IRS Guidance

Proposed RMD regulations were released in February 2022.

Under the proposed regulations, if an account owner dies on or after their required beginning date, beneficiaries who are subject to the 10-year rule must take annual life expectancy payments during the first nine years.

The IRS has issued Revenue Ruling 2024-09, which contains the applicable federal rates (AFR) for May 2024.

The IRS has issued Notice 2024-35 to provide additional transition relief for certain specified RMDs for 2024.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 13, 2024, for California severe winter storms, tornadoes, flooding, landslides, and mudslides for the incident period of January 31 – February 9, 2024.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on April 13, 2024, for Oregon severe winter storms, straight-line-winds, landslides, and mudslides, for the incident period of January 10, 2024–January 22, 2024.

The IRS has announced the postponement of certain tax-related deadlines for victims of Maine severe storms and flooding.

The IRS has announced the postponement of certain tax-related deadlines for victims of Alaska severe storms, landslides, and mudslides.

The Federal Emergency Management Agency (FEMA) issued a disaster declaration on March 20, 2024, for Maine severe storms and flooding, for the incident period of January 9 – 13, 2024.

The Federal Emergency Management Agency (FEMA) issued disaster declaration 4765 and 4766 on March 20, 2024, for Rhode Island severe storms and flooding, for the incident periods of December 17-19, 2023, and January 9-13, 2024.

The IRS has issued Revenue Ruling 2024-07, which contains the applicable federal rates (AFR) for April 2024.