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News & Press: State Legislative and Regulatory News

IRS Grants Extension

Tuesday, November 20, 2018   (0 Comments)
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On May 29, 2018, the IRS issued a ruling stating that traditional IRA holders must withhold 10 percent tax and issue a 1099-R when reporting unclaimed property to the states. UPPO worked closely with the Holders Coalition and other organizations whose members are likely to be affected by this ruling to formulate a strategy for raising these issues with the IRS and other agencies, such as the SEC and FINRA, which may have conflicting opinions on the practice. Members of the Holders Coalition, including UPPO representatives Jen Borden and Dana Terry, met with the IRS in September to discuss a variety of concerns. On Nov. 20, the IRS issued a notice announcing an extension:


“Relief is extended to payments made before the earlier of January 1, 2020, or the date it becomes reasonably practicable to comply with the withholding and reporting requirements described in Rev. Rul. 2018-17.”


This is the result of a number of groups working together, including UPPO, SIFMA, ICI and other members of the Holders Coalition. We are thankful to all involved for their diligence regarding this matter.

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