Financial Planning, Wealth & Tax Advisory

The IRS is sounding the alarm bells in their latest Chief Counsel Memorandum (CCM) – AM 2023-006 (August 9, 2023), and we’re here to break it down for you on the Rest Assured Podcast. Join us as David Schlossberg, founder of Assured Concepts Group, deciphers the warning issued by the IRS regarding the proliferation of incorrect information surrounding “NICDS” (non-grantor, irrevocable, complex, discretionary, spendthrift trusts).

The IRS is concerned about dubious tax and creditor protection claims being touted by various professionals, and they’re recommending audits of these trusts!

The CCM makes it clear: “In each case using this structure, as a threshold matter, the trust’s income tax returns should be examined…” This episode is a must-listen, especially if you or your clients are in the high-net worth bracket. Tax trouble could be lurking, and we’re here to shed light on the issue.

???? Additional Resources:

Download the IRS Chief Counsel Memorandum | https://assuredgroup.wpengine.com/wp-content/uploads/2023/08/IRSCCMAM20230068923.pdf

Download the IRS Tax Notes on TikTok | https://assuredgroup.wpengine.com/wp-content/uploads/2023/08/TaxNotesArticleTikTokPromotedTrust.pdf

Stay informed, stay secure. Tune in now! #IRSWarning #TaxTrouble #NICDSTrusts #FinancialPlanning #RestAssuredPodcast