Financial update on coronavirus (COVID-19)

On Tuesday, Treasury Secretary Steven Mnuchin announced that the tax filing deadline for US taxpayers to pay income taxes for 2019 will be pushed back by 90 days in an effort to soften the financial fallout from the corona-virus outbreak. The reprieve applies for up to $1 million in taxes owed, and would cover many…

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Financial update on coronavirus (COVID-19)

The Internal Revenue Service confirmed that high-deductible health plans (HDHPs) can pay for 2019 Novel Coronavirus (COVID-19)-related testing and treatment, without jeopardizing their status. This also means that an individual with an HDHP that covers these costs may continue to contribute to a health savings account (HSA). In Notice 2020-15 (PDF), posted on IRS.gov, the IRS…

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