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What’s on tap for tax reform?

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in Small Business Tax

As this issue is being written, sweeping tax reforms are being discussed in our nation’s capital. However, proposed legislation that would have “repealed and replaced” the Affordable Care Act (ACA) was scrapped by House GOP leaders in March.

Alert: The American Health Care Act included a number of provisions affecting the tax treatment of fringe benefits. These changes might resurface in a subsequent tax bill.

Notably, several ACA provisions impose restraints on expenditures from tax-favored accounts like Flexible Spending Accounts (FSAs), Archer Medical Savings Accounts (MSAs) and Health Savings Accounts (HSAs). The restraints would have been lifted by the proposed legislation and other rules for HSAs were to be enhanced.

Tip: We will continue to monitor the progress of tax reform talks in Congress.

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