Industry & Regulatory News

The IRS has issued Revenue Ruling 2023-21, which contains the applicable federal rates (AFR) for December 2023.

Representative Michelle Steel (R-CA), along with co-sponsors David Schweikert (R-AZ), and Ami Bera (D-CA), have introduced HR 6279, the “Wearable Equipment Adoption and Reinforcement and Investment in Technology Act”, or the “Wear It Act”.

Senator Bill Cassidy (R-LA), and co-sponsor Tim Kaine (D-VA) have introduced the “Helping Young Americans Save for Retirement Act”.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on November 14, 2023, for Arkansas severe storms, straight-line winds, and tornadoes for the incident period of June 25-June 26, 2023.

The Office of Management and Budget has received a final rule from the Department of Labor (DOL) titled “Proposed Amendment to PTE 84-14 for Plan Asset Transactions Determined by an Independent Qualified Plan Asset Manager”.

The Department of Labor (DOL) recently released a regulatory package that includes a proposed amendment to the regulations that define what constitutes an investment advice fiduciary under the Employee Retirement Income Security Act of 1974 (ERISA) and the Internal Revenue Code (the “Retirement Security Rule”).

The IRS has issued Revenue Procedure 2023-34, which contains cost-of-living adjustments for taxable years beginning in 2024 for over 60 tax provisions, including cafeteria plans.

A Department of Treasury and Financial Crimes Enforcement Network (FinCEN) final rule that implements requirements of the Corporate Transparency Act (CTA), will impose beneficial ownership information (BOI) reporting requirements affecting IRA-owned LLCs.

Senator John Thune (R-SD), along with co-sponsor Senator Thomas Carper (D-DE), introduced S. 3224, the Chronic Disease Flexible Coverage Act.

Representative Claudia Tenney (R-NY) has introduced the Retirement Investment in Small Employers (RISE) Act to encourage small businesses with no more than 10 employees who received at least $5,000 of compensation in the prior year to adopt retirement plans.