Industry & Regulatory News

The IRS has issued Revenue Procedure 2025-19, providing inflation-adjusted amounts for Health Savings Accounts (HSAs) for calendar year 2026. Maximum annual HSA contributions will rise from $4,300 to $4,400 for those with self-only insurance coverage, and from $8,550 to $8,750 for those with family coverage.

Minimum deductible amounts for qualifying high deductible health plans will increase from $1,650 for self-only coverage to $1,700, and from $3,300 to $3,400 for a family plan. Maximum out-of-pocket amounts under self-only coverage will rise from $8,300 to $8,500, and from $16,600 to $17,000 for family coverage.

Senators John Hickenlooper (D-CO) and Thom Tillis (R-NC) and Representatives Lloyd Smucker (R-PA-11) and Terri Sewell (D-AL-7) have introduced the Retirement Savings for Americans Act (RSAA) of 2025. This is the third time the RSAA has been introduced, having previously been introduced in the last two sessions of Congress.

The IRS has announced the postponement of certain tax-related deadlines for victims of severe winter storms and flooding in Virginia until November 3, 2025. The tax relief postpones various tax filing deadlines that began on February 10, 2025. Affected individuals and households who reside or have a business in Amelia, Appomattox, Bedford, Bland, and Botetourt counties; the City of Bristol; and Buchanan, Buckingham, Campbell, Carroll, Charlotte, Craig, Cumberland, Dickenson, Floyd, Franklin, Giles, Grayson, Halifax, Lee, Lunenburg, Montgomery, Nottoway, Page, Pittsylvania, Powhatan, Prince Edward, Pulaski, Rockingham, Russell, Scott, Smyth, Tazewell, Washington, Wise, and Wythe Counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

Representative Rick Allen (R-GA) has introduced H.R. 2988, the Protecting Prudent Investment of Retirement Savings Act. According to a press release, the bill seeks to codify that those who manage other people’s retirement savings under ERISA must prioritize maximizing returns for a secure retirement rather than political or social impact using environmental, social, and governance (ESG) factors.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on April 24, 2025, for Kentucky severe storms, straight-line winds, tornadoes, flooding, landslides, and mudslides, for the incident period of April 2, 2025. 

The IRS has announced the postponement of certain tax-related deadlines for victims of Tennessee severe storms, straight-line winds, tornadoes and flooding until November 3, 2025. The tax relief postpones various tax filing deadlines that began on April 2, 2025. Affected individuals and households who reside or have a business in the entire state of Tennessee, 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 2025-10 which contains the applicable federal rates (AFR) for May 2025. These rates are used for such purposes as calculating distributions from retirement savings arrangements that meet the requirements for substantially equal periodic payments (a 10 percent early distribution penalty tax exception), also referred to as “72(t) payments.”

Representative Haley Stevens (D-MI) has introduced H.R. 2748, the First Time Homeowner Savings Plan Act as part of a suite of proposals aimed at addressing housing costs for families. The bill would increase the amount that a first-time homebuyer could distribute penalty free from their IRA—from $10,000 to $25,000—and index this amount for inflation. 

Representatives Adrian Smith (R-NE) and Jimmy Panetta (D-CA) have introduced the IRA Charitable Rollover Facilitation and Enhancement Act. According to a press release, the bill would allow qualified charitable distributions to be paid to a donor-advised fund. Donor advised funds allow individuals and families to designate funds for charitable giving upfront and allocate the funds to their preferred charities over a number of years.

The Internal Revenue Service (IRS) has issued Notice 2025-21, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations. Updates include corporate bond monthly yield curve, the corresponding spot segment rates for March used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for April under IRC Sec. 430(h)(2). IRC Sec. 417 contains definitions and special rules for minimum survivor annuity requirements in DB plans. IRC Sec. 430 addresses minimum funding standard for single-employer DB plans.