Chairman Dave Camp (R-MI) H.R. 436, “The Health Care Cost Reduction Act of 2012” June 7, 2012 (Remarks as Prepared) I come to the floor today in support of H.R. 436, The Health Care Cost Reduction Act of 2012. This bill would repeal two of the harmful tax hikes contained in [...]
Consumer Driven Market Report Capitol Hill Update FSA Ban On OTC Okayed Thursday The House Ways & Means Committee Thursday approved the bill we cited in the last email to end the ban on use of FSAs to buy non-prescription medication. The Committee voted 23-11 to eliminate a 2.3 percent tax on hip implants, pacemakers [...]
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 [...]
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