April 19, 2012 – 10:53am FEATURED SOLUTION ARC: What benefits managers need to know about health care reform WASHINGTON—A House panel next week will hold a hearing on an unpopular provision in the health care reform law that restricts the use of flexible spending accounts to reimburse employees for over-the-counter medications. Under that [...]
Technorati Tags: Debit cards,IRS,Taxes By Consumer Driven Market Report (used with permission) Hundreds of drug stores and retail merchants are holding their breath over a coming train wreck if the IRS refuses to recognize the CDH debit card system used in virtually all major retail outlets. Right now the IRS has given no sign it [...]
Technorati Tags: Over the counter medications,OTC The IRS notice states that “beginning after December 31, 2010, expenses incurred for a medicine or a drug shall be treated as a reimbursement for medical expenses only if such a medicine or drug is a prescribed drug (determined without regard to whether such a drug is available without [...]
The IRS has come out with a final determination on OTC Friday. You are able to obtain a prescription for an over the counter medicine (OTCM) that is not normally Dr. Prescribed. In other words, if you need ibuprophen, which is an over the counter medicine we are now able after January 1st to ask our [...]
By Ric Joyner Technorati Tags: over the counter medications,OTC Please note that this only affects over the counter medications. It does not affect medical devices such as band-aids, etc. Here are the instructions for downloading employee flyer: Download the Flyer here.
Technorati Tags: Over the counter medicines,OTC,taxes,IRS taxes The Patient Protection and Affordable Care Act—also known as health care reform —was signed into law on March 23, 2010 and brings with it some changes in the way over-the-counter (OTC) medications and other non-prescription items will be reimbursed through flexible spending accounts, health savings accounts and health [...]
Recent Comments