On the heels of the Department of Labor’s temporary enforcement policy concerning the DOL conflict of interest rule and related exemptions (see our blog post here), the IRS announced that it is providing relief from excise taxes under Code § 4975 that conforms to the DOL’s temporary enforcement policy described in FAB 2017-01. The IRS’s action ensures that enforcement of the prohibited transaction rules by DOL and IRS will remain in synch.

Tags: Best Interest Contract Exemption, BIC Exemption, Department of Labor, DOL, Exemption, Fiduciary Rules, IRS, Prohibited Transactions