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.
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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.
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.
With customers fixated on fees in a competitive environment shaped by robo-advisers and digital disruptors, trust and wealth managers must prove their worth to clients of high net worth.
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.
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of its efforts under the Economic Growth and Regulatory Paperwork Reduction Act to reduce unnecessarily burdensome or outdated banking rules.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 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 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.
The Financial Crimes Enforcement Network today issued a proposed rule imposing — for the first time — anti-money laundering program and Customer Identification Program requirements for banks without a federal functional regulator.
Following ABA’s recent request, the IRS today said it would extend the compliance deadline for new proposed executor reporting requirements.