National Association of Insurance and Financial Advisors

House Passes Three Tax Reform Bills

October 15, 2018

On September 27 and 28, the House of Representatives passed three tax reform bills. The bills make permanent current individual tax rates, the pass-through business income deduction, and the doubled estate tax exemption; expand open multiple employer plans (MEPs) and make other retirement and non-retirement savings tax rule changes; and permit investors in start-up businesses to qualify for more tax incentives.   The three bills now await Senate action. They include:   The House pass...

House Members Hit Campaign Trail, Leaving Much to Do in November

October 15, 2018

The House of Representatives left Washington September 28, freeing its members to head home to campaign ahead of the November 6 elections. House lawmakers finished a number of important initiatives—including government funding until at least December 7. But the House also left a number of high-profile issues, including three tax reform/cuts bills (see story below), for the lame duck session that starts November 13. The Senate left on October 12.   Both the House and Senate approved govern...

House of Representatives Defers Vote on ACA 40-Hour Week, Employer Mandate, Cadillac Tax Delay

October 15, 2018

Although H.R.3798 was fully tee’ed up for a vote, the House of Representatives left Washington until after the November elections without voting on the bill that would suspend the Affordable Care Act’s (ACA’s) employer mandate penalties, set the ACA’s definition of full-time work at 40 hours/week, and delay for a year imposition of the ACA’s Cadillac tax.   The House had, in mid-September, approved the rule for debating H.R.3798, but left—ahead of Hurricane Florence and for the Yom Kippur...

JCT Releases New Tax Expenditures Report

October 15, 2018

 On October 6, the Joint Committee on Tax (JCT) released its latest tax expenditure report—a list of federal tax rules that result in tax not being levied on specific transactions/programs. The list includes many items of clear importance to NAIFA members and their clients that total almost $4 trillion over five years in foregone tax revenue.   The tax expenditure report typically offers tax writers a rich source of possibilities when they look for offsetting revenue proposals. Offsetting...

DOL Says to Expect a New OT Reg Proposal Early Next Year

October 15, 2018

The Department of Labor (DOL) expects to propose a new overtime (OT) regulation soon—probably in January, a DOL spokesman says. It is likely the new proposed regulation will increase the salary threshold, and may also suggest changes to the exemption’s duties test.   The proposed regulation would likely amend the Fair Labor Standards Act’s (FLSA’s) administrative, professional and executive exemption from overtime (OT) rules – the so-called white-collar exemption. In 2016, a federal distr...