Texas Society of Certified Public Accountants reqest guidance from the IRS regarding the application of the 2% floor to trust and administrative costs

The Texas Society of Certified Public Accountants, in an open letter to the IRS, has requested that the IRS publish new interim guidelines regarding the trust and administration expenses apply to the 2% floor in section 67(e).  The IRS had published interim guidelines for tax years before 2010, but those have since expired and the IRS has not released new guidelines

Posted by Joseph Siegmann, Associate Editor, Wealth Strategies Journal.