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 […]
News from Washington DOL’s Proposed Fiduciary Rule Changes See Mixed ResponseThe Department of Labor hosted the first of two days of public comment on its proposed fiduciary rule on December 12. Many commenters argued that the proposal is essentially the same as a 2016 rule finalized by the DOL which was invalidated by a federal […]
HSA Compliance Corner How Much Can Family Members Contribute to HSAs in 2024?You’ve probably set your pre-tax payroll deductions to fund your Health Savings Account in 2024. If not, don’t worry – you can make prospective changes to your payroll deductions and personal contribution schedule at any time. But don’t overlook certain situations in which […]
News from Washington HHS to Appeal Judge’s Order to Scrap Trump-Era Drug RuleThe Department of Health & Human Services plans to appeal a federal judge’s order to withdraw a Trump-era rule on copay assistance programs that was opposed by drug industry-backed patient groups. The notice of appeal was filed November 28 in the US District […]
HSA Compliance Corner Different Contributions for New Hires? Yes, but Be Sure to . . .Employers can determine how to treat workers who become HSA-eligible after the first day of their HSA contribution year. Some employer-contribution policies require some thought around how to handle mid-year eligibility. Other policies often require no modification. Employers should make […]
News from Washington DOL Denies Request to Extend Fiduciary Rule Comment PeriodAssistant Secretary of the Labor Department’s Employee Benefits Security Administration, Lisa Gomez, denied a request by industry trade groups to extend the comment period on Labor’s fiduciary rule. Gomez said in a letter that “EBSA believes that its current proposal reflects significant input it […]
News from Washington Sen. Rosen Thinks You Should Be Able to Use Your Health Savings Account on Your Aging ParentsNevada Democratic Sen. Jacky Rosen introduced legislation she believes could make it a little easier for caregivers of aging parents. The bill, which she cosponsored with Sen. Bill Cassidy (R-LA) would allow people to use their […]
News from Washington DOL, White House Unveil Latest Fiduciary Proposal to Cover One-Time Rollover AdviceThe Department of Labor unveiled a new proposed rule to revise the term “fiduciary” and require rollover advice be in the best interest of the saver. The rule would change the fiduciary definition by removing the “regular basis” prong of the […]
News from Washington New Prohibited Transaction Exemption Procedures Could Be Coming SoonFinal regulations updating the existing procedures governing the filing and processing of applications for administrative exemptions from the prohibited transaction provisions of ERISA, the Internal Revenue Code and the Federal Employees’ Retirement System were submitted to the White House Office of Management & Budget […]
News from Washington IRS Postpones Tax-Filing and Tax-Payment Deadline to November 16 for California Storm VictimsOn October 16, the IRS further postponed tax deadlines for most California taxpayers. In the wake of last winter’s natural disasters, the normal spring due dates had previously been postponed to October 16. As a result, eligible individuals will now […]