TAX REPORTING
Challenge:
How can consumers fulfill their necessary tax reporting requirements?
RECONCILER™ Solution:
Most HSA banks and trustees provide year-end summaries for consumer IRS tax reporting purposes.
However, the 2 1/2 month period between the date the bank or trustee must file their report (January 31st) and the cut off date for making contributions and receiving reimbursement for eligible expenses for the prior year (April 15th), makes this problematic.
In addition, banks and trustees often deliberately avoid categorizing expenses as eligible or ineligible to avoid liability with the IRS. And without details to support debits, the IRS may disallow expenditures that the consumer feels should be covered.
RECONCILER provides the consumer with the data necessary to easily report HSA activity to the IRS.
The clear itemization of each transaction together with the expense journaling capabilities and the detailed account summary make it an ideal tool for helping the consumers fulfill their IRS reporting responsibilities.
Questions?
To discuss how we can help your organization, please contact us:
or
(949) 756-0037
