The recent outbreak of the coronavirus (COVID-19) has implications specific to Rhode Island employers. On March 16, 2020, Governor Raimondo issued a directive that restaurants and similar businesses remain closed for eat-in dining.
The IRS has issued Notice 2020-15, allowing HSA-compatible high deductible health plans to provide coverage for testing and treatment of COVID-19-related services without an annual deductible requirement or with a lower annual deductible.
On February 20, 2020, the PR Treasury issued Internal Revenue Circular Letter No. 20-08 granting employers temporary income tax exemptions over payments and certain benefits made to employees and contractors related to the recent earthquakes.
The Puerto Rico Treasury Department has issued guidance providing special rules and procedures applicable to distributions from qualified retirement plans and individual retirement accounts following the recent earthquakes.