Overview
Grassley to Chair Senate Finance Committee: Today, Senator Chuck Grassley (R-Iowa) announced that he will serve as chairman of the Senate Committee on Finance during the 116th Congress starting in January. Sen. Grassley previously served as chairman of the Finance Committee in 2001 and from 2003 through 2007. Current committee chairman Orrin Hatch (R-Utah) said of Grassley: “I am confident Chairman Grassley will carry out a robust agenda that will build on tax reform’s recent success and continue to make progress in the health care, trade, and oversight spaces.”
IRS Reminds Employees to Plan for Health Flexible Spending Arrangements: Today, the IRS reminded eligible employees to start planning now in order to take full advantage of their employer’s health flexible spending arrangement (FSA) during 2019. Employees wishing to contribute during 2019 must make the election again, even if they contributed in 2018. An employee who chooses to participate can contribute up to $2,700 during the 2019 plan year, a $50 increase over 2018.
Miscellaneous Guidance:
Rev. Rul. 2018-30, issued today, provides various rates for federal income tax purposes, including the applicable federal interest rates, adjusted federal interest rates, adjusted federal long-term rate, and the adjusted federal long-term tax-exempt rate.