COVID-19-Related Regulatory Compliance Resource | April 2020 Review

In this episode, Wolters Kluwer Banking Segment Leader Samir Agarwal interviews Mike Schiller, a Wolters Kluwer consultant specializing in tax-advantaged accounts, about how current rules, including the SECURE Act and the CARES Act, impact IRAs. As the U.S. population ages and baby boomers reach retirement age, small banks will see an increase in IRA portfolio balances and should be prepared to serve as IRA trustees.

Stevie D. Conlon, Anna Vayser, and Robert Schwaba examine recent tax-related court decisions that demonstrate a pattern of IRS success in enforcement actions against taxpayers holding virtual currencies.

Practical suggestions for ways financial institutions can overcome challenges, create opportunities, and navigate regulatory change requirements brought about by the pandemic. They also provide insight into enhancing customer contact channels and automating as many internal tasks or processes as possible.

In many cases, regulations or a governmental agency like the Internal Revenue Service can require amendments are sent to account owners.