IRS: COVID tests are eligible medical expenses

Accounting

As giant retailers prepare to offer cheap at-home COVID-19 tests in the wake of President Biden’s new vaccine rules for employers, the Internal Revenue Service has sent a reminder that the cost of home testing for COVID-19 is an eligible medical expense.

The cost can be paid or reimbursed under health flexible spending arrangements, health savings accounts, health reimbursement arrangements, or Archer medical savings accounts.

Amazon, Kroger and Walmart are each reportedly set to soon offer at-home, rapid tests with no retailer price markups, the administration said.

Biden has announced a nationwide mandate for American employers with 100 or more workers to ensure their workforce is entirely vaccinated or undergoing weekly testing. Some Republicans have promised to challenge the mandate.

The IRS added that costs of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes are similarly eligible expenses if used primarily to prevent the spread of COVID.

As giant retailers prepare to offer cheap at-home COVID-19 tests in the wake of President Biden’s new vaccine rules for employers, the Internal Revenue Service has sent a reminder that the cost of home testing for COVID-19 is an eligible medical expense.

The cost can be paid or reimbursed under health flexible spending arrangements, health savings accounts, health reimbursement arrangements, or Archer medical savings accounts.

A medical worker administers a COVID-19 test at a testing site in Berkeley, California.

David Paul Morris/Bloomberg

Amazon, Kroger and Walmart are each reportedly set to soon offer at-home, rapid tests with no retailer price markups, the administration said.

Biden has announced a nationwide mandate for American employers with 100 or more workers to ensure their workforce is entirely vaccinated or undergoing weekly testing. Some Republicans have promised to challenge the mandate.

The IRS added that costs of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes are similarly eligible expenses if used primarily to prevent the spread of COVID.

Products You May Like

Articles You May Like

Home purchase cancellations are above 15% for the second straight month. It’s important to know the financial repercussions
Impact of Italian Elections on National Tax Policy and EU Fiscal Policy
The 11 Best Desk Lamp Options for Your Office
3 Under-the-Radar Stocks to Buy Now Near Highs to Fight Inflation
Sales tax receipts decline as inflation pinches pockets

Leave a Reply

Your email address will not be published.