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 […]
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 […]