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News & Press: UPPO Advocacy Activity

Holders Coalition Submits Additional Comments Regarding IRS Revenue Ruling

Tuesday, November 19, 2019   (0 Comments)
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The Holders Coalition – a group of organizations, including UPPO, whose members hold or represent owners of property – submitted comments on Nov. 19, 2019, to Internal Revenue Service and Department of Treasury officials regarding IRS Revenue Ruling 2018-17. The comments seek clarification and guidance regarding compliance with the ruling, issued by the IRS on May 29, 2018.

 

The ruling specifies that when an IRA account is transferred to a state in accordance with the state’s abandoned property law, the account becomes subject to federal income tax withholding and Form 1099-R reporting under the Internal Revenue Code. 

 

The Holders Coalition previous submitted comments regarding the IRS Ruling in September 2018 and subsequently met with IRS and Treasury officials to discuss concerns about issues related to the ruling. The purpose of the Nov. 19, 2019, letter is to outline, in preparation for the Jan. 1, 2020, compliance date, the practical implementation issues that IRA custodians whose agreements with the IRA holder permit them to liquidate the account will face and recommendations related to implementing the ruling. 

 

Read the Holders Coalition letter and learn more about UPPO’s involvement in the coalition.


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