Important news! The IRS has just clarified the Section 105 medical reimbursement plan rules for deducting over-the-counter drugs in 2011.
That’s right. In Notice 2010-59, the IRS clarified the new definitions and considers this guidance to have the force of regulations.
If your business wants to stay in compliance with the 2010-2011 requirements, read our new article titled Tax Tips: New Rules on Allowable Section 105 Medical Plan Reimbursements for Over-the-Counter Drugs. It’s loaded with valuable information written in easy-to-understand language. Don’t miss it!
Three ways our fact-filled article can help you:
- We’ll explain the new prescription requirements. For expenses incurred after December 31, 2010, the Section 105 medical reimbursement plan may reimburse a medicine or a drug only if three conditions are met. We’ll tell you what they are when you read the full article.
- You’ll learn how to handle over-the-counter expenses. What do the new prescription rules apply to? Just drugs? What about supplies and equipment? We’ll tell you when you read the full article.
- We’ve updated the Section 105 medical reimbursement plan sample document. And we want you to have a copy. To download the current revised Section 105 sample medical reimbursement plan document, read the full article.