IRS Announcement 2017-4 Provides Temporary Excise Tax Non-applicability Policy for Final Fiduciary Rule to Conform with DOL FAB 2017-01 | Practical Law
On March 27, 2017, the Treasury Department and the Internal Revenue Service (IRS) issued Announcement 2017-4 to provide relief from Internal Revenue Code (Code) Section 4975 excise taxes that may otherwise apply during the temporary non-enforcement period provided by the Department of Labor's (DOL's) Field Assistance Bulletin No. 2017-01 (FAB 2017-01). FAB 2017-01 provides a temporary non-enforcement policy related to the DOL's recent proposed rule that would extend for 60 days the applicability date of the final rule defining fiduciary investment advice under Section 3(21)(A)(ii) of the Employee Retirement Income Security Act of 1974, as amended (ERISA).