Industry & Regulatory News

Rep. Vern Buchanan (R-FL) and co-sponsor Rep. Jimmy Panetta (D-CA) have introduced H.R. 919, the Chronic Disease Flexible Coverage Act. The act would codify IRS guidance under Notice 2019-45 relating to treatment of certain services and items for chronic conditions as meeting the preventive care deductible for safe harbor purposes of high deductible health plans in connection with health savings accounts.

The Department of Labor (DOL) recently issued a final amendment to the Voluntary Fiduciary Correction Program (VFCP), incorporating a Self-Correction Component (SCC) for eligible transactions under the program.

Senators Steve Daines (R-MT) and Catherine Cortez Masto (D-NV) have introduced S. 763, the Telehealth Expansion Act of 2025.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on February 26, 2025, for West Virginia severe storm, straight-line winds, flooding, landslides and mudslides, for the incident period of February 25, 2025, and continuing. 

Senator Mike Lee (R-UT), and seven Republican co-sponsors have introduced S. 251, the Protecting Life in Health Savings Accounts Act. The bill would disallow the use of abortion expenses as qualified expenses for HSA purposes, with limited exceptions. Similar amendments would be made regarding Archer MSAs and Flexible Spending Arrangements.

The bill has been referred to the Senate Committee on Finance.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on February 24, 2025, for Kentucky severe storms, straight-line winds, flooding, landslides and mudslides, for the incident period of February 14, 2025 and continuing. 

The IRS has announced the postponement of certain tax-related deadlines for victims of Kentucky severe storms, straight-line winds, flooding, and landslides until November 3, 2025. The tax relief postpones various tax filing deadlines that began on February 14, 2025. Affected individuals and households who reside or have a business in the entire state of Kentucky, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief. 

The IRS has issued Revenue Ruling 2025-06 which contains the applicable federal rates (AFR) for March 2025.

Senator Catherine Cortez Masto along with several cosponsors has introduced S. 132, the Filing Relief for Natural Disasters Act.

Senator Ted Cruz (R-TX) has reintroduced the Student Empowerment Act.