Industry & Regulatory News

The Department of the Treasury and the Internal Revenue Service are soliciting recommendations for items to be included on the 2023-2024 Priority Guidance Plan.

Effective May 3, 2023, the prime interest rate increased from 8.00 percent to 8.25 percent.

Senator Ted Cruz (R-TX) and co-sponsor Senator Mike Braun (R-IN) have introduced S. 1226, a bill to make permanent several individual tax provisions.

The IRS recently released proposed regulations regarding the use of forfeitures within qualified retirement plans.

Senator Jeanne Shaheen (D-NH) and co-sponsor Susan Collins (R-ME) have introduced S. 1269, the INSULIN Act of 2023.

The IRS has published a June 2023 draft of instructions for Form 5307, Application for Determination for Adopters of Modified Nonstandardized Pre-Approved Plans.

The Internal Revenue Service (IRS) recently released a memorandum from the Office of the Chief Counsel addressing claims substantiation for payment or reimbursement of medical and dependent care expenses.

A bill introduced by Congressman Bill Huizenga (R-MI), has been passed out of the House Financial Services Committee.

Congresswoman Bonnie Watson Coleman (D-NJ) has introduced H.R. 2628, the Employee Profit-Sharing Encouragement Act.

Representative George Santos (R-NY) has introduced H.R. 2637, to provide for an exception to the 10-percent additional tax on early distributions from qualified retirement plans capped at a withdrawal amount of $10,000 every five years.