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IRS Update, News & Updates, Uncategorized

April 7, 2021

IRS Update: PPE Expenses and Tax-Filing Extension Date

Personal Protective Equipment Eligible Medical Expense

The IRS has announced that Personal Protective Equipment (PPE) such as masks, hand sanitizer and sanitizing wipes, used for the primary purpose of preventing the spread of the Coronavirus Disease 2019 (COVID-19 PPE) are considered as a medical care expense under section 213(d) of the Internal Revenue Code. 

This change is retroactive to as early as January 1, 2020. Employer group health plans may need to amend their plan documents to cover the COVID-19 PPE changes.  If necessary, plan document amendments must be adopted no later that the last day of the first calendar year, following the end of the plan year in which the amendment is effective, and no later than December 31, 2022. 

*Until merchants update their code list, our benefit cards will not work. Participants may pay out of pocket and later file a manual claim for reimbursement.

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IRS Tax-Filing Extension Update

The IRS has extended the deadline for tax-payers to file tax returns to May 17th, 2021. Individual tax-payers who contribute to Health Savings Accounts (HSAs) will have until the new extended deadline to contribute to their 2020 HSA. All contributions will need to be made prior to submitting final tax returns for 2020. 

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