On July 14, 2023, the IRS released notice 2023-54 which provides for relief for RMDs in two circumstances. In this episode of the PFP Section podcast, Bob Keebler, CPA/PFS, shares what you need to know, including:

If your client mistakenly took a required minimum distribution in 2023 based on SECURE but they could have waited until 2024 based on SECURE 2.0, they have until September 30th to repatriate the RMD without penalty.
Relief via IRS notice 2022-53 has been extended into 2023. Beneficiaries subject to the 10-year rule will not need to take RMDs until the IRS releases final regulations providing more clarity on what is required.

Access resources related to this podcast: Note: If you’re using a podcast app that does not hyperlink to the resources, visit Libsyn (PFP) to access show notes with direct links.

Share the update with your clients with this Broadridge Advisor Alert, included with AICPA PFP Section membership.
Learn more on the latest proposals and regulations in the audio section of the Proactive Planning Toolkit.

This episode is brought to you by the AICPA’s Personal Financial Planning Section, the premier provider of information, tools, advocacy, and guidance for professionals who specialize in providing tax, estate, retirement, risk management and investment planning advice. Also, by the CPA/PFS credential program, which allows CPAs to demonstrate competence and confidence in providing these services to their clients. Visit us online to join our community, gain access to valuable member-only benefits or learn about our PFP certificate program.

Subscribe to the PFP Podcast channel at Libsyn to find all the latest episodes or search “AICPA Personal Financial Planning” on your favorite podcast app.

Two important RMD developments {PFP Section}

AICPA Personal Financial Planning (PFP)