The Internal Revenue Service released the revised instructions that
tax-exempt organizations will need to fill out the redesigned Form 990,
which must be filed starting with tax year 2008 (filed in 2009).

Most charities and other tax-exempt
organizations must file an annual informational return with the IRS to
maintain their tax-exempt status. Information reported on Form 990 is
made available to the public.

WASHINGTON, DC –U.S. Treasury and Internal Revenue Service today issued guidance regarding how employers can rollover their health Flexible Spending Arrangements (health FSAs) and Health Reimbursement Arrangements (HRAs) to Health Savings Accounts (HSAs) for their employees. 

The Tax Relief and Health Care Act of 2006, Pub. L. No. 109-432, enacted December 20, 2006, allowed employers to amend their health FSAs or HRAs, with balances on September 21, 2006, for a one-time roll over to an HSAs by 2012.  The guidance clarifies the requirements for making these rollovers, which must be made directly to the custodian or trustee of the HSA. 

Small business owners who set 2007 goals and objectives for their businesses indicate that the cost of insurance (64 percent) and taxes (62 percent) top their list of concerns for the new year. These findings come from the Wells Fargo/Gallup Small Business Index, a survey of business owners nationwide conducted by The Gallup Organization and sponsored by Wells Fargo, America’s number one lender to small businesses. Rounding out the top five concerns for 2007 are energy prices (54 percent), government regulations (45 percent), and finding qualified employees (42 percent).

The President’s Plan Will Help More Americans Afford Health Insurance By Reforming The Tax Code With A Standard Deduction For Health Insurance

HSA Qualified Health Plans work by coupling a Qualified High Deductible Health Plan (Q-HDHP) with a Tax Advantaged Health Savings Account. The funds deposited to the HSA can be utilized to pay for Qualified Medical Expenses on a tax-free basis and balances roll over from year to year. The minimum Q-HDHP deductibles are $1,100 for single and $2,200 for family coverage. When coupled with 100% co-insurance plans they can significantly reduce the annual maximum out of pocket cash when compared with traditional Co-pay plans. This is especially true when discussing family plans where there may be deductibles for each family member. The Q-HDHP plans utilize family deductibles where one or multiple family members’ medical costs go toward a single deductible.