Industry & Regulatory News

The Internal Revenue Service (IRS) has announced the postponement of certain tax-related deadlines for victims of severe storms and straight-line winds in Leech Lake Band of Ojibwe until February 2, 2026.

The Internal Revenue Service has issued the 2026 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. Form W-4P is used to withhold federal income tax from periodic retirement plan and IRA payments. Periodic payments are installment payments taken at regular intervals over a period of more than one year.

Effective December 10, 2025, the prime interest rate was lowered from 7.00 percent to 6.75 percent.

Senator Robert Marshall (R-KS) has introduced the Lowering Healthcare Costs for Americans Act. According to a press release, included in the bill is a provision that beginning in 2027, would redirect premium tax credit funding into a new type of health savings account (HSA) called a healthcare affordability account. The program would have a 700% income cap and a five-year phase down. 

The Internal Revenue Service has posted new draft Instructions for Forms 1099-SA and 5498-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, and HSA, Archer MSA, or Medicare Advantage MSA Information. These forms are used when administering health savings accounts (HSA), Archer Medical Savings Accounts (Archer MSA), and Medicare Advantage Medical Savings Accounts (MA MSA).

Senators Mike Crapo (R-ID) and Bill Cassidy (R-LA) have released the Health Care Freedom for Patients Act. According to a bill summary, the proposal would—among other things—direct the Department of Health and Human Services to deposit payments into Health Savings Accounts paired with bronze or catastrophic plans on the Exchange in 2026 and 2027.

The Internal Revenue Service (IRS) has issued Notice 2026-05 which provides guidance on changes relating to health savings accounts (HSAs) enacted under the One, Big, Beautiful Bill Act (OBBBA).

The Pension Benefit Guaranty Corporation has announced that practitioners for single employer plans can now submit standard termination filings, including those with missing participants in its e-filing portal. Additionally, coverage determination requests can be submitted on this platform. 

Senator Rand Paul (R-KY) has introduced the Health Marketplace and Savings Accounts for All Act.

The IRS has posted the 2025 tax year Form 8889, Health Savings Accounts (HSAs). Taxpayers file Form 8889 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.