On Jan. 17, 2008, the Internal Revenue Service issued an Advance Notice of Proposed Rulemaking (Advance Notice), in which the IRS requests help writing regulations to Internal Revenue Code Section 529 to deter abuse.1 The threat is that if the IRS does not receive better suggestions, it will impose these proposed rules — which will eliminate many of the advantages of 529 savings accounts. The Service is about to throw the baby out with the bathwater. Congress enacted Section 529 in 1996 to ...

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