IRS Provides Additional Relief for RMDs in 2023

IRS Provides Additional Relief for RMDs in 2023 Episode 239 – The ultra-wealthy are rooting for Charles and Kathleen Moore in their appeal to the U.S. Supreme Court to fight a tax. More SML Planning Minute Podcast Episodes Transcript of Podcast Episode 239 Hello this is Bill Rainaldi, with another edition of Security Mutual’s SML Planning Minute. In today’s episode: The Ultra-Wealthy Are Rooting for Charles and Kathleen Moore! On June 26, 2023, the U.S. Supreme Court announced that it will hear the appeal of Charles and Kathleen Moore, Washington State residents, who are fighting a $14,729 tax bill, in the 2023-24 term.[1]  You may be asking – so what? Also, why are they taking the dispute all the way to the Supreme Court on such a relatively small amount of money? Attorneys’ fees and expenses are surely many times higher. If you’re ultra-wealthy, you may want to pay close attention to this case. The Tax Cuts and Jobs Act of 2017 included a provision called the Mandatory Repatriation Act (the “Act”). This provision taxes U.S. citizens on accumulated foreign earnings of foreign corporations that they may own, even if those earnings are never distributed. The Moore’s owned shares of KisanKraft Machine Tools Private Limited, an India-based company founded by a friend. The company reinvested all profits into the company, so the Moore’s never received any income in the form of dividends from the shares, nor did they realize any capital gains from the sale of shares. The IRS, however, assessed