IRS

The DOL, IRS and HHS (“the Departments”) have released a set of FAQs that explain their position on coverage of preventive services and vaccines in light of a recent court decision.

The third phase of updates to Form 5500, Annual Return/Report of Employee Benefit Plan, was recently released by the Department of Labor’s (DOL’s) Employee Benefits Security Administration, the IRS, and the Pension Benefit Guaranty Corporation (the “Agencies”).

During the COVID-19 Public Health Emergency (PHE) and National Emergency, numerous requirements were introduced for group health plans, which were generally aimed at ensuring individuals did not forgo testing or treatment for COVID-19 because they could not afford to pay for such services.

The IRS has issued Revenue Procedure 2023-17 announcing the 2024 indexed adjustments to the amounts used to calculate employer shared responsibility payments under Internal Revenue Code Sections 4980H(a) and 4980H(b)(1).

The IRS has issued Notice 2023-27, announcing their intent to issue guidance related to the treatment of certain nonfungible tokens (NFTs) as collectibles under Internal Revenue Code Section (IRC Sec.) 408(m).

The IRS has posted a series of frequently asked questions addressing whether certain costs related to nutrition, wellness, and general health are medical expenses under Internal Revenue Code Section 213 that may be paid or reimbursed under a health savings account, health flexible spending arrangement, Archer medical savings account, or health reimbursement arrangement.

The IRS has issued Revenue Ruling 2023-06, which contains the applicable federal rates (AFR) for April 2023.

The IRS has issued Notice 2023-25, which contains updated guidance on factors used in certain defined benefit (DB) pension plan minimum funding and present value calculations.

The United States Senate on Thursday confirmed Danny Werfel, in a 54-42 vote, as the next commissioner of the Internal Revenue Service. Mr. Werfel, who was nominated in November 2022 as his predecessor Charles Rettig’s term ended, will serve through November 2027.

President Biden’s fiscal year 2024 budget includes proposed retirement account restrictions for certain taxpayers — similar to those included in the Build Back Better Act passed by the House in 2021 — but left by the wayside enroute to the passage of the Inflation Reduction Act of 2022.