Regulatory and Legislative

Deadline Extended for Comments on DOL Proposal Updating Employee Classification Under FLSA

The Department of Labor’s Wage and Hour Division has extended the deadline to comment on its proposed rule titled Employee or Independent Contractor Classification Under the Fair Labor Standards Act (FLSA). The original deadline to comment was November 28, and is now extended to December 13. Initial highlights of the proposal were announced upon its release.

DOL

Regulatory and Legislative

IRS Provides 403(b) Amendment Cycle Updates

The Internal Revenue Service has announced that it intends to begin issuing opinion letters regarding Cycle 2 pre-approved 403(b) plans, including the 2022 cumulative list of changes in those requirements.

Regulatory and Legislative

DOL’s Final Restated Voluntary Fiduciary Correction Program at OMB

The Office of Management and Budget has received a final rule from the Department of Labor titled “Adoption of Amended and Restated Voluntary Fiduciary Correction Program”.

Regulatory and Legislative

IRS Announces Deadline Relief for Montana Storms

The IRS has announced the postponement of certain tax-related deadlines for victims of severe storms and straight-line winds in the Crow Tribe of Montana.