Are there any regulatory considerations to think about if we are looking at closing an IRA due to non payment of annual fee. I know we will need to abide by our IRA agreements, but wasn't sure if there was anything else to consider.

Thanks in advance

Anything that would prevent you from doing so? Not if your agreement contains language that provides an option to resign as custodian with appropriate notice. In this situation I would go above and beyond to impress upon the individual the importance of having the IRA transferred to a new custodian of their own choosing rather than allow you to follow through with the resignation, which you would have to report as a distribution. The reason being that they now are only allowed one rollover in a 12 month period. If they have already completed a rollover this year then they will not have the option of rolling over the IRA you close which can have very severe tax consequences.