Thursday, May 27, 2004
Tax Analysts reports that Kevin Knopf, Benefits Tax Counsel for the Treasury Department, stated at the May 26 Silverstein & Mullens Tax Management Luncheon that the IRS may lack the resources to prevent people from using tax-free funds in health savings accounts (HSAs) for reasons other than to pay medical expenses. Unlike other tax-preferred health savings vehicles, trustees of HSAs are not required to police spending from the accounts.
