Content about Internal Revenue Service

January 28, 2014

The Walmart Foundation, Goodwill Industries International, National Disability Institute and United Way on Monday launched the 2014 MyFreeTaxes program, an initiative offering free online federal and state tax preparation in all 50 states.

BENTONVILLE, Ark. — The Walmart Foundation, Goodwill Industries International, National Disability Institute and United Way on Monday launched the 2014 MyFreeTaxes program, an initiative offering free online federal and state tax preparation in all 50 states. MyFreeTaxes provides free federal and state tax preparation and filing assistance, both online and in-person, to eligible households earning $58,000 or less a year. 

December 6, 2011

As many as 95% of women reported having at least attempted to breast-feed their babies, with 35% continuing between four and six months, and another 52% breast-feeding for seven to 12 months, according to the Philips Mother & Child Care Index that was released Monday by the Philips Center for Health and Well-being.

ANDOVER, Mass. — As many as 95% of women reported having at least attempted to breast-feed their babies, with 35% continuing between four and six months, and another 52% breast-feeding for seven to 12 months, according to the Philips Mother & Child Care Index that was released Monday by the Philips Center for Health and Well-being.

July 15, 2011

Ralcorp Holdings announced that its board of directors has unanimously agreed in principle to separate Ralcorp and Post Foods in a tax-free spinoff to Ralcorp shareholders.

ST. LOUIS — Ralcorp Holdings announced that its board of directors has unanimously agreed in principle to separate Ralcorp and Post Foods in a tax-free spinoff to Ralcorp shareholders.

The company said it expects to complete the separation in approximately four to six months, following the receipt of an Internal Revenue Service tax ruling and/or satisfactory legal opinion as to the tax-free nature of the transaction, final approval by the Ralcorp board of directors and other customary conditions. The transaction does not require approval from Ralcorp shareholders. 

April 5, 2011

The U.S. Senate Tuesday voted to repeal a law that posed a burdensome tax reporting requirement for businesses.

WASHINGTON — The U.S. Senate Tuesday voted to repeal a law that posed a burdensome tax reporting requirement for businesses.

In an 87-12 decision, the legislative body passed H.R. 4, the Small Business Paperwork Mandate Elimination Act, sponsored by Rep. Dan Lungren, R-Calif. The bill repeals a provision in the Patient Protection and Affordable Care Act of 2010 that required businesses to file a Form 1099 with the Internal Revenue Service whenever they made noncredit-card payments totaling $600 or more to a vendor during a single year.

March 14, 2011

Reps. Charles Boustany, R-La., and John Larson, D-Conn., on Friday introduced bipartisan legislation that would eliminate the “use-it-or-lose-it” provision associated with flexible spending accounts.

WASHINGTON — Reps. Charles Boustany, R-La., and John Larson, D-Conn., on Friday introduced bipartisan legislation that would eliminate the “use-it-or-lose-it” provision associated with flexible spending accounts.

March 4, 2011

The National Retail Federation said it welcomed the House of Representatives' vote to repeal a provision in last year’s healthcare-reform law that would widely expand the number of IRS 1099 tax forms businesses would be required to file.

WASHINGTON — The National Retail Federation said it welcomed the House of Representatives' vote to repeal a provision in last year’s healthcare-reform law that would widely expand the number of IRS 1099 tax forms businesses would be required to file.

February 11, 2011

The Internal Revenue Service on Thursday reversed itself in announcing that breast-feeding supplies qualify as a medical expense.

WASHINGTON — The Internal Revenue Service on Thursday reversed itself in announcing that breast-feeding supplies qualify as a medical expense.

The ruling now allows moms who are breast-feeding to purchase all supplies using a flexible spending account. Those without FSAs can deduct the expenses as part of their itemized medical expenditures, including breast-feeding expenses incurred in 2010.

February 3, 2011

The National Community Pharmacists Association expressed its support of the Senate's decision to repeal the 1099 tax reporting mandate for businesses.

ALEXANDRIA, Va. — The National Community Pharmacists Association expressed its support of the Senate's decision to repeal the 1099 tax reporting mandate for businesses.

The Senate announced it passed an amendment that repealed a requirement for businesses to file 1099 forms with the Internal Revenue Service beginning in 2012 any time they spend more than $600 a year with any other business. NCPA EVP and CEO Kathleen Jaeger said that the business tax provision would have shifted community pharmacies focus from "clinical to clerical."

January 12, 2011

The independent pharmacy lobby has issued a letter to the House Committee on Oversight and Government Reform chairman, Rep. Darrell Issa, R-Calif., with insight on how certain current or proposed federal regulations can burden pharmacies and their patients.

ALEXANDRIA, Va. — The independent pharmacy lobby has issued a letter to the House Committee on Oversight and Government Reform chairman, Rep. Darrell Issa, R-Calif., with insight on how certain current or proposed federal regulations can burden pharmacies and their patients.

January 3, 2011

The Internal Revenue Service has released its guidance on the healthcare-reform law’s tax on drug makers, according to documents posted on the agency’s website.

WASHINGTON — The Internal Revenue Service has released its guidance on the healthcare-reform law’s tax on drug makers, according to documents posted on the agency’s website.

The tax applies to branded drug companies with total sales of at least $5 million to government health programs, including Medicare, Medicaid, Tricare and programs administered by the defense and veterans affairs departments.

December 27, 2010

The IRS issued new guidance Dec. 23 that enables consumers to continue to use flexible spending and health reimbursement account debit cards to purchase prescribed OTC products.

WASHINGTON — Though most might associate the Internal Revenue Service with the Grinch, the IRS came through with a last-minute Christmas present for retailers stung by changes in the tax code related to consumers’ use of flexible spending and health reimbursement accounts to purchase approved OTC products.

November 14, 2010

A panel of healthcare thought leaders has concluded that a recent IRS rule change going...

WASHINGTON — A panel of healthcare thought leaders has concluded that a recent IRS rule change going into effect Jan. 14, 2011, will demand retail system challenges that are operationally impossible to overcome in the limited time frame required.

And the National Association of Chain Drug Stores couldn’t agree more.

October 18, 2010

The National Association of Chain Drug Stores on Tuesday released a letter addressed to the...

October 12, 2010

A panel of healthcare thought leaders has concluded that a recent IRS rule change requiring...

September 21, 2010

The Special Interest Group for IIAS Standards announced Wednesday that the group is making significant...

SAN RAMON, Calif. The Special Interest Group for IIAS Standards announced Wednesday that the group is making significant changes to its Eligible Products List — a list of over-the-counter products eligible for reimbursement under flexible spending accounts — in response to IRS guidance issued earlier this month.

September 13, 2010

The Internal Revenue Service earlier this month issued guidance reflecting statutory changes regarding the use...

WASHINGTON The Internal Revenue Service earlier this month issued guidance reflecting statutory changes regarding the use of certain tax-favored arrangements, such as flexible spending arrangements, to pay for over-the-counter medicines and drugs.

August 16, 2010

Federal agencies enforcing new health-reform mandates must act to preserve patients’ access to the pharmacy...