Bill Seeks to End FSA 'Use It or Lose It' Rule  

The proposed Medical Flexible Spending Account Improvement Act (H.R. 1004), a bill that would allow employees to withdraw and pay taxes on any remaining funds in their medical flexible spending accounts (FSAs) instead of forcing them to forfeit the remaining balance to their employer, as current rules require, was introduced on March 11, 2011, by Reps. Charles Boustany, R-La., and John Larson, D-Conn.

FSAs are pretax accounts funded by employer contributions that can be used to pay for qualified medical expenses. The IRS adopted the forfeiture, or "use it or lose it," provision to prevent FSAs from being misused as tax shelters. However, a $2,500 cap on FSA contributions set to begin in 2013 as required by the Patient Protection and Affordable Care Act eliminates the need for that concern, according to Save Flexible Spending Plans, an advocacy campaign that works to promote the accessibility and use of FSAs. 

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From the Desk of Renee Kral, Alpha Wellness Department

April 6th is National Start Walking Day

The snow is melting, the birds are singing and it's time to dust off our tennis shoes and start walking! Now that Spring is around the corner, there's no better time to get back into, or to begin a walking program.

Walking just 30 minutes a day at a moderate pace will make you healthier. It can reduce your risk of heart disease, diabetes, high blood pressure and boost your mood! You don't have to do all 30 minutes at one time, either. You can break up your walks into three 10-minute walks.

Walking is one of the easiest and safest ways to exercise. You don't need special equipment. No need to join a gym. Just put on your shoes and go. For extra fun, walk with a buddy and enjoy the conversation or take your dog for a walk. Studies show that dogs who are over weight and unhealthy tend to have owners who are overweight and unhealthy, too. So do your dog and yourself a favor and get out and walk.

If you are just starting a walking program, take it slow and always listen to your body. If you only feel comfortable walking for 2 or 3 minutes at first, that's OK. The more you walk, the easier it will become. You'll be doing 30 minutes in no time!

Add adventure to your walk by taking advantage of parks and walking trails. Join a walking group or start one in your neighborhood or office. Just remember, we're going to have to walk for the rest of our lives, we might as well practice every day!

Keep reading and download complete Wellness Issue #10

New to The Alpha Group Team 

Join us in welcoming Bette and Jennifer!

Tax Season is upon us...Have you Considered the Small Business Tax Credit?

Healthcare legislation enacted this year includes a Small Business Health Care Tax Credit to help small businesses and small tax-exempt organizations provide health insurance coverage to their employees. The credit is specifically designed to help small businesses and tax exempt organizations that primarily employ moderate and lower income workers. If your small business or tax-exempt organization paid employee health insurance premiums in 2010, you may be eligible to claim a new credit on your 2010 tax return.

Under healthcare reform, to offset the cost of health insurance, a small business may claim a federal tax credit worth up to 35 percent of what the business spends on health insurance for its employees. To qualify for the tax credit under healthcare reform, a small business must have fewer than 25 full-time employees, have average annual wages of $50,000 or less, and cover at least 50 percent of the premiums paid to health insurance issuers. The tax credits are calculated on a sliding scale, with the full 35 percent credit going to small businesses with 10 or fewer full-time employees and average annual salaries of $25,000 or less. The Credit will phase out gradually for firms with average wages between $25,000 and $50,000 and for firms with the equivalent of between 10 and 25 full-time employees. If you meet the aforementioned criteria please consult your tax advisor or visit www.IRS.gov to get more information.

Please contact Steven Orlando if you have any questions in regards to the Small Business Tax Credit.  216-520-3300