Pink Sheet is part of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By


CHPA advocates tax deductible OTCs

This article was originally published in The Tan Sheet

Executive Summary

IRS position that OTC drugs cannot be deducted as medical expenses should be reversed, CHPA maintains in June 2 1statement responding to recent IRS ruling. Published in the 2Internal Revenue Bulletin June 2, ruling states the law limits tax deductions for medicines to insulin and drugs that require a prescription. However, other nonprescription health care items such as bandages, crutches, thermometers, blood sugar test kits may legally be deducted, IRS explains. "It just doesn't make any sense that consumers can deduct the cost of the bandage that covers the wound, but not the OTC therapies that take the pain of the injury away," maintains CHPA President Linda Suydam...

You may also be interested in...

IRS Rule On Flex-Spending Accounts A Boon For Chronic-Use OTCs, Switches

Schering-Plough's Claritin and Procter & Gamble's Prilosec OTC are likely to be major beneficiaries of an IRS ruling that nonprescription drugs can be covered by employee health flexible spending arrangements

Health And Wellness Trademark Review 14 January, 2020

Trademarks are registered and published for opposition with the US Patent and Trademark Office and are published weekly in the agency's Official Gazette.

Claim That Supplement Boosts Children’s Focus Could Spur FTC Attention

Creekside Natural Therapeutics might hear from the FTC after failing to show in an industry self-regulation forum that it would correct misleading claims for its Focused Mind Jr. supplement promoted as an alternative to ADHD drugs.





Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts