Industry & Regulatory News

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.

The Internal Revenue Service (IRS) has issued proposed regulations providing guidance for employers regarding new provisions on catch-up contributions as permitted by the SECURE 2.0 Act of 2022 (SECURE 2.0).

The Internal Revenue Service (IRS) has issued Notice 2025-14, 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 January used under Internal Revenue Code Section (IRC Sec.) 417(e)(3), and the 24-month average segment rates for February 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.

Representative Rob Wittman (R-VA) and several co-sponsors have introduced the Freedom to Invest in Tomorrow’s Workforce Act. According to a press release, the bill would permit the use of 529 account funds to pay for certain post-secondary training programs.