Health and Benefits Updates

IRS Posts 2021 Form 8889 for HSA Reporting

The IRS has posted the 2021 tax year Form 8889, Health Savings Accounts (HSAs). Form 8889 is filed by taxpayers to report HSA contributions and associated tax deductions, HSA distributions, and any tax or penalty tax owed for distributions not used for qualified medical expenses.

This form will be reviewed for any changes of significance from the 2020 tax year version. Any findings of significance will be shared.

Forms and Publications Health and Welfare

Regulatory and Legislative

ESOP Proposed Rule on Hold

A proposed rule and class exemption issued by the Department of Labor’s Employee Benefits Security Administration providing guidance on ESOP transactions has been withdrawn from publication.

Regulatory and Legislative

IRS Announces Applicable Federal Rates for February

The IRS has issued Revenue Ruling 2025-05, which contains the applicable federal rates (AFR) for February 2025.

Regulatory and Legislative

Retirement Plan Disaster Assistance May Be Available for Alaska

The Federal Emergency Management Agency issued a Major Disaster Declaration on January 15, 2025, for Alaska severe storm and flooding.