Private sector economists, including the respected Committee for a Responsible Federal Budget (CRFB), are sounding the alarm over the cost of both presidential candidates’ tax proposals. This suggests the 2025 tax bill will be as much about revenue as tax policy.

A New York Congressman, Rep. Tom Suozzi (D-NY), is planning a long-term care conference for this spring. He wants wide participation to create and enact legislation to address the long-term care needs of the U.S. population.

On October 5, the Centers for Medicare and Medicaid Services (CMS) released its proposed rules for Affordable Care Act (ACA) health insurance for 2026. The rules cover agent/broker practices.

A September 30 report from the Treasury’s Inspector General for Tax Administration (TIGTA) finds that millions of taxpayers are not paying the ten percent early withdrawal penalty tax or income taxes owed on pre-retirement early withdrawals from their retirement savings plans. This raises the specter of Congressional review of proposals for tougher enforcement.

Last month the U.S. Circuit Court of Appeals for the Fifth Circuit upheld the Department of Labor’s (DOL’s) new overtime (OT) regulation. The court ruled that the regulation does not violate the Fair Labor Standards Act (FLSA).

On October 3, the Internal Revenue Service (IRS) and Treasury issued new guidance, Notice 2024-73, on coverage requirements for long-term part-time employees (LTPTE), beginning in 2025. SECURE 2.0, enacted late in 2022, includes a provision requiring employer-sponsored retirement plans to allow long-term (those with service of two years or more) part-time (those who work at least 500 hours/year) to participate in the employer-sponsored retirement savings plan.

A bipartisan bill to cut off employee retention tax credit (ERTC) claims has been introduced in the Senate. The bill pulls the ERTC provisions from the House-passed HR 7024, a bill that has been long-stalled in the Senate.

On September 26, the Internal Revenue Service (IRS) announced it is opening its employee retention tax credit (ERTC) corrections program to allow tax professionals, payroll companies and other third parties that filed ERTC claims on behalf of a business to make corrections to their clients’ claims under the agency’s voluntary disclosure program.

At a September 12 hearing, the Senate Finance Committee explored tax avoidance strategies used by the very wealthy. Strategies identified included lack of current tax liability on unrealized asset gains, step-up in basis, trust rules, and private placement life insurance (PPLI). This is a prelude to the looming 2025 tax bill debate.

Two federal district courts in Texas stayed (blocked) the new fiduciary rule’s September 23 effective date. Those stays remain in effect, pending the outcome of the courts’ decisions on the cases’ merits or whether the Department of Labor (DOL) decides to appeal the stays and is successful.

Congress ended its summer break on September 9, returning to Washington to deal with the need to fund the U.S. government by midnight September 30. None of the 12 regular-order appropriations bills, which together fund the U.S. government’s discretionary activities for each fiscal year, have been enacted into law. None have passed the Senate, and only five have passed the House. Hence, there is no visible way Congress can enact many (if any) of these 12 bills before Fiscal Year (FY) 2024 ends on September 30.

The debt limit (the statutory limit on the amount the federal government can borrow) is currently suspended until January 2. That means unless Congress acts to raise the borrowing limit or further suspend the statutory cap on borrowing by January 2, the U.S. risks being unable to make timely payments on all of its obligations. Economists widely believe this would trigger worldwide economic catastrophe.

Both former President Trump and Vice President Harris announced economic and tax policy agendas earlier this month. Key implementing details are missing from both candidates’ plans, but the general outlines suggest a legislative battle over tax rules regardless of who wins the presidency. Both candidates’ plans have triggered predictions of big (as in trillions of dollars) revenue losses, although both candidates have also suggested ways that those losses would be contained if not offset. So, both pose risks for NAIFA tax issues.

Historically, the performance of the presidential candidates has a measurable impact on the fates of candidates down-ballot (Senate, House, and state races, too). Some presidential candidates have longer, stronger coattails than others (or act as a bigger drag on down-ballot races). A favorite discussion point among Washington insiders these days is the potential influence of candidates Trump and Harris on House, Senate, and state races. Here is what we know as of now.

NAIFA CEO Kevin Mayeux announced that NAIFA will fight decisions to terminate existing marketing service agreements and end new and renewal commissions for Medicare prescription drug (Part D) plans. NAIFA will work with the Centers for Medicare and Medicaid Services (CMS) to make sure the agency (and insurers) knows that these decisions “will curtail personal service.” NAIFA will also “offer solutions to protect” Medicare D beneficiaries., Mayeux said.

The U.S. District Court for the Northern District of Texas has blocked enforcement of the Federal Trade Commission’s (FTC’s) rule banning virtually all noncompete agreements. The stoppage of the FTC rule applies nationwide. The rule was scheduled to take effect as of September 4 but is now on hold as a result of the August 28 federal district court ruling.

On September 5, the Internal Revenue Service (IRS) and the Treasury Department issued a Request for Information (RFI) on how to implement the new SAVER’s Match rules enacted in last year’s SECURE 2.0, The RFI, issued in Notice 2024-65, requests comments on “all aspects of SAVER’s Match contributions” and includes specific questions on an array of SAVER’s Match issues.

On August 19, the Internal Revenue Service (IRS) released new guidance, Notice 2024-63, that explains how employers can treat their employees’ student loan payments as retirement plan deferrals, and match them under the employer match terms of their retirement plans. The guidance implements the provision in SECURE 2.0 which Congress enacted into law last year.

On August 15, the Internal Revenue Service officially reopened its Employee Retention Tax Credit (ERTC) Voluntary Disclosure Program. The program allows employers to repay ERTC payments they have already received, without liability for penalties, if upon further review the employers believe their initial ERTC claims were made in error. The Voluntary Disclosure Program will remain open until November 22, 2024.

NAIFA’s Policy Director Roger Moore attended NAIC’s Summer National Meeting on August 12-15, where he had the opportunity to strengthen NAIFA’s relationships with state regulators and industry trade partners as well as advocate for key priorities affecting NAIFA’s members. The NAIC Committees discussed multiple topics of interest to NAIFA, including long-term care insurance, access to life insurance and annuities in underserved communities, privacy protections, product illustrations, and producer licensing issues. Roger also attended the latest meeting of the National Insurance Producer Registry (NIPR) Board of Directors, where he continues to sit as a non-voting member.