Proposed rules on dependent care assistance programs, FSAs.
The new IRS rules clarify that dependent care is eligible for tax credit only in the year the expenses were paid or in the year services were rendered.
The new rules would update 1979 regulations providing tax relief for dependent care costs and could lead to an increased use of dependent care spending accounts by employees.
Employers can comment on the proposed regulations, available at http://edocket.access.gpo.gov/2006/pdf/E6-7390.pdf, until Aug. 22.
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|Title Annotation:||Internal Revenue Service; flexible spending accounts|
|Article Type:||Brief article|
|Date:||Aug 1, 2006|
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