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William Byrnes (Texas A&M) tax & compliance articles

Byrnes & Bloink’s TaxFacts Intelligence Weekly (Wednesday July 22, 2020)

Posted by William Byrnes on July 22, 2020

Texas A&M University School of Law has launched its online international tax risk management graduate curricula for industry professionals.  Apply now for courses that begin August 23: International Tax Risk Management, Data, and Analytics; International Tax & Tax Treaties (complete list here

Texas A&M University is a public university, ranked in the top 20 universities by the Wall Street Journal / Times Higher Education university rankings, and is ranked 1st among public universities for its superior education at an affordable cost (Fiske, 2018) and ranked 1st of Texas public universities for best value (Money, 2018).


Prof. William H. Byrnes
        Robert Bloink, J.D., LL.M.


The big news this week is the DOL’s new rules on fiduciary exemptions for rollover transactions. This plus the SEC’s Reg BI is starting to fill in the gaps for fiduciary rules since the DOL’s original Obama-era fiduciary rules were mostly invalidated through litigation. We also see new rules for COVID-related distributions and loans from qualified plans.

DOL Fiduciary Exemption: Application to Rollover Transactions

The new DOL proposed exemption for fiduciary advice specifically applies to rollover advice, assuming the circumstances qualify under the five-part test for determining whether the advisor is an investment advice fiduciary. However, the DOL commentary included with the proposed exemption makes clear that not every rollover triggers investment advice fiduciary status. For more information, visit Tax Facts Online. Read More

New Regs on Tax-Exempt Excise Tax Create Exceptions for Certain Individuals Performing Limited Services

To encourage continued volunteer work and avoid double-taxation, the proposed regulations contain some useful exceptions. An individual will not be subject to the 21 percent excise tax if the limited hours exception or non-exempt funds exception applies. For more information on the new exceptions, visit Tax Facts Online. Read More

Expanded Eligibility for CARES Act Retirement Distribution and Loan Relief
The IRS has expanded the list of individuals who qualify under the expanded distribution and loan rules to include anyone whose pay was reduced due to COVID-19 (regardless of whether hours were reduced or whether the individual was laid off). If a taxpayer was planning to start a new job and the start date was pushed back (or the offer was rescinded entirely) due to COVID-19, that taxpayer also qualifies for relief. Further, if a spouse or member of the plan participant’s household has suffered an enumerated impact, the participant becomes eligible for the expanded retirement account access. For more information, visit Tax Facts Online. Read More


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