IRS Confirms Per Capita Tribal Trust Payments Not Taxable
By Vidya Kauri (September 21, 2015, 6:06 PM EDT) -- Payments that Native Americans receive from tribal trust accounts will generally not be considered gross income subject to federal taxes, according to a final notice issued by the Internal Revenue Service Friday.
The notice provides clarification and guidance on concerns that have been plaguing federally recognized tribes for three years, since some tribes reported receiving letters in April 2012 from the IRS saying that per capita payments from trust accounts are taxable contrary to the Per Capita Act of 1983.
Around the same time, the tax agency issued a notice saying that per capita trust account payments resulting from a $1...
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