creative approaches to documentation that can ease administration. The material will then delve more deeply into using flexible spending accounts to their best advantage to address workplace changes and into the potential compliance traps that face employers that implement flexible spending accounts without understanding their compliance obligations. Human resource professionals will be armed with the tools and insight needed to manage and capitalize on flexible spending account benefits as part of solution oriented benefit design.
- You will be able to describe the purpose of flexible spending accounts as a human resources tool.
- You will be able to explain the legal restrictions that apply to flexible spending accounts and how those restrictions dictate design.
- You will be able to identify the types of flexible spending accounts and the advantages of each type.
- You will be able to recognize how flexible spending accounts create both challenges and opportunities for employee life event planning and response.
- Constructive Receipt
- Document Requirements
- Election Changes
- Mistakes and Correction
- Tax Credits vs. DCAP vs. Onsite Care
- Qualifying Expenses
- Nondiscrimination Testing and Plan Design
- The Test
- Design Solutions
- Employment Changes and DCAP Eligibility
- The Basics
- IRC Section 105 and Section 106
- HIPAA, ACA, and COBRA
- Using FSAs With HSAs
- FSA Variations and Uses
- COVID-19 Relief and Opportunities
Who Should Attend?
This live webinar is designed for human resource and benefits professionals, bookkeepers, accountants, controllers, CFOs, payroll managers, presidents, vice presidents, business owners and managers, office managers and insurance professionals.
- Member of the Corporate Law and the Labor & Employment Practice Groups in Buchalter’s Seattle office
- Over 20 years of experience serving as ERISA counsel to employee benefit plans and employers
- Addresses legal issues in design, implementation, administration, corrections, and conflict resolution related to health plans, severance plans, life insurance, disability benefits, wellness plans, 125 plans, individual account plans (HSAs, FSAs, and HRAs), retirement plans, and other forms of compensation
- Assists clients with design, diligence review, internal audits, benefit outsourcing, vendor management, coverage issues, ERISA fiduciary liability, ERISA claims and appeals processes, and government audits
- She serves as ERISA counsel supporting contract negotiations and business transactions such as mergers and acquisitions
- LL.M. degree in taxation, University of Washington School of Law; J.D. degree, Seattle University School of Law; B.A. degree in speech communications, University of Washington
This course was last revised on April 4, 2017.
This program does NOT qualify, nor meet the National Standard for NASBA accreditation.
Live Webinar Registration
- HR Certification Institute 1.5
- This program has been approved for 1.5 (General) recertification credit hours toward aPHR(TM), aPHRi(TM), PHR®, PHRca®, SPHR®, GPHR®, PHRi(TM) and SPHRi(TM)recertification through HR Certification Institute® (HRCI®). For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org.
- SHRM 1.5
- Lorman Education Services is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for 1.5 PDC(s) for the SHRM-CP or SHRM-SCP. For more information about certification or recertification, please visit www.shrmcertification.org.
- CPE 1.8 including Personnel/HR 1.8
- Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 1.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Personnel/HR for 1.8 hours. Prerequisite: basic knowledge of employee benefits. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: Group Internet Based. Please refer to the information in this brochure for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board. Please note: In order to receive CPE credit for this course you MUST use the streaming audio option, as well as enable and complete the required progress checks.
- Lorman Business Center, LLC. is a registered provider for CPA CPE through the State Education Department of New York, Sponsor number: 000640. The following course will carry the subject area of Advisory Services for 1.5 hours.