The IRS just announced that personal protective equipment will be treated as medical expenses if they were purchased primarily for the purpose of preventing the spread of COVID-19. Thus, masks, hand sanitizer, and sanitizing wipes used to help stop the spread of the Coronavirus can be deducted as medical expenses as long as the taxpayer’s total medical expenses exceed 7.5% of adjusted gross income. Alternatively, such amounts can be reimbursed by Health Savings Accounts, Health Flexible Spending Arrangements, and Archer Medical Savings Accounts.
Reach out to the team at MWB for any questions you may have on anything above or ANY impact you are seeing to you or your business.
