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IRS Delivers 'Game Changer' for Fee-Based Annuities

August 12, 2019

The U.S. Internal Revenue Service (IRS) has issued a tax ruling that may quickly boost the use of annuities by registered investment advisers (RIA) with clients, by knocking down what many saw as the primary road block to their uptake. The IRS furnished a private letter ruling to insurer Nationwide allowing RIAs to pull clients' advisory fees from the cash value of a non-qualified fee-based annuity without any adverse tax consequences, which runs counter to the existing rules. Read more at InvestmentNews.