Under the Affordable Care Act of 2010, FSAs and other health reimbursement arrangements cannot reimburse the cost of over-the-counter (OTC) medicines or drugs that are purchased after Jan. 1, 2011 without a prescription. Medicines or drugs purchased without a prescription…
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Monthly Archives: October 2010
New Rules January 1, 2011 for Flexible Spending Accounts (FSAs)
Record Keeping – It is Important
Proof of a deduction or business expense takes two legs. Under IRS §162, Trade or business expenses, a taxpayer must prove that the expense: was ordinary and necessary for carrying on a trade or business; and was actually paid. It…
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Posted in Bookkeeping, Tax Articles, Tips & Tricks
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