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NEWS

Industry Updates

2013 FSA Contribution Limits

Announcement June 6, 2012

The Internal Revenue Service recently issued updated guidance for employers and administrators regarding the new $2500 limit on Flexible Spending Accounts to take effect January 1, 2013. This updated guidance clears up a number of outstanding questions regarding this ruling. Please refer to IRS Notice 2012-40 for the official guidelines. The rule is effective for plan years starting on or after Jan. 1, 2013. The $2500 limit does not apply to plan years that begin prior to 2013. This means that non calendar plan years that start during 2012 will not be subject to the $2500 limit on individual FSA plans.

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Transit Accounts: Compliance Update

News Update February 6, 2012

Acceptable Transit Authorities: On January
1, 2012, IRS Revenue Ruling 2006-57 took effect. This ruling, which has been delayed several times, adds additional restrictions to the usage of Transportation Benefit Debit Cards. Beginning on January 1, 2012 any Transportation Benefit Debit Cards with HR Concepts are restricted for use at merchant terminals which only sell transit fare media. Details of the IRS rulings related to the use of commuter benefit debit cards in association to the IRS Section 132(f)

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UPDATES

Forms / Policies / General

Mobile Application updates

News Update October 30, 2012

Version 3.5 Enhancements:

Enter a reimbursement request on the phone
Take a picture of the receipt
Submit the claim and the reimbursement will be sent within 3-5 business days

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HSA Changes for 2013 Tax year

News Update May 4, 2012

The IRS just announced the updated HSA limits.

Deductible Requirements Minimums for 2013:
$1,250 for Single (up $50 from 2012)
$2,500 for Family (up $100 from 2012)

Maximum Out-of-Pocket for 2013:
$6,250 for Single (up $100 from 2012)
$12,500 for Family (up $400 from 2012)

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Peter H Jennings, Founder - President

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THE HRC DIFFERENCE

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OUR MISSION

“Our mission is to be dedicated to providing an administration solution that addresses the overwhelming changes in the benefits market today, with a focus on member satisfaction, ease of use, and an advanced technology platform, at the most cost effective price.”

Peter H. Jennings, Founder-President
Human Resource Concepts, LLC

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