Our marketing department is considering offering these accounts and I am trying to find a source that would guide me on the required compliance disclosures. I have tried searching but with no luck.

Do you have a vendor that supplies your IRA forms, brochures, etc? We use Collin W. Fritz & Associates for our IRA forms,etc. They have all the necessary forms and disclosures (account agreement) for Health Savings Accounts. I believe that Bankers Systems, Inc has HSA forms also. Most of the forms/disclosures are very similar to regular IRA forms.

This might help.

Your reporting requirements regarding an HHA are fairly limited. As to the customer you will need an account agreement (similar to an IRA). The IRS has issued model forms that may be used for this purpose.

Form 5305-B is for use with HSAs established as trusteed accounts and Form 5305-C is for custodial accounts.

You would also want to provide the customer with regular disclosure information you may use with new accounts.

One thing to remember is that you are not required to determine a customer's eligibility to contribute to the HSA even though the account agreement may refer to the eligibility requirements. You are responsible to track the age of the account holder but may rely for this purpose on the information provided by the account holder.

As to reporting, you are required to file Form 5498-SA with the IRS each year to report contributions to the HSA. The Forms 5498-SA are due to the IRS by May 31 of the year following the year in which the contribution is made.

The only other filing requirement is to report any distributions from the HAS to the account holder and the IRS. This is reported on Form 1099-SA. This Form must be provided to the account holder by January 31 and filed with the IRS,together with Form 1096, by the end of February.

And there use to be State reporting laws on the books, but I have not researched that in a few years.

Kirchman is hosting a web seminar that appears to cover the compliance and documentation issues. Try this and click "Web Seminars".

Disclaimer--I do not work for Kirchman and we are not a client.