News from Washington IRS Reminds Taxpayers in Disaster Areas About Delayed DeadlinesThe Internal Revenue Service is sending a special follow-up mailing to taxpayers in California and seven other states affected by natural disasters to let them know they have more time to pay their 2022 taxes. Taxpayers also have additional time to make contributions to […]
News from Washington IRS Rescinds COVID Relief for HSA-Qualified PlansThe Internal Revenue Service has rescinded guidance from three years ago that allowed HSA-qualified health plans to cover COVID costs. Notice 2023-37 states that HSA-qualified plans will not be permitted to provide coverage for testing and treatment of COVID-19 without a deductible. That current guidance now applies […]
News from Washington Compromise Struck to Preserve Obamacare’s Preventive Care MandateThe Texas conservatives challenging Obamacare’s preventive care mandate have reached a tentative compromise with the Justice Department that preserves free coverage for a range of preventive care services. The agreement, which still needs approval from the 5th U.S. Circuit Court of Appeals, keeps coverage intact […]
News from Washington House Ways and Means Committee Expands Health Benefit Options, Increases Flexibilities for Small Business WorkersWorkers and small businesses would get more flexibility and choice in their health insurance benefits under six bills adopted by the Ways and Means Committee, including two changes for HSA-qualified plans. H.R. 3800 allows employers to offer pre-deductible […]
News from Washington Biden Signs Bill to Raise Debt CeilingPresident Biden signed legislation to raise the debt ceiling into 2025 and avert a default, marking a significant bipartisan accomplishment amid divided government in Washington, DC. The president signed the bill just days before Treasury officials warned the department would run out of money to pay […]
News from Washington Biden, McCarthy Reach Debt-Ceiling Deal. Now Congress Must Approve.An “agreement in principle” between President Joe Biden and House Speaker Kevin McCarthy would raise the nation’s legal debt ceiling, but now Congress has only days to approve a package that includes spending cuts and would avert a potentially disastrous U.S. default. The compromise announced […]
News from Washington IRS Gives Big Boost to HSA, HDHP Limits in 2024Thanks in part to persistent high inflation, employees will be able to sock away a lot more money in their HSAs next year. The annual limit on HSA contributions for self-only coverage will be $4,150, a 7.8 percent increase from the $3,850 limit […]
News from Washington Direct Primary Care Access Would Be Expanded Under Bipartisan Smucker BillA bipartisan bill recently offered by Rep. Lloyd Smucker (R-PA) would allow individuals with direct primary care service arrangements to contribute to their HSAs and use HSA funds to pay for direct primary care fees. Read More HSA Compliance Corner How […]
News from Washington IRS Announces Tax Relief for Victims of Severe Storms, Tornadoes and Flooding in FloridaVictims of severe storms, tornadoes and flooding in Florida from April 12 to April 14, 2023, now have until August 15, 2023, to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced. […]
News from Washington Biden Administration Seeks to Pause Order Blocking Obamacare Preventive Care MandateThe Biden administration has asked a federal appeals court to put on hold a judge’s ruling striking down the Affordable Care Act’s mandate that insurers cover preventive care, including screenings for certain cancers and pre-exposure prophylaxis against HIV (PrEP), at no extra […]