IRS Extends Remedial Amendment Period for SECURE Act
The IRS issued Notice 2022-33 which extends the deadline for amendments to retirement plans and IRAs to adopt provisions enacted under the SECURE Act, the Miners Act, and some provisions under the CARES Act.
Deadline Relief for Island of St. Croix, U.S. VI
The IRS has announced the postponement of certain tax-related deadlines for victims of a water shortage and health impact from unprecedented sargassum seagrass influx on the island of St. Croix, U.S. Virgin Islands.
Another Cryptocurrency Proposal Introduced in Senate
Senators Debbie Stabenow (D-MI), and John Boozman (R-AR), along with Senators Cory Booker (D-NJ) and John Thune (R-SD), have introduced the “Digital Commodities Consumer Protection Act.”
Additional ACA FAQs Released
The Departments of Labor, Health and Human Services and Treasury issued a joint FAQ related to the coverage of contraceptive products as preventive services by group health plans or issuers.
Senate Proposal Would Modify Fiduciary Investment Selection Requirements
Senator Mike Braun (R-IN) and seven republican co-sponsors have introduced S. 4613, the Maximize Americans’ Retirement Security Act.
Federal Prime Interest Rate Increased to 5.50 Percent
Effective July 27, 2022, the Federal prime interest rate increased from 4.75 percent to 5.50 percent.
DOL Releases Proposed Amendment to QPAM Exemption
The Department of Labor has announced a proposed amendment to the Class Prohibited Transaction Exemption 84-14, also known as the Qualified Professional Asset Manager (QPAM) Exemption.
DOL Guidance on Employee Benefit Plan Audit Independence
The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled, “Interpretive Bulletin Relating to the Independence of Employee Benefit Plan Accounts.”
Updated Yield Curves and Segment Rates for DB Plans
The IRS has issued Notice 2022-32, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.
Temporary Waiver of RMDs Proposed in House
Representative Warren Davidson (R-OH) has introduced HR 8331, a bill that would provide for a suspension of RMDs from retirement plans and IRAs for the 2022 calendar year.
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