- Industry & Regulatory News
- Industry & Regulatory News
Industry & Regulatory News
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.
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.
Industry & Regulatory News
SECURE 2.0 Requires New Plans to Contain Automatic Enrollment Feature
Credible studies have concluded that employers who automatically enroll plan participants into a retirement plan help place them on a lifetime path to meaningful savings.
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.
Industry & Regulatory News
Reducing 2022 Income Tax Liability is Still Possible with an HSA
Every January, employees receive W-2 forms from their employers and collect other information necessary to file their yearly income taxes.
Industry & Regulatory News
Nondiscrimination Testing – The Basics
Individuals enjoy a favorable tax advantage when their benefits are part of a cafeteria plan. As a result, nondiscrimination testing rules were created by the IRS to prevent plans from discriminating in favor of individuals who are either highly compensated or otherwise key to the business (referred to as a "Prohibited Group").
Industry & Regulatory News
Which Employee Benefit Plans Require Form 5500 Reporting?
You may know that Form 5500 filing is required for your 401(k) plan or your medical insurance, but were you aware that it must be done for other employee benefit plans as well?
Industry & Regulatory News
Understanding COBRA Qualifying Events and Employer Responsibilities
The Consolidated Omnibus Budget Reconciliation Act (COBRA) is a federal law that applies to various organizations, including:
Industry & Regulatory News
Which Dependents are Covered by a Flexible Spending Account (FSA)?
Dependent care FSA funds can be used to cover a variety of child and adult care services. Dependents who are eligible include natural, adopted, and foster children who have not reached age 13 and family members who cannot care for themselves. All dependents must live with the FSA account holder for more than half the year and be claimed on their federal tax return.
Industry & Regulatory News
Hardship Distributions May Be Permitted for Oklahoma Severe Winter Storms
The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 3, 2023, for severe winter storms in Oklahoma, for the incident period of December 21, 2022 – December 25, 2022.