Ronald Cluett Talks to Tax Notes on Proposed Minimum Distribution Regs
The retroactive start date in proposed regulations for required minimum distributions (RMDs) has some employee benefits professionals asking for the inclusion of relief options.
. . .
Ronald Cluett of Caplin & Drysdale said most plans have tried to comply with the 10-year rule since it became effective under the SECURE Act in 2020. Some plans have been complying with an understanding that the 10-year rule wouldn’t be concurrent with the “at least as rapidly” rule, he noted.
“I don’t think the position that the distribution can be taken once at the end of the ninth year is at all a frivolous or aggressive position,” Cluett said. “If the IRS decides to go in a different direction, I do think that some kind of relief would be appropriate for people who have acted in good faith in a different way.”
For the full article, please visit Tax Notes’ website (subscription required).
- Of Counsel