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2 min read

NAIFA Opposes Short-Sighted Federal Rules on Short-Term Health Insurance

By NAIFA on 3/28/24 5:36 PM

The administration’s final rules on short-term, limited-duration health insurance (STLDI) plans will restrict access to these policies that serve crucial needs of many American consumers. The plans, which have existed since the introduction of HIPAA-based rules nearly two decades ago, are designed to bridge the gap between comprehensive coverage options. They can be a great fit for those looking for individual coverage, waiting for the start of group plan enrollment, having gaps between different employment opportunities, or waiting for their next open enrollment opportunity.

Topics: Health Care Legislation & Regulations Press Release IRS Short-Term Insurance
2 min read

NAIFA Applauds IRS Move on Retirement Plan Catch-Up Contributions

By NAIFA on 8/28/23 12:55 PM

Retirement planners can breathe a sigh of relief.

The IRS has delayed implementing a provision of the SECURE 2.0 legislation that would require retirement plan catch-up contributions by high-income earners to be made as after-tax Roth-style contributions rather than pretax contributions. The legislative language states that the change is effective after 2023, which would have presented unworkable communications, record-keeping, and implementation challenges to plan sponsors and participants as well as advisors. Prior to this fix, some plan sponsors had said they would likely have to eliminate the ability of employees to make catch-up contributions.

Topics: Retirement Planning Congress IRS Individual Retirement Accounts
1 min read

NAIFA Asks IRS to Make the Temporary Remote Notarization Rule Permanent

By Michael Hedge, NAIFA's Director of Government Relations on 12/7/22 2:50 PM

On November 30, 2022, NAIFA joined with the U.S. Chamber of Commerce and other industry partners in a letter asking the Internal Revenue Service (IRS) to make permanent the temporary relief from the physical presence requirement for spousal consent that the IRS has provided. As reflected in the attached letter, plans have been using this relief for nearly two years, and NAIFA believes that its use and effectiveness warrant that it be made permanent. If the IRS feels it cannot make this relief permanent before it expires after December 31, 2022, NAIFA urged the IRS to provide at least an additional 12-month extension while the IRS either provides permanent relief on its own or through notice and comment. By doing so, the IRS will avoid disrupting a valued tool many have come to rely on.

Topics: Advocacy Legislation & Regulations Federal Advocacy IRS
1 min read

NAIFA Signs on to Letter Against Financial Accounts Reporting Proposal

By NAIFA on 10/25/21 5:20 PM

NAIFA, along with 100 business and trade associations, sent a letter to President Joe Biden expressing “strong opposition to the new tax information reporting regime proposed by the Department of Treasury and under consideration by Congress as part of the proposed reconciliation spending package.”

Topics: Retirement Planning Federal Advocacy IRS Tax Reform
1 min read

NAIFA Opposes IRS Reporting Proposal That Raises Cost and Privacy Concerns

By NAIFA on 10/15/21 5:45 PM

NAIFA has joined more than 100 organizations expressing privacy and cost concerns with a Biden administration proposal that would require financial services providers to track and submit to the IRS information on every account with deposits or withdrawals totaling $600 or more annually.

Topics: Federal Advocacy IRS Privacy Data Security
1 min read

The IRS Will Correct Confusing Guidance on Stretch IRAs and the SECURE Act

By Judi Carsrud on 4/26/21 4:03 PM

The SECURE Act, enacted in December 2019, changes the rules for certain inherited retirement accounts whose original owners died after Dec. 31, 2019. Under the new rule, many heirs to IRAs and 401(k) accounts will have to fully distribute the funds from their inherited accounts (and pay income tax on the distributions) within 10 years of the original owner’s death. The rule does not apply to surviving spouses, minor children, heirs who are disabled or chronically ill, and heirs who are within 10 years of the age of the decedent.

Topics: Retirement Planning Federal Advocacy Congress IRS Supported Legislation SECURE 2.0
1 min read

Final IRS Disability Account Rules Expand Contribution Option

By NAIFA Government Relations Team on 10/2/20 5:02 PM

Topics: Retirement Planning Federal Advocacy IRS
1 min read

IRS Provides Flexibility on RMD Rollovers for 2020

By NAIFA on 7/24/20 4:43 PM

The CARES Act, signed into law in late March, waives the 2020 required minimum distribution (RMD) for IRAs and defined contribution plans, like 401(k)s and 403(b)s. This provides owners of these products flexibility and prevents them from having to draw down their plans while facing COVID-19-related market volatility.

Topics: Retirement Planning Federal Advocacy IRS

IRS Webinar to Answer COVID-19 Tax Questions

By NAIFA on 4/22/20 4:31 PM

An Internal Revenue Service (IRS) webinar tomorrow will provide a forum for taxpayers to ask IRS officials questions about relief payments due to taxpayers under the CARES Act and other COVID-19-related tax matters. The webinar is open to everyone and will be of particular interest to small business owners, individuals, veterans, and Social Security recipients.

Topics: COVID-19 Federal Advocacy IRS
2 min read

The IRS and Social Security Administration Report Increased Fraud Related to COVID-19

By NAIFA on 4/14/20 9:53 AM

The U.S. Treasury Department reports that nearly 16,000 American have been taken in by scams involving criminals falsely claiming to be employees of the Internal Revenue Service (IRS). The scams have resulted in losses of more than $80 million.

Topics: COVID-19 Federal Advocacy IRS