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Regulatory and Legislative
Washington Pulse: DOL Releases Final Investment Advice Fiduciary Rule
The Department of Labor (DOL) recently released a regulatory package that includes a final amendment (the Retirement Security Rule) to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) Title I and Title II (codified in the Internal Revenue Code).
Regulatory and Legislative
IRS Announces Deadline Relief for Iowa Severe Storms
The IRS has announced the postponement of certain tax-related deadlines for victims of Iowa severe storms and tornadoes.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Texas Severe Storms
The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 17, 2024, for Texas severe storms, straight-line winds, tornadoes, and flooding, for the incident period of April 26, 2024, and continuing.
Regulatory and Legislative
IRS Announces Deadline Relief for Maine Severe Storms and Flooding (1)
The IRS has announced the postponement of certain tax-related deadlines for victims of Maine severe storms and flooding.
Regulatory and Legislative
IRS Issues Reminder on Appropriate FSA and HSA Medical Expenses
The IRS has released an alert reminding taxpayers that personal expenses for general health and wellness are not considered medical expenses for flexible spending account (FSA) and health savings account (HSA) purposes, and that reimbursement of non-medical expenses results in the arrangement no longer being qualified and all disbursements being includible in income.
Regulatory and Legislative
IRS Announces Deadline Relief for Michigan Severe Storms, Tornadoes, and Flooding
The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, tornadoes and flooding in Michigan.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for California Severe Storm and Flooding (1)
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on February 19, 2024, for California severe storm and flooding, for the incident period of January 21, 2024–January 23, 2024.
Regulatory and Legislative
Proposal Would Expand Medical Expense Coverage for Caregivers
Representatives Vern Buchanan (R-FL) and Mike Thompson (D-CA) have introduced H.R. 7222, the Lowering Costs for Caregivers Act.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for Maine
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 30, 2024, for Maine severe storms and flooding, for the incident period of December 17, 2023 – December 21, 2023.
Regulatory and Legislative
Retirement Plan Disaster Assistance May Be Available for West Virginia
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 30, 2024, for West Virginia severe storms, flooding, landslides, and mudslides, for the incident period of August 28, 2023 – August 30, 2023.