HSA

Industry & Regulatory News

Washington Pulse: DOL Releases Final Investment Advice Fiduciary Rule

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).

May 22 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for Texas Severe Storms

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.

May 20 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Iowa Severe Storms

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

May 20 2024

Industry & Regulatory News

2025 HSA Limits Released

The IRS has issued Revenue Procedure 2024-25, providing inflation-adjusted amounts for health savings accounts (HSAs) for calendar year 2025.

May 10 2024
HSA

Industry & Regulatory News

Proposal to Disallow Certain Abortion Expenses as Qualified Medical Expenses Introduced

Representative Alex Mooney (R-WV), and seven Republican co-sponsors have introduced H.R. 8049, the Protecting Life in Health Savings Accounts Act.

May 01 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Maine Severe Storms and Flooding

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

April 05 2024

Industry & Regulatory News

IRS Issues Reminder on Appropriate FSA and HSA Medical Expenses

The IRS has released an alert reminding taxpayers that personal expenses for general health and wellness are not considered medical expenses for flexible spending account (FSA) and health savings account (HSA) purposes, and that reimbursement of non-medical expenses results in the arrangement no longer being qualified and all disbursements being includible in income.

March 07 2024

Industry & Regulatory News

Retirement Plan Disaster Assistance May Be Available for California Severe Storm and Flooding

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on February 19, 2024, for California severe storm and flooding, for the incident period of January 21, 2024–January 23, 2024.

February 20 2024

Industry & Regulatory News

IRS Announces Deadline Relief for Michigan Severe Storms, Tornadoes, and Flooding

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms, tornadoes and flooding in Michigan.

February 20 2024

Industry & Regulatory News

Proposal Would Expand Medical Expense Coverage for Caregivers

Representatives Vern Buchanan (R-FL) and Mike Thompson (D-CA) have introduced H.R. 7222, the Lowering Costs for Caregivers Act.

February 16 2024