HSA Compliance Corner Do State Mandates Disqualify HSA-Qualified Medical Plans?States have primary responsibility for regulating medical coverage. Unfortunately, their decisions can disqualify enrollees on plans governed by the state from opening and funding an HSA. Federal law regulates the design of HSA-qualified plans and defines which services can be covered in full. Any services that […]
News from Washington States With IRS Tax Deadline ExtensionsTax Day 2024 is April 15. However, each year, the IRS extends tax deadlines for taxpayers in designated areas impacted by severe storms and natural disasters. The new tax deadlines may be different for different states. Here’s a list of states with IRS tax deadline extensions for […]
News from Washington IRS: Maine Taxpayers Impacted by Severe Storms and Flooding Qualify for Tax Relief; Various Deadlines Postponed to June 17The Internal Revenue Service announced tax relief for individuals and businesses in parts of Maine affected by severe storms and flooding that began on December 17, 2023. These taxpayers now have until June 17, […]
News from Washington IRS Announces Tax Relief for Taxpayers Impacted by Severe Storms, Flooding and Tornadoes in Rhode IslandThe Internal Revenue Service announced tax relief for individuals and businesses in parts of Rhode Island affected by severe storms, flooding and tornadoes that began on September 10, 2023. These taxpayers now have until June 17, 2024, […]
News from Washington IRS: Connecticut Taxpayers Impacted by Storms Qualify for Tax Relief; Various Deadlines Postponed to June 17The Internal Revenue Service announced tax relief for individuals and businesses in parts of Connecticut affected by severe storms, flooding and a potential dam breach that began on January 10. These taxpayers now have until June 17, […]
News from Washington Proposed Legislation Opens New Doors of Opportunity for HSAsU.S. Rep. Mike Gallagher (R-WI) introduced proposed legislation (H.R. 6857) that is unlikely to become law in its current form, but it reinforces the concept of expanding HSAs to more hard-working Americans. It also introduces a new approach to setting contribution limits that allows […]
News from Washington House Members Join Calls to Withdraw DOL Fiduciary ProposalA bipartisan group of 50 U.S. House members wrote to the Department of Labor in opposition to the administration’s retirement security rule proposed in October 2023. Lawmakers argued the proposed rule would ultimately harm lower- and middle-income workers by forcing financial professionals who currently […]
As many of you know, I track the data needed to make inflation adjustments for Health Savings Accounts from one year to the next. I have accurately predicted the annual adjustments by the Internal Revenue Service for the past 18 years. With the January 11 release of the December inflation figures by the Bureau of […]
News from Washington Deadline Passes With Over 19,000 Comments on DOL Fiduciary Rule ProposalThe Department of Labor wrapped up a relatively quick comment period on its controversial fiduciary rule on January 2. Despite the department twice denying an extension of the comment period, supporters and opponents still managed to flood the DOL inbox with more […]
News from Washington IRS Announces Tax Relief for Taxpayers Impacted by Severe Storms and Tornadoes in TennesseeThe Internal Revenue Service announced tax relief for individuals and businesses in parts of Tennessee affected by severe storms and tornadoes that began on December 9, 2023. These taxpayers now have until June 17, 2024, to file various federal […]