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February 7, 2018

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. 

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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