Regulatory and Legislative

The Federal Emergency Management Agency issued several Major Disaster Declarations on May 21, 2025. 

The IRS has issued Revenue Ruling 2025-12 which contains the applicable federal rates for June 2025. 

The Internal Revenue Service has issued Notice 2025-29, which contains updated guidance on factors used in certain defined benefit pension plan minimum funding and present value calculations. 

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have reintroduced the “Helping Young Americans Save for Retirement Act”. 

The House Committee on Ways and Means has approved their tax package out of committee by a party line vote of 26-19 following a markup hearing. 

The Federal Emergency Management Agency issued a Major Disaster Declaration on May 8, 2025, for Arkansas severe storms and tornadoes. 

The House Committee on Ways and Means has released draft text of a budget bill and a section by section summary ahead of a full committee markup of the bill scheduled today. 

The Internal Revenue Service has released Revenue Procedure (Rev. Proc.) 2025-21. 

Senator Ted Cruz (R-TX) and Representative Diana Harshbarger (R-TN) have introduced the Universal Savings Account Act. 

Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC) and Representatives Lloyd Smucker (R-PA-11) and Terri Sewell (D-AL-7) have introduced the Retirement Savings for Americans Act (RSAA) of 2025.