IRA

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on January 7, 2024 for Rhode Island severe storms, flooding, and tornadoes, for the incident period of September 10 – September 13, 2023.

The IRS has issued Revenue Ruling 2024-03, which contains the applicable federal rates (AFR) for February 2024.

A Department of Labor (DOL) proposed rule titled Exemption for Certain Automatic Portability Transactions has been removed from the Office of Management and Budget’s list for review, signaling that it may be released soon.

The Department of Labor (DOL) Wage and Hour Division has issued a news release and final rule to clarify whether a worker qualifies as an employee or an independent contractor under the Fair Labor Standards Act.

Representatives Darin LaHood (R-IL), and Linda Sanchez (D-CA) have introduced H.R. 6757 to permit rollover contributions from Roth IRAs to designated Roth accounts in a 401(a), 403(a), 403(b) or 457(b) arrangement.

The IRS has released Notice 2024-2, Miscellaneous Changes Under the SECURE 2.0 Act of 2022. The so-called “Grab Bag” Notice provides guidance to multiple provisions of the SECURE 2.0 Act of 2022.

The IRS has released final regulations that provide de minimis error safe harbor exceptions to penalties for failure to file correct information returns or furnish correct payee statements.

The IRS has issued Revenue Ruling 2024-02, which contains the applicable federal rates (AFR) for January 2024. 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."

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on December 13, 2023, for Tennessee severe storms and tornadoes, for the incident period of December 9, 2023.

The Office of Management and Budget has received a proposed rule from the Department of Labor (DOL) titled “Exemption for Certain Automatic Portability Transactions”.