IRS Relief for New Mexico Wildfire and Wind Victims
The IRS announced the postponement of certain tax-related deadlines for victims of wildfires and straight-line winds in New Mexico.
IRS Releases Revised 2021 Publication 590-B
The IRS has issued a revised 2021 Publication 590-B, Distributions from Individual Retirement Arrangements (IRAs).
DOL Launches Roundtable Discussions on Retirement
The Department of Labor (DOL) has kicked off what is to be a series of roundtable discussions on how to improve retirement security for workers.
IRA Bankruptcy Exemption Increases
Effective April 1, 2022, the maximum aggregate bankruptcy exemption amount for IRAs increased from $1,362,800 to $1,512,350.
IRS Announces Applicable Federal Rates for May 2022
The IRS has issued Revenue Ruling 2022-9, which contains the applicable federal rates (AFR) for May 2022.
U.S. House Passes Significant Retirement Bill
The U.S. House of Representatives passed the Securing a Strong Retirement Act of 2022 (SSRA) by a 414-5 vote on March 29, 2022.
House Passes Retirement Reform Proposal
The House of Representatives has passed the Securing a Strong Retirement Act of 2022 (which lawmakers are coining SECURE 2.0) by a 414-5 vote.
Long-Term Care Affordability Act Introduced
Representative Ann Wagner has introduced the Long-Term Care Affordability Act to allow distributions from retirement accounts for the payment of long-term care insurance coverage.
Enhancing Emergency and Retirement Savings Act Introduced
Representative Brad Wenstrup has introduced the Enhancing Emergency and Retirement Savings Act of 2022 to provide flexibility and access for those who experience unexpected emergencies.
IRA Opinion Letter Program Temporarily Suspended
The temporary suspension will allow the IRS to update the prototype IRA opinion letter program, issue revised model forms and LRMs, and issue published guidance to reflect recent legislation.