In a recent notice, the Internal Revenue Service released guidance clarifying that trustee and executor fees may continue to be deducted from a trust or estate’s income after the new tax reform law suspended the deduction of miscellaneous itemized deductions for by individual, trust and estate taxpayers. ABA had requested such clarification on behalf of banks offering fiduciary services to trusts and estates in a letter to the IRS in June. The IRS also requested comments on the effect of the suspension on the ability of a trust beneficiary to deduct amounts comprising an excess deduction upon the termination of a trust or estate.
Fed extends comment deadline for proposed updates to bank insider regulation
The Federal Reserve has extended the comment period by a month for proposed changes to its regulation governing extensions of credit to bank “insiders,” such as board directors, executives and major shareholders.
