After a series of court decisions and reversal and then a reversal of the reversal, the rule (Beneficial Ownership Information, or BOI rule) requiring most businesses to report to FinCEN (the Financial Crimes Enforcement Network) on their ownership is currently on hold, pending a judicial opinion on whether the law containing the BOI rule is constitutional.
Recent posts by NAIFA
2 min read
BOI Whipsaw: Enforcement Currently on Hold
Topics: Legislation & Regulations Small Business
7 min read
What to Expect from Congress in 2025
The 119th Congress convened January 3. The GOP controls the House and the Senate, and Republican President-Elect Trump will be in the White House as of January 20. Republicans are still squabbling a bit about which priority issue to tackle first, but whatever the order, a massive tax bill, Fiscal Year (FY) 2025 government funding, FY 2026 appropriations to fund the government, the statutory debt limit, and nomination confirmations will dominate early in 2025. On the regulatory front, once cabinet secretaries (and other key agency leaders) are confirmed, expect action to roll back Democratic rulemaking in many issue areas.
Topics: Congress
1 min read
Johnson Elected House Speaker
With only a little bit of drama, on January 3, House Republicans chose Rep. Michael Johnson (R-LA) to be Speaker of the House for the 119th Congress. Virtually all Speaker votes are purely partisan, and this one was no exception. So, with a 219 to 215 GOP-to-Democrat edge, Rep. Johnson needed 218 votes to become Speaker. The final vote was 218 to 215—one Republican (Kentucky’s Rep. Thomas Massie) voted for someone else.
Topics: Congress
2 min read
Right-Wing House Republican Demands Color Early Agenda
The hard-right wing of the Republican party in the House has written a letter to Speaker Johnson (R-LA) listing their demands for their support of early legislative initiatives this year. They include legislation to expand health savings accounts (HSAs), and “real” spending cuts “in place” ahead of approving a debt limit increase.
Topics: Congress
2 min read
Wyden Offers PPLI Legislation
Just as the 118th Congress ended last month, then Senate Finance Committee chairman and now ranking member Sen. Ron Wyden (D-OR) offered a bill to contain private placement life insurance (PPLI). The bill died when the 118th Congress adjourned sine die on January 3, but Sen. Wyden is expected to reintroduce his legislation early this year.
Topics: Life Insurance & Annuities Legislation & Regulations Advanced Planning
1 min read
IRS Extends Deadline for SECURE 2.0 RMD Rules
Last month the Internal Revenue Service (IRS) announced an extension, to January 1, 2026, for rules to accommodate the SECURE 2.0 required minimum distribution (RMD) rules. The December 18 announcement came in IRA Announcement 2025-2.
Topics: Retirement IRS SECURE 2.0
1 min read
DOL Appeals District Court Block of White-Collar Exemption OT Rule
The Department of Labor (DOL) has appealed the November Eastern District of Texas district court ruling that overturned the agency’s updated white-collar exemption to the Fair Labor Standards Act’s (FLSA’s) overtime (OT) rules. However, the Trump Administration could reverse the decision to appeal to the Fifth Circuit Court of Appeals.
Topics: DOL
1 min read
Congress Announces New Members of Tax-Writing Committees
Both Republicans and Democrats have named the members joining the House Ways & Means and Senate Finance Committees for the 119th Congress. These lawmakers will have particular influence over what goes in and what stays out of the massive tax bill Congress intends to enact this year.
Topics: Taxes Congress
1 min read
Congressional Republicans Want to Expand HSAs, AHPs
Republicans in both the House and Senate are talking about expanding health savings accounts (HSAs) and association health plans (AHPs). There is a growing sense that these policies will help grow health coverage and reduce health insurance costs. Interest in HSAs and AHPs appear to be the emerging Republican answer to the Affordable Care Act (ACA).
Topics: Health Care Health Savings Accounts
2 min read
Retirement Savings, Death Benefits on Most Recent JCT Tax Expenditure List
The Joint Committee on Tax’s (JCT’s) most recent “tax expenditure list” includes trillions in foregone federal revenue as a result of the tax rules governing retirement savings, life insurance death benefits and cash values, and employer provided health insurance.
Topics: Retirement Tax Reform
2 min read
Lame Duck 118th Congress Aims to Wind Up with Government Funding
The outgoing 118th Congress must fund U.S. discretionary spending by December 20. Issues in play in that effort include extension of authority and funding for the National Flood Insurance Program (NFIP), delay of the Corporate Transparency Act’s (ACT’s) Beneficial Ownership Information (BOI) rule, and possibly technical corrections to SECURE retirement savings law.
Topics: Federal Advocacy Congress
3 min read
Republicans Will Control the 119th Congress; Face Substantial Challenges
In 2025-2026, Republicans will control the White House (Trump/President), the Senate (53 to 47), and the House (220 to 215). But despite winning the trifecta, GOP lawmakers will confront significant challenges next year. They include a spiraling deficit that will make enactment of GOP priorities difficult, and deep divisions between ultra-conservative and more centrist Republicans.
Topics: Federal Advocacy Congress
2 min read
CTA BOI Reporting Requirement on Hold
A Texas district court has issued a temporary nationwide injunction blocking enforcement of the Corporate Transparency Act’s (CTA) requirement (the Beneficial Ownership Information, or BOI rule) that forces U.S. businesses to report the names and identifying information of their beneficial owners. Legislation to delay the reporting requirement is pending before Congress.
Topics: Federal Advocacy
2 min read
Deficits Trigger Organized Spending Cut Initiative
Federal deficits projected to grow to almost $2 trillion next year have triggered creation, by President-Elect Trump, of a Department of Government Efficiency (DOGE). DOGE’s goal is to cut federal spending by $2 trillion.
Topics: Federal Advocacy Federal Deficit
1 min read
FSA Expansion Bill Introduced
Sen. John Kennedy (R-LA) on December 3 introduced a bill to increase the amount a Flexible Spending Arrangement (FSA) owner can contribute to his/her FSA for dependent care expenses. While it is unlikely this bill will be enacted this year, its introduction tees up the issue for the incoming 119th Congress.
Topics: Federal Advocacy
2 min read
Federal District Court Strikes Down DOL’s New White Collar Exemption Rule
On November 15, the federal District Court in the Eastern District of Texas struck down the Department of Labor’s (DOL’s) latest attempt to raise the salary threshold piece of the white-collar exemption to the Fair Labor Standards Act’s (FLSA’s) overtime (OT) pay rules. The court ruled that DOL exceeded its statutory authority in promulgating a rule that addressed only the salary threshold piece of the white-collar exemption from FLSA’s OT rules.
1 min read
Bessent Nominated to Head Treasury Department
Billionaire hedge fund manager and investor Scott Bessent is President-Elect Trump’s choice to head the Treasury Department. He says tariffs will be his top priority.
Topics: Federal Advocacy
1 min read
Trump to Nominate Former Rep. Chavez-DeRemer to Head DOL
President-Elect Trump has announced he will nominate former Rep. Lori Chavez-DeRemer (R-OR) to be Secretary of the Department of Labor (DOL). Rep. Chavez-DeRemer lost her bid for reelection last month. She is viewed as a pro-labor Republican, one of only a handful of GOP House members who cosponsored the labor-friendly PRO Act
Topics: DOL
1 min read
Paul Atkins Nominated to Chair SEC
Former Securities and Exchange Commissioner (SEC) Paul Atkins will be nominated by President-Elect Trump to chair the SEC. Experienced at the SEC, Atkins served as one of the agency’s commissioners from 2002 to 2008 and worked as an SEC staffer during the 1990s.
Topics: SEC
1 min read
Robert F Kennedy Jr. Nominated to Lead HHS
Robert F Kennedy Jr. is President-Elect Trump’s choice to be Secretary of the Department of Health and Human Services (HHS). A vaccines skeptic, Kennedy’s nomination is controversial, at least at this stage of the process.
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