IRS: PPE is tax deductible

The Internal Revenue Service clarified that the purchase of personal protective equipment, such as masks, hand sanitizer and sanitizing wipes, for the primary purpose of preventing the spread of COVID-19 are deductible medical expenses.

Previous News

  • ICBA supports bill offering rural lending tax relief

    ICBA thanked Reps. Ron Kind (D-Wis.) and Randy Feenstra (R-Iowa) for introducing legislation to exempt from taxation interest income on farm real estate and rural mortgage loans.

    Image

    Mar 26, 2021

  • ICBA urges credit union capital parity

    ICBA called on the NCUA to create a minimum regulatory capital framework that is no less stringent than the Basel III regulatory capital framework in effect for community banks.

    Image

    Mar 26, 2021

  • FS-ISAC Coronavirus Update, March 26, 2021

    Covid cases in the US are rising again, reversing course after months of decline and threatening another setback in the return to normality, with the seven-day average of new cases jumping to 57,695 Wednesday - 9.5% above the prior week.

    Image Alternate Text

    Mar 26, 2021


Related News Taxonomy