WASHINGTON — The Internal Revenue Service today issued guidance reflecting statutory changes regarding the use of certain tax-favored arrangements, such as flexible spending arrangements (FSAs), to pay for over-the-counter medicines and drugs.
The Affordable Care Act, enacted in March, established a new uniform standard that, effective Jan. 1, 2011, applies to FSAs and health reimbursement arrangements (HRAs). Under the new standard, the cost of an over-the-counter medicine or drug cannot be reimbursed from the account unless a prescription is obtained. Read more…
WASHINGTON — As a result of changes made by the recently enacted Affordable Care Act, health coverage provided for an employee’s children under 27 years of age is now generally tax-free to the employee, effective March 30, 2010. Read more…
(Virginia Beach, VA) In addition to having a major impact on the structure of health care costs for most Americans, the recently passed health care reform act will phase in many tax consequences for individual filers starting now and continuing through 2013.
“Americans have witnessed a historic health care bill become a reality. While navigating how this will affect payments for procedures and what we’ll pay in the future, it’s prudent to evaluate what tax changes will be phased in as a result,” said John Hewitt, CEO of Liberty Tax Service. Read more…
(Virginia Beach, VA) En adición de tener un impacto mayor en la estructura de los costos de cuidados de salud para la mayoría de los americanos, el acta recientemente aprobada para la Reforma de Salud va a dar paso a muchas consecuencias de impuestos desde ahora hasta el 2013 para personas que declaran sus impuestos individualmente.
“Los norteamericanos han sido testigo de la aprobación de una reforma de salud histórica que finalmente llega a ser una realidad. Mientras analizamos cómo este cambio afectará a los pagos para los procedimientos médicos y futuros, es prudente evaluar qué cambios en impuestos serán introducidos progresivamente como resultado,” dijo John Hewitt, CEO de Liberty Tax Service. Read more…
