IRS

Industry & Regulatory News

IRS Posts Wellness Expense Reimbursement FAQs

The IRS has posted a series of frequently asked questions addressing whether certain costs related to nutrition, wellness, and general health are medical expenses under Internal Revenue Code Section 213 that may be paid or reimbursed under a health savings account, health flexible spending arrangement, Archer medical savings account, or health reimbursement arrangement.

March 17 2023

Industry & Regulatory News

Hardship Distributions May Be Permitted for New Hampshire Severe Storm and Flooding

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 15, 2023, for severe winter storm and flooding in New Hampshire, for the incident period of December 22, 2022, to December 25, 2022.

March 16 2023

Industry & Regulatory News

Hardship Distributions May Be Permitted for New York Severe Winter Storm

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 15, 2023, for severe winter storm and snowstorm in New York, for the incident period of December 23, 2022, to December 28, 2022.

March 16 2023

Industry & Regulatory News

IRS Announces Applicable Federal Rates for April 2023

The IRS has issued Revenue Ruling 2023-06, which contains the applicable federal rates (AFR) for April 2023.

March 16 2023

Industry & Regulatory News

IRS Issues Yield Curves and Segment Rates for DB Plan Calculations

The IRS has issued Notice 2023-25, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

March 15 2023

Industry & Regulatory News

Hardship Distributions May Be Permitted for California Severe Winter Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 10, 2023, for severe winter storms, flooding, landslides, and mudslides in California, for the incident period beginning March 9, 2023.

March 14 2023

Industry & Regulatory News

Hardship Distributions May Be Permitted for Tennessee Severe Winter Storms

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 8, 2023, for severe winter storms in Tennessee, for the incident period of December 22, 2022, to December 27, 2022.

March 13 2023

Industry & Regulatory News

Build Back Better Provisions Resurface in White House Budget Proposal

President Biden’s fiscal year 2024 budget includes proposed retirement account restrictions for certain taxpayers — similar to those included in the Build Back Better Act passed by the House in 2021 — but left by the wayside enroute to the passage of the Inflation Reduction Act of 2022.

March 10 2023

Industry & Regulatory News

Senate Confirms New IRS Commissioner

The United States Senate on Thursday confirmed Danny Werfel, in a 54-42 vote, as the next commissioner of the Internal Revenue Service. Mr. Werfel, who was nominated in November 2022 as his predecessor Charles Rettig’s term ended, will serve through November 2027.

March 10 2023

Industry & Regulatory News

IRS Provides IRA Reporting Relief in Light of SECURE 2.0 Act’s RMD Age Change

On March 7, The IRS has issued Notice 2023-23, guidance that addresses required minimum
distribution (RMD) reporting by IRA trustees, custodians, and issuers.

March 08 2023