Tuesday, June 9, 2020

New IRS webpages

The IRS has established www.irs.gov/coronavirus to
provide information specifically related to the pandemic.
News releases, statements, and guidance will be collected
there. The initial statement concerned health savings
accounts and high-deductible health plans. “Health
plans that otherwise qualify as HDHPs will not lose that
status merely because they cover the cost of testing for
or treatment of COVID-19 before plan deductibles have
been met.”
The IRS also noted that, as in the past, any vaccination
costs continue to count as preventive care and can
be paid for by an HDHP.
Guidance was also provided for the “Families First
Coronavirus Response Act,” which was signed by
President Trump on March 18. Key elements:
• Paid Sick Leave for Workers. For COVID-19-related
reasons, employees receive up to 80 hours of paid
sick leave and expanded paid childcare leave when
employees’ children’s schools are closed or childcare
providers are unavailable.
• Complete Coverage. Employers receive 100%
reimbursement for paid leave pursuant to the Act.
Health insurance costs are also included in the
credit. Employers face no payroll tax liability. 
Selfemployed individuals receive an equivalent credit.
• Fast Funds. Reimbursement will be quick and
easy to obtain. An immediate dollar-for-dollar tax
offset against payroll taxes will be provided. Where
a refund is owed, the IRS will send the refund as
quickly as possible.
Finally, the IRS created https://www.irs.gov/businesses/
gig-economy-tax-center to collect in one place the links
relevant to self-employed gig workers and those who use
digital platforms in their employment.

No comments:

Post a Comment