{"id":123073,"date":"2024-02-29t18:47:32","date_gmt":"2024-02-29t23:47:32","guid":{"rendered":"\/\/www.g005e.com\/?post_type=product&p=123073"},"modified":"2024-03-06t13:11:12","modified_gmt":"2024-03-06t18:11:12","slug":"sg24mpc-seymour-goldberg-major-penalty-changes-involving-failure-to-take-timely-required-minimum-distributions-from-retirement-accounts-including-iras","status":"publish","type":"product","link":"\/\/www.g005e.com\/shop\/sg24mpc-seymour-goldberg-major-penalty-changes-involving-failure-to-take-timely-required-minimum-distributions-from-retirement-accounts-including-iras\/","title":{"rendered":"major penalty changes involving failure to take timely required minimum distributions from retirement accounts (including iras)"},"content":{"rendered":"
(with time stamps for the video and audio)<\/p>\n
automatic waiver of the excise tax rules under secure under certain circumstances<\/u><\/strong><\/p>\n
according to the proposed regulations under secure the 50% excise tax may be waived by the irs if: the failure to distribute the required minimum distribution is due to reasonable error and reasonable steps are taken to remedy the failure.<\/p>\n
according to the introductory portion of the proposed regulations under secure there are two situations<\/u> with respect to which there is an automatic waiver of the 50 percent excise tax.<\/p>\n
the first situation is when<\/p>\n
(1) the [ira owner] died before his\/her required beginning date;<\/p>\n
(2) the payee is an eligible designated beneficiary who did not elect to use the life expectancy rule but is subject to the life expectancy rule under the [ira agreement] or an irs default provision that applies in the absence of an [ira agreement] provision;<\/p>\n
(3) the payee [eligible designated beneficiary] did not satisfy the required minimum distributions [under the life expectancy rule]; and<\/p>\n
(4) the payee [eligible designated beneficiary] elects for [the deceased ira owner\u2019s account balance] to be distributed under the 10-year rule.<\/p>\n
in that case, once the payee elects the 10-year rule, [by the end of the ninth calendar year following the calendar year of the [ira owner\u2019s] death, then the payee\u2019s required minimum distribution in the tenth calendar year following the calendar year of the . . . ira owner\u2019s death is the entire [ira] account balance.<\/p>\n
author\u2019s note<\/u><\/strong><\/p>\n
the second situation<\/u> with respect to which an automatic excise tax waiver is triggered when an individual had a minimum distribution requirement in a calendar year and died in that calendar year before satisfying the minimum distribution requirement.<\/p>\n
in this second situation<\/u>, the individual\u2019s beneficiary must satisfy the minimum distribution requirement by the end of that calendar year.<\/p>\n
however, if that beneficiary fails<\/u> to satisfy the minimum distribution requirement in that calendar year, then the [50 percent] excise tax for<\/u> the failure to take the distribution<\/u> is automatically waived provided that the beneficiary satisfies that requirement by no later than that beneficiary\u2019s tax filing deadline (including extensions thereof) for the taxable year of that beneficiary that begins with or within that calendar year [in which the deceased ira owner died].<\/p>\n
please note that the automatic waiver rules described in situation 1 and situation 2 are effective for taxable years beginning on or after january 1, 2022.<\/p>\n
these automatic waivers would also apply to the new 25 percent excise tax [instead of the 50 percent excise tax] starting in 2023 and thereafter.<\/p>\n
these automatic waiver rules apply to a deceased employee and his\/her respective interest in a plan.<\/p><\/blockquote>\n
\ncredentials<\/strong><\/h3>\n
seymour goldberg<\/strong>, cpa, mba, jd, is a senior partner in the law firm of goldberg & goldberg, p.c., melville, new york. professor emeritus of law and taxation at long island university. former director of the tax institute of the c.w. post campus of long island university. in that capacity he worked with the irs in conducting many tax programs for professionals. recipient of the american jurisprudence award in federal estate and gift taxation from st. john\u2019s university school of law.<\/p>\n
cle instructor for many professional organizations, including the new york county lawyers association, new york state bar association, american bar association, njicle, city bar center for cle, local bar associations and law schools. mr. goldberg is admitted to practice law in new york state.<\/p>\n
authored 4 manuals for the american bar association on iras and trusts and other organizations such as the aicpa on the ira distribution rules. his first guide, entitled \u201ca professional\u2019s guide to ira distribution rules,\u201d was published by the foundation for accounting education for the years 1993-1998. he has been interviewed on many technical ira issues for ed slott\u2019s ira advisor.<\/p>\n
mr. goldberg handles probate matters, tax disputes with the irs (civil and criminal) and the irs appeals office, ira penalty waivers and new york state department of taxation tax disputes and participated in significant estate disputes. represents clients in irs ruling requests (over 75). wrote an amicus brief in the 2014 inherited ira supreme court case, clark v. rameker.<\/p>\n
his manuals for the american bar association can be found in well over 100 law school libraries throughout the united states, including the new york state appellate division, fourth department, law library, rochester, new york. he is a member of the relations with the irs committee of the new york state society of certified public accountants and chair of a subcommittee on communication & coordination with the irs. he was formerly associated with the internal revenue service.<\/p>\n
mr. goldberg has conducted continuing education programs on the retirement distribution rules with the irs. he has recommended corrections to irs publication 590, working pro bono with the irs and then congressman steve israel. this resulted in irs revisions and adoption of irs publication 590-a and irs publication 590-b. he has written many comment letters to the treasury and irs on technical issues, including systemic issues of first impression.<\/p>\n
he received outstanding discussion leader awards from the aicpa and the foundation for accounting education. he has conducted over 300 cpe programs in taxation, including over 100 cpe programs involving iras and ira compliance issues and cle and cpe programs involving the uniform principal and income act in multiple jurisdictions.<\/p>\n
mr. goldberg has been quoted in the new york times, forbes, fortune, money magazine, u.s. news & world report, business week and the wall street journal. he has also been interviewed on cnn, cnbc and wcbs.<\/p>\n
mr. goldberg can be reached at 516-222-0422 or by email at info.goldbergira@gmail.com.<\/a> you may also visit his website at trustestateprobate.com.<\/p>\n