HSA

The Internal Revenue Service has released a draft Form 5498-SA, HSA, Archer MSA, or Medicare Advantage MSA Information. This form is used to report annual contributions, rollovers, fair market value, and taxpayer-specific information for these accounts, which are designed for the accumulation of funds for healthcare expenses, in association with high deductible health insurance plans.

The Internal Revenue Service has posted draft Instructions for Forms 1099-SA and 5498-SA, Distributions From an HSA, Archer MSA, or Medicare Advantage MSA, and HSA, Archer MSA, or Medicare Advantage MSA Information.

The IRS has posted 2025 tax year draft Instructions for Form 8889, Health Savings Accounts (HSAs). Taxpayers file Form 8889 to report HSA contributions and associated tax deductions, as well as distributions and any tax or penalty owed for distributions not used for qualified medical expenses.

Senator Bill Cassidy (R-LA) has introduced S. 2217, the Independent Retirement Fairness Act.

Congress passed the tax bill known as the One Big Beautiful Bill Act (OBBBA) on July 3, 2025. This article outlines certain retirement and financial provisions included in the OBBBA.

The Senate has passed by a vote of 51-50 its version of the tax reconciliation bill. The legislation will now move to the House as the President’s self-imposed July 4 deadline quickly approaches.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration for the following disasters for the period indicated.

The House of Representatives has passed their version of the reconciliation tax bill—H.R. 1, the One Big Beautiful Bill Act—by a vote of 215-214.

The House Committee on Ways and Means has approved their tax package out of committee by a party line vote of 26-19 following a markup hearing.

Senators Jacky Rosen (D-NV) and Bill Cassidy (R-LA) have introduced S. 1565, the Lowering Costs for Caregivers Act.