Industry & Regulatory News

Industry & Regulatory News

Hardship Distributions May Be Permitted for Maine Severe Storm and Flooding

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 22, 2023, for severe storm and flooding in Maine, for the incident period of December 23, 2022 – December 24, 2022.

March 24 2023
IRS

Industry & Regulatory News

Prime Interest Rate Increased to 8.00 Percent

Effective March 22, 2023, the prime interest rate increased from 7.75 percent to 8.00 percent.

March 23 2023

Industry & Regulatory News

IRS Provides Indexing for Employer Shared Responsibility Payments

The IRS has issued Revenue Procedure 2023-17 announcing the 2024 indexed adjustments to the amounts used to calculate employer shared responsibility payments under Internal Revenue Code Sections 4980H(a) and 4980H(b)(1).

March 22 2023

Industry & Regulatory News

Hardship Distributions May Be Permitted for Vermont Severe Storm and Flooding

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 20, 2023, for severe storm and flooding in Vermont, for the incident period of December 22, 2022, to December 24, 2022.

March 22 2023

Industry & Regulatory News

DOL Reopens Comment Period on Proposed QPAM Exemption

The Department of Labor (DOL) has reopened the comment period for receiving written comments related to prohibited transaction class exemption 84-14 (the Proposed QPAM Amendment) to April 6, 2023.

March 22 2023

Industry & Regulatory News

IRS Intends to Issue Guidance on Certain NFTs as Collectibles

The IRS has issued Notice 2023-27, announcing their intent to issue guidance related to the treatment of certain nonfungible tokens (NFTs) as collectibles under Internal Revenue Code Section (IRC Sec.) 408(m).

March 21 2023

Industry & Regulatory News

Biden Vetoes Resolution Disapproving DOL ESG Rule

As expected, President Biden has vetoed H.J. 30, a resolution for congressional disapproval of the Department of Labor’s rule “Prudence and Loyalty in Selecting Plan Investments and Exercising Shareholder Rights.”

March 21 2023

Industry & Regulatory News

IRS Announces Deadline Relief for California Severe Storms, Flooding and Landslides

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, flooding, and landslides in California.

March 20 2023

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