By:
Kevin Matz, Esq., CPA, LLM, is and Benjamin N. Millard, Esq., LLM
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Dec 1, 2022
On October 7, 2022, the Internal Revenue Service issued Notice 2022-53, which provides much-needed transition relief in the form of an IRS waiver of the 50% excise tax that could otherwise be imposed upon certain beneficiaries of qualified retirement plans (qualified plans) or individual retirement accounts (IRAs) who fail to take required minimum distributions (RMDs) during 2021 or 2022.