Industry & Regulatory NewsIRS Issues Deadline Relief for Kentucky Storm Victims
The IRS has issued a news release announcing the postponement of certain tax-related deadlines for Kentucky victims of severe storms, flooding, and tornadoes. The tax relief postpones various tax filing and payment deadlines that occurred starting December 10. The areas included in the relief are Caldwell, Fulton, Graves, Hopkins, Marshall, Muhlenberg, Taylor, and Warren counties.
Industry & Regulatory NewsIRS Issues Draft Instructions for Reporting of Qualified Disaster Retirement Plan Distributions and Repayments
The IRS has provided draft Instructions for Form 8915-F, Qualified Disaster Retirement Plan Distributions and Repayments.
Industry & Regulatory NewsIRS Issues Required Amendments List for Individually Designed Plans
On November 30, 2021, the IRS released Notice 2021-64 containing the 2021 required amendments list. This annually issued list describes changes in retirement plan qualification requirements and amendment deadlines for individually designed qualified and individually designed 403(b) plans. Some items require plans to be amended, while others do not. The list of changes to qualification requirements are as follows.
Industry & Regulatory NewsWashington Pulse: House Version of "Build Back Better" Act Contains Retirement Plan and Benefits Provisions
On November 19, 2021, the U.S. House of Representatives passed H.R. 5376, the Build Back Better Act ("BBB Act" or "the Act"). Following quickly on the heels of the Infrastructure Investment and Jobs Act, the BBB Act contains several retirement and benefits provisions that may affect financial organizations, service providers, and consumers. This bill has gone through numerous revisions as it made its journey to the House floor for a vote. It will now go to the Senate, which will likely make further revisions. So the Act’s final version—if passed by both the House and Senate—may be different from the current version.
Industry & Regulatory NewsIRS Provides Guidance on Information Reporting of Health Insurance Coverage
On November 22, 2021, the Department of the Treasury released a Notice of Proposed Rulemaking (NPR) entitled, "Information Reporting of Health Insurance Coverage and Other Issues Under Internal Revenue Code Sections (IRC Secs.) 5000A, 6055, and 6056," that extend the applicable deadlines to furnish statements, clarify that certain Medicaid coverage is not minimum essential coverage, and provide a deadline to submit comments relating to 2016 proposed rules affecting reporting. Comments related to the NPR are due 60 days following the publication of the NPR in the federal register. The NPR provides as follows.
Industry & Regulatory NewsBuild Back Better Bill Passes House, Moves to Senate
Industry & Regulatory NewsWashington Pulse: Infrastructure Act Includes Additional Pension Funding Relief, Disaster Relief Changes, and New Digital Asset Reporting Requirements
The Infrastructure Investment and Jobs Act (the Act), signed by President Biden on November 15, 2021, includes extensions to the single employer pension funding relief originally provided in the American Rescue Plan Act of 2021 (ARPA). Other provisions include modifications to the mandatory 60-day postponement period, which grants relief to taxpayers for certain tax-related acts due to federally declared disasters and new reporting requirements for transactions involving digital assets. The effective dates vary—pension funding relief provisions apply to plan years beginning after December 31, 2021; the disaster relief changes are effective for federally declared disasters that occur after November 15, 2021; and the new reporting requirements for digital assets apply to information reports required to be filed after December 31, 2023.
Industry & Regulatory News2022 Inflation-Adjusted Amounts Released for Health and Welfare Benefits
The IRS has issued Revenue Procedure (Rev. Proc.) 2021-45, which contains cost-of-living adjustments for taxable years beginning in 2022 for over 60 tax provisions, including the following health and welfare benefits.
Industry & Regulatory NewsCommittee Leaders Introduce Retirement Legislation in House
Leadership from the House Committee on Education and Labor and its Subcommittee on Health, Employment, Labor and Pensions have introduced the Retirement Improvement and Savings Enhancement (RISE) Act to expand worker access to a secure retirement.
Industry & Regulatory NewsInfrastructure Bill Heads to President for Signature
The much-anticipated Infrastructure Investment and Jobs Act (the Act) has passed the House of Representatives months after its approval in the Senate. The legislation contains the following noteworthy provisions.