New IRS regulations on dependent care expenses
IRS proposed regulations on dependent care expenses were published May 24, 2006, replacing outdated regulations that were issued 22 years ago.
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This new guidance has a direct impact on what expenses may qualify for reimbursement under a DCAP (dependent care assistance program). The proposed regulations, which can be used now, address what expenses qualify for the dependent care tax credit, and by reference, for reimbursement under an employer-sponsored DCAP.
Here’s a link to the proposed regulations:
http://edocket.access.gpo.gov/2006/pdf/E6-7390.pdf
