In late October, the IRS released Revenue Procedure 2016-55 (Rev. Proc. 16-55). Rev. Proc. 16-55 increased the flexible spending account (FSA) dollar limit on voluntary employee salary reduction contributions to $2,600 for taxable years beginning in 2017.
As part of the Disability Employment Initiative (DEI), the U.S. Department of Labor (DOL) recently awarded a total of $14.9 million in grants to six states. The specific amount awarded to each state is as follows:
On July 14, 2016, Democrats in Congress proposed a bill that would affect the DOL's recent FLSA overtime exemption rule changes. The Overtime Reform and Enhancement Act (H.R. 5813) would increase the salary threshold in the following phases:
On June 22, 2016, U.S. House of Representatives Speaker Paul Ryan released a new Republican health care plan called "A Better Way," which, if passed, would repeal the Affordable Care Act (ACA), but keep some of its more popular provisions intact.