IRS Announces Enforcement Relief from Fiduciary Rule

Previously, the DOL, in Field Assistance Bulletin 2017-01, announced its temporary enforcement policy for the new fiduciary duty rule and related exemptions (the ?Ç£Fiduciary Rule?Ç¥). The IRS recently published Announcement 2017-4, stating excise taxes will not be assessed for violations of the Fiduciary Rule for the periods for which the DOL announced enforcement relief in Field Assistance Bulletin 2017-01. Excise taxes will not be assessed during the following periods: (i) if the DOL issues a final rule after April 10 delaying the effective date of the Fiduciary Rule, excise taxes won?ÇÖt be assessed for non-compliance with the rule during the ?Ç£gap?Ç¥ period between April 10 and the date a delay is implemented, and (ii) if the DOL decides not to delay the effective date of the rule, excise taxes won?ÇÖt be assessed for non-compliance occurring between April 10 and a ?Ç£reasonable?Ç¥ period after publication of the DOL?ÇÖs decision. View Announcement 2017-4.