House Ways and Means Committee Chair Jason Smith, R-Mo., and Social Security Subcommittee Chair Ron Estes, R-Kan., are calling on the Social Security Administration to provide guidance on implementing the Social Security Fairness Act, which repeals the Windfall Elimination Provision and the Government Pension Offset. The lawmakers have asked the agency to explain how it will adjust benefits and notify affected beneficiaries, requesting feedback by Jan. 17.

The ongoing wildfires in the Los Angeles area are projected to be among the costliest natural disasters in US history, with AccuWeather indicating that damage and economic losses have already reached as much as $150 billion. These estimates take into account various factors, including damage to property and infrastructure, health care costs, lost wages and supply chain disruptions. Analysts estimate that total insured losses could reach as high as $20 billion, according to initial projections.

Advisor confidence has fallen to pre-election levels as Donald Trump prepares to return to the White House, according to the Financial Advisor Confidence Outlook. The overall confidence score dropped 16 points from a record 24 in December to 8 in January, with concerns about market volatility, tariffs and policy changes contributing to the decline.

A little bit of planning can help ensure that inherited money supports long-term financial goals, writes attorney Kelsey Simasko, who reviews steps for safeguarding an inheritance. "Receiving an inheritance from your loved one can be life changing, but it can also severely damage your financial situation if you don't know how to manage it," Simasko writes.

The Treasury Department and IRS have proposed changes to SECURE 2.0 provisions regarding Roth catch-up contributions and automatic enrollment. Under the new proposal, employers would no longer be required to mandate Roth catch-up contributions for employees earning $145,000 or more. This change aims to simplify plan administration and address cost concerns raised by plan sponsors.

The Supreme Court has agreed to review a decision by the US Court of Appeals for the 5th Circuit that struck down some Affordable Care Act preventive care requirements. The lower court sided with employers who objected to covering services such as HIV prevention and certain cancer screenings, citing religious and procedural issues. The case is likely to be heard in the spring.

HHS has declared a public health emergency in California because of the Los Angeles County wildfires, which have burned more than 35,000 acres and caused at least 10 deaths. The declaration allows greater latitude for Medicare and Medicaid providers and suppliers, and the Administration for Strategic Preparedness and Response is ready to deploy medical supplies and personnel as needed.

If you don't already have a succession plan in place, now is the time to get started to ensure continuity for clients and others, writes Mike Mathweg, founder of Relentless Consulting. "Your legacy isn't just about the business you've built -- it's about how well that business continues to serve clients after you've stepped away," writes Mathweg, outlining steps to take immediately and over the next 30 days.