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IRS Alleviates Suffering of RIAs Who Use Fee-Based Annuities
RIABiz 
Sept. 4, 2019 "Previously, money withdrawn from an account to pay the advisory fee was treated as income to the client, making it taxable, even though the client never actually pocketed the money. But the IRS finally put an end to the unpleasantness in [an] Aug. 7 ... private letter to Lincoln Financial Group and Nationwide Insurance. It stated an advisor could vacuum out as much as 1.5% of the annuity's value as a fee without requiring clients to report it as income." MORE >> |
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