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The IRS requires retailers to recognize FSA* eligible items (by UPC or SKU number) for Evolution Benefits’ Prepaid Benefits Card purchases.
An Inventory Information Approval System (IIAS) standard has been created to facilitate compliance.
IIAS compliant transactions enable automatic processing of all FSA* eligible items.
What does this mean for you…
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As of January 1, 2008 all supermarkets and discount stores are required to comply.
The list of merchants ( www.sig-is.org ) includes those retailers whose cash registers comply with the IRS standards.
This means that receipts will not be required for eligible items purchased at those merchants that comply with the IIAS standard.
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Beginning January 1, 2009 all pharmacies are required to be in compliance, eliminating the need for receipt submittal.
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IRS 90% Rule Merchants List
Life just got a little easier!
Questions???
Review the Frequently Asked Questions or email us at: claims@benefittaxlink.com
* HRA eligible expenses are processed in accordance with your employer sponsored HRA plan design.
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