Category: IRS

  • Income Accounting for Tax-Exempt Trusts

    Section 664 of the Internal Revenue Code includes the rules for income paid from trusts that are tax exempt under the section. These rules are the so-called four-tier accounting system. This system lays out the basic rules for how distributions to the taxable beneficiaries of a tax-exempt asset diversification trust or…

  • Big News on IRA and 401(k) Distributions at Death

    Due to the IRS’ new regulations, your clients may be hit with a huge tax bill they didn’t expect. If you plan correctly, you have the opportunity to help clients avoid a massive tax hit. That’s because the IRS just issued final regulations about required minimum distributions. The News in…