2020-03-16 Waiting for Relief

Current Federal Tax Developments for the week of March 16, 2020: Waiting for Relief

• President declares emergency over COVID-19, directs Treasury to provide relief--and now we are waiting.
• HR 6201 passes the House and moves on to the Senate, containing a few tax provisions mainly related to mandatory sick leave provision rule
• AICPA letter issued to IRS regarding the informal §199A guidance the agency has issued
• HDHPs are allowed to pay for COVID-19 testing and treatment without jeopardizing ability of insured to make HSA contributions.
• Dropping a tax document in the mailbox turns out not to be a good idea, as USPS postmark was after the private postmark date on envelope.

Copyright 2020, Kaplan, Inc.