There have been key changes and updates implemented to ease the financial burden that has occurred from COVID-19 and the tornado disaster in Tennessee. Take note of the changes and updates, which should be discussed further with your tax preparer or Accountant.
April 15 tax due date has been extended to July 15, 2020 for those affected by the tornados in Tennessee.
The Whitehouse announced a plan of relief for those impacted by the Coronavirus. Relief is provided in a number of ways to include paid sick leave, treatments covered under high deductible insurance plans (see more below), an amendment to the Family Medical Leave Act and more. See the bill for more detailed information.
IRS: High-deductible health plans can cover coronavirus costs
The Internal Revenue Service advised that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status.
