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.

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

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.

March 09 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

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.

March 08 2023

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").

March 08 2023

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?

March 08 2023

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:

March 08 2023

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.

March 08 2023

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.

March 08 2023
IRS