March 6, 2017

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 2017). 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. 
  • Publication 969, Health Savings Accounts and Other Tax-Favored Health Plans provides an overview of various tax saving vehicles used to offset health care costs including health savings accounts, medical savings accounts, health flexible spending arrangements and health reimbursement arrangements.
  • 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.  
  • 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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