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Rating:IRS Clarifies Wrap Fee Rules Not Rated 0.0 Email Routing List Email & Route  Print Print
Thursday, February 24, 2005

IRS Clarifies Wrap Fee Rules

by: Sean Hanna, Editor in Chief

The Internal Revenue Service is giving wrap accounts a break. The tax agency issued a private letter ruling that would allow IRA account holders to pay fees from assets held outside of the accounts. In the past, wrap providers have been concerned that the IRS would consider such fee payments as contributions.

While advisory fees had not been considered contributions, brokerages fees had been. Wrap accounts combine both types of fees into one package.

The private letter ruling was issued to an unidentified financial services firm on November 23 and released publically last Friday, reported the Wall Street Journal.

The ruling would be a boon to individuals with large balance accounts seeking ways to maximize their account size.  

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