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February 8, 2016

Updated IRS Publications (article)

The IRS has recently updated several publications that may be of interest to employers:

  • Publication 15-B, Employer’s Tax Guide to Fringe Benefits (for use in 2016). This publication provides information for employers on the tax treatment of various fringe benefits including health care coverage and health savings accounts, cafeteria plans, dependent care assistance, educational assistance, group term life and transportation expenses, among other types of benefits.  The 2016 edition has been updated to include changes made by the recently enacted omnibus tax laws relating to qualified transportation expenses.
  • Publication 502, Medical and Dental Expenses. For certain purposes, this publication can be used to determine expenses that are reimbursable from plans such as flexible medical spending accounts and health savings accounts; though, it is important to note that there are differences between deductible expenses and those reimbursable from such plans.   This publication has been updated to reflect the reinstatement of the Health Coverage Tax Credit.
  • Publication 503, Child and Dependent Care Expenses. Note: exercise caution when relying upon this publication, because the dependent care credit is different from the dependent care assistance credit.

The information contained in this article is provided as general guidance and may be affected by changes in law or regulation. This article is not intended to replace or substitute for accounting or other professional advice. Please consult a CBIZ professional. This information is provided as-is with no warranties of any kind. CBIZ shall not be liable for any damages whatsoever in connection with its use and assumes no obligation to inform the reader of any changes in laws or other factors that could affect the information contained herein.  

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