Did you Know?The amount of time that individuals have to make 2020 health savings account (HSA) contributions has also been extended to May 17, 2021 (IRS 2021-21).The HSA contributions deadline extension will not impact any 2020 IRS 1099-SA forms necessary for filing taxes, which show 2020 HSA distributions. 2020 IRS form 5498-SA (informational only; not required for filing taxes) will be updated for any 2020 HSA contributions made through the May 17th contribution and filing deadline.If you have already filed your 2020 taxes or have additional questions regarding tax impact, please consult a tax professional.On March 26, 2021, the IRS issued IRS Announcement 2021-7, which clarifies that amounts paid for certain personal protective equipment (“COVID-19 PPE”) used to prevent the spread of COVID-19, including masks, hand sanitizer and sanitizing wipes can be treated as amounts paid for medical care under § 213(d) of the Internal Revenue Code. Employers should review their plan documents. For plans that use a broad definition under 213(d) for eligible medical expenses, an amendment is not necessary. However, for plans with a narrower definition of 213(d), the definition of eligible medical expenses may need to be amended. Plans may be amended retroactively back to January 1, 2020.Stay Current!Check out our Blog page to see new updates from time to time!Stay Social!Are you following us on LinkedIn and Facebook? We share relevant information on topics of interest to you and your business!