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Taxpayer Assistance and Simplification Act

On April 15 the House passed the Taxpayer Assistance and Simplification Act of 2008. The provision must now be taken up by the Senate where its prospects are less certain, and the Bush administration has already indicated that it would veto the

By staff Writer | Updated on May 21, 2008

On April 15 the House passed the Taxpayer Assistance and Simplification Act of 2008. The provision must now be taken up by the Senate where its prospects are less certain, and the Bush administration has already indicated that it would veto the proposal.

If enacted, effective January 1, 2010 the bill would limit the tax exclusion for health savings account distributions to qualified medical expenses which are substantiated according to flexible spending arrangement rules. In addition, the bill would require HSA custodians to report the total amount of non-substantiated HSA distributions from the prior calendar year to the IRS and the account holder by January 15 of each year.

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