IRA

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 24, 2024, for Maine severe winter storm, for the incident period of April 3, 2024 – April 5, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 24, 2024, for West Virginia severe storms, flooding, landslides, and mudslides, for the incident period of April 11, 2024 – April 12, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 24, 2024, for Nebraska severe winter storm and straight-line winds, for the incident period of April 6, 2024 – April 7, 2024.

The Department of Labor (DOL) recently released a regulatory package that includes a final amendment (the Retirement Security Rule) to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) Title I and Title II (codified in the Internal Revenue Code).

The IRS has announced the postponement of certain tax-related deadlines for victims of Iowa severe storms and tornadoes.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 17, 2024, for Texas severe storms, straight-line winds, tornadoes, and flooding, for the incident period of April 26, 2024, and continuing.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 15, 2024, for Massachusetts severe storms and flooding, for the incident period of September 11 – 13, 2023.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 14, 2024, for Iowa severe storms and tornadoes, for the incident period of April 26 – 27, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 3, 2024, for Nebraska severe storms, straight-line winds, and tornadoes, for the incident period of April 25, 2024 – April 27, 2024.

The Internal Revenue Service (IRS) has released a set of frequently asked questions (FAQs) regarding rules for distributions from retirement plans and individual retirement arrangements (IRAs) under Section 331 of SECURE 2.0 for individuals affected by federally declared major disasters.