In an article for Bloomberg Law about changes to health savings accounts (HSAs) made through the Tax Cuts and Jobs Act, business attorney Christopher Buch shared his insight on the new, lower maximum contribution level.
"Typically we’re getting limits in the spring or summer of the prior year,” said Buch, which is what happened last year.
With more than 20 million Americans using HSAs, this change might be costly for employees and employers alike if transition relief is not provided, because it bumped thousands of accounts above the threshold allowed by the IRS.
READ: IRS Pressed by Employers for Relief After Health Savings Change (Subscription required)
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