Industry & Regulatory News

Industry & Regulatory News
Washington 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.

November 17 2021
Industry & Regulatory News
President Signs Infrastructure Bill Into Law

The President has signed into law the Infrastructure Investment and Jobs Act. The legislation contains the following noteworthy provisions.

November 15 2021
Industry & Regulatory News
2022 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.

November 11 2021
Industry & Regulatory News
Committee 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.

November 10 2021
Industry & Regulatory News
Infrastructure 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.

November 10 2021
Industry & Regulatory News
IRS Postpones Requirement to Use Updated Forms W-4P and W-4R Until 2023

The IRS has issued a fourth draft of the 2022 Form W-4P, Withholding Certificate for Periodic Pension or Annuity Payments. In it, the IRS indicates that while final versions of the redesigned Form W-4P and Form W-4R will be released for 2022, based on comments received on prior drafts from stakeholders, the IRS will postpone requirements to begin using the redesigned forms until January 1, 2023. Payors should update their system programming for these new forms but may otherwise continue to use the 2021 Form W-4P.

November 05 2021
Industry & Regulatory News
2022 Retirement Savings Limitations Released

The IRS has issued Notice 2021-61, which contains the following 2022 retirement savings limitations.

November 04 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Hurricane Ida Victims in Connecticut

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Connecticut. The tax relief postpones various tax filing deadlines that began September 1, 2021. Affected individuals and households who reside or have a business in Fairfield and New London counties including the Mashantucket Pequot Tribal Nation and Mohegan Tribal Nation, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

November 04 2021
Industry & Regulatory News
IRS Issues Deadline Relief for Hurricane Ida Victims in Mississippi

The IRS has issued a news release announcing the postponement of certain tax-related deadlines for victims of Hurricane Ida in Mississippi. The tax relief postpones various tax filing deadlines that began August 28, 2021. Affected individuals and households who reside or have a business in Amite, Claiborne, Copiah, Covington, Franklin, George, Hancock, Harrison, Jackson, Jefferson, Jefferson Davis, Lawrence, Lincoln, Pearl River, Pike, Simpson, Walthall, Wayne, and Wilkinson counties, as well as taxpayers with records located in the covered area that are needed to meet covered deadlines, qualify for relief.

October 27 2021
Industry & Regulatory News
IRS Updates Coronavirus-Related Relief FAQs

The IRS recently updated its coronavirus-related relief for retirement plans and IRAs questions and answers (FAQs) for Sec. 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, which provides for special distribution options and rollover rules for plans. The updated FAQs address questions regarding rehires following bona fide retirement and in-service distributions.

October 26 2021