Category: Individuals
“NEW” RULES IMPLEMENTED ON INHERITED INDIVIDUAL RETIREMENT ACCOUNTS (“IRAs”)
Beginning in 2025, individuals must begin taking withdrawals from IRAs they inherited in 2020 or thereafter. The Internal Revenue Service has finally provided guidance on the implementation of the “ten-year rule” that was part of the Secure Act of 2019 (“Secure Act 1.0”). The Secure Act 1.0 was enacted to…
IRS releases technical advice memorandum impacting significant participation activities under the passive loss rules
The IRS has released a Technical Advice Memorandum (TAM)[1] addressing the question of whether, for passive loss limitation purposes, an activity qualifies as a significant participation activity in a taxable year where the taxpayer previously satisfied the significant participation activity test for material participation with respect to that activity in…
RMD Proposed Regulations – The Good, The Bad, and The Ugly
The proposed regulations consist of 64 pages printed in the Federal Register and are subject to a comment period which ended on May 25, 2022. Once the IRS considers the comments it will move towards finalization and adoption after which they will become effective. The IRS has received 119 comments…