The Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2018-15, Intangibles—Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill and Other Intangible Assets. This ASU, effective for private companies for fiscal years beginning after December 15, 2021, and for public companies for fiscal years beginning after December 15, 2022, simplifies the … Read more
The 2025 flex spending limit increase is a huge win for employees who use flexible spending accounts (FSAs) to save money on healthcare and dependent care expenses. The new limit, which was announced by the Internal Revenue Service (IRS) in November 2022, will be $3,050 for health FSAs and $5,000 for dependent care FSAs. This … Read more
The maximum contribution limit for Flexible Spending Accounts (FSAs) in 2023 has increased significantly compared to previous years, offering employees the opportunity to save more money on qualifying healthcare and dependent care expenses on a pre-tax basis. Employers should take note of this change and consider reviewing their FSA plan offerings to ensure they are … Read more
FSA contributions can be a great way to reduce your tax burden and increase your retirement savings. These contributions are made on a pre-tax basis, meaning they are deducted from your paycheck before taxes are calculated. As a result, you pay less in taxes on your paycheck each payday. The maximum amount you can contribute … Read more
Secure your financial future with the recent announcement of the FSA max contribution limits for 2025. This substantial increase empowers individuals to save more for retirement and reap the benefits of tax-advantaged accounts. With the rising cost of living, it is crucial to take advantage of the opportunity to maximize your savings and safeguard your … Read more
