News from Washington IRS Announces Tax Relief for Taxpayers Impacted by Tornadoes in Ohio; Various Deadlines Postponed to September 3, 2024The Internal Revenue Service announced tax relief for individuals and businesses in Ohio that were affected by tornadoes that began on March 14, 2024. These taxpayers now have until September 3, 2024, to file various […]
News from Washington IRS Releases Health Savings Account Amounts for 2025The IRS published the inflation-adjusted HSA contribution limits and high-deductible health plan requirements for 2025. For the coming year, the annual contribution limit for individuals with self-only coverage under a high-deductible health plan is $4,300. The annual limit for individuals with family coverage is $8,550. […]
News from Washington DOL’s New Fiduciary Rule Faces First Legal ChallengeThe first lawsuit challenging the Department of Labor’s new fiduciary investment advice rule was filed May 2 in federal court. Plaintiffs are arguing that the new rule exceeds the Labor Department’s authority and is arbitrary and capricious, in violation of the Administrative Procedure Act. In […]
News from Washington DOL’s New Fiduciary Rule Is OutThe Department of Labor’s new fiduciary rule is out despite strong industry pushback and opposition by Republicans in Congress. Opponents of the proposed update to the definition of “investment advice” will almost certainly be disappointed, as the DOL generally only made clarifications rather than substantive changes. The […]
News from Washington Don’t Finalize Fiduciary Rule Now, Groups Urge DOLIndustry trade groups are pressing the Labor Department to continue to receive public input on its fiduciary rule and not “finalize the rule now.” In a letter sent April 15, 11 trade groups asked Labor and OMB to continue the public input process. The letter […]
News from Washington OMB Concludes Fiduciary Rule Review, DOL Release Expected SoonThe White House’s Office of Management and Budget has completed its review of the Retirement Security Rule, and it is expected to be released by the Department of Labor by the end of the month. The news follows a letter sent by 55 House […]
News from Washington IRS: Maine Taxpayers Impacted by Severe Storms, Flooding Qualify for Tax Relief; Various Deadlines Postponed to July 15The IRS announced tax relief for individuals and businesses in parts of Maine affected by severe storms and flooding that began on January 9, 2024. These taxpayers now have until July 15, 2024, to file […]
News from Washington IRS Announces Tax Relief for Taxpayers Impacted by Severe Storms, Landslides and Mudslides in Alaska; Various Deadlines Postponed to July 15The Internal Revenue Service announced tax relief for individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation that were affected by severe storms, landslides and mudslides that began on […]
News from Washington Final Fiduciary Rule Goes to OIRA for ReviewThe Department of Labor sent the final version of its retirement security proposal to the Office of Information and Regulatory Affairs at the Office of Management & Budget for review on Friday, March 8, 66 days after the comment period closed on January 2. The […]
News from Washington Why the IRS Doesn’t Believe Your Doctor’s Note for Tax-Free Health ItemsThe IRS says some companies are misleading consumers about what is and is not eligible under the rules of HSAs and FSAs, which allow consumers to use pretax dollars for various health needs. At the heart of the issue are companies […]