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Browsing: Trust activities
IRS Proposes Rules for 199A Deductions for Certain Trusts
In addition to final rules generally concerning 199A qualified business income deductions, the IRS last Friday concurrently issued proposed rules addressing how the deduction would affect charitable remainder trusts, split-interest trusts and regulated investment companies.
ABA Urges IRS to Apply Passthrough Deduction to Charitable Remainder Trusts, Common Trust Funds
In a comment letter today, the American Bankers Association yesterday called on the Internal Revenue Service to specifically address charitable remainder trusts and common trust funds as it prepares guidance on implementing Section 199A of the Tax Cuts and Jobs Act.
IRS Clarifies Deductibility of Trustee Fees from Trust Income
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.
FDIC Proposes Amendments to Rules Governing Fiduciary Powers of State Savings Associations
The FDIC has proposed to rescind the former Office of Thrift Supervision’s rule on fiduciary powers of state savings associations and amend current FDIC regulations regarding consent to exercise trust powers to reflect their applicability to both state savings associations and state nonmember banks.
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ABA Comments on EPA Proposal for Hardrock Mining Company Trust Relationships
ABA yesterday wrote to the Environmental Protection Agency requesting changes to a proposed rule that would implement financial responsibility requirements for hardrock mining companies under the Comprehensive Environmental Response, Compensation and Liability Act.
OCC Finalizes EGRPRA-Related Regulatory Changes
The OCC today finalized a rule that would make several regulatory adjustments as part of its efforts under the Economic Growth and Regulatory Paperwork Reduction Act to reduce unnecessarily burdensome or outdated banking rules.
ABA Urges Clarifications in Uninsured Bank Resolution Proposal
ABA today urged the OCC to keep in mind the fundamentally different business models of uninsured trust and fiduciary banks as it develops its rulemaking for the resolution of national banks without deposit insurance.
ABA Comments on IRS Rule Limiting Valuation Discounts
ABA today commented on a proposal by the IRS that would limit valuation discounts of family interests in certain family entities for estate, gift and generation-skipping transfer tax purposes.