IRS Updates Publications 502 and 503 (article)
The IRS has recently updated two publications (for use in preparing 2017 forms) that may be of interest to employers:
- 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.
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