Your local CVS might, but I don't think it's their corporate policy. Mine won't take manufacturer coupons which have another store's logo on them, such as coupons that print at the register somewhere like Target. I have also definitely had expired coupons refused before (although I do really try to notice those!) - they will often accept coupons which are only expired by a day or two, though, which is nice if I don't get to the store on the day I plan to.
I love their rain check policy, which is much better than many other stores - if even one type of a sale item is out, you can get a rain check for the whole sale. And the rain check never expires, and if the sale didn't have a limit, the rain check doesn't either. That means I don't have to settle for chunky peanut butter when I wanted smooth - and if I see something is out, I can get a rain check and save it for next time I have a coupon! I got a sandbox toy set this summer because it was a free-after-CVS-bucks special LAST summer and they didn't have any in by the time I got there. I carried that dingdangety coupon around for a year, but I got my free toy