HSA

The IRS has announced the postponement of certain tax-related deadlines for victims of hurricane Beryl in Texas. The tax relief postpones various tax filing deadlines that began on July 5, 2024.

The Federal Emergency Management Agency (FEMA) issued a Major Disaster Declaration on May 30, 2024, for Arkansas severe storms, straight-line winds, tornadoes, and flooding, for the incident period of May 24 – 27, 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 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 IRS has announced the postponement of certain tax-related deadlines for victims of Iowa severe storms and tornadoes.

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

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

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

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.

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.