With the release of the Chained Consumer Price Index (C-CPI-U) for August 2020, it’s possible to calculate various inflation adjustments for 2021. The following are the significant federal estate planning numbers, with the numbers for 2020 shown in parentheses: The … Continue reading
Category Archives: News
As a further response to COVID-19, and in order to protect Internal Revenue Service employees, as well as taxpayers and their representatives, by minimizing the need for in-person contact, the IRS has added federal estate and gift tax returns, Forms … Continue reading
The Supreme Court has adopted a new Pa.O.C. Rule 5.50 governing the form and contents of petitions to settle small estates in accordance with 20 Pa.C.S. § 3102, the new rule to be effective on October 1, 2020. A note has … Continue reading
The Internal Revenue Service has announced federal rates for the month of September under §§ 1274 and 7520 of the Internal Revenue Code (“IRC”) that will be the lowest rates since the IRS began publishing those rates in 1984. The … Continue reading
On August 7, the Centers for Decease Control and Prevention published mortality tables based on the 2010 census. “U.S. Decennial Life Tables for 2009-2011, United States Life Tables,” National Vital Statistics Reports, Vol. 69, No. 8 (8/7/2020). Table 1 of … Continue reading
The Internal Revenue Service has published a new webpage “Reporting Excess Deductions on Termination of an Estate or Trust on Forms 1040, 1040-SR, and 1040-NR for Tax Year 2018 and Tax Year 2019.” These are instructions telling beneficiaries of estates … Continue reading
S.B. 320 was signed into law by Governor Wolf on July 23, 2020, becoming Act 72 of 2020. S.B. 320 enacts the Revised Uniform Fiduciary Access to Digital Assets Act as Chapter 39 of the Probate, Estates and Fiduciaries Code, … Continue reading
H.R. 2484 was signed into law by Governor Wolf on July 23, 2020, becoming Act 71 of 2020. The act amends Titles 15 and 20 to allow nonprofit corporations and charities to pay out more than 10% of their charitable … Continue reading
On Thursday, the Internal Revenue Service announced federal rates for the month of August under §§ 1274 and 7520 of the Internal Revenue Code (“IRC”) that will be lower than some of the previously record-low rates for June. The §7520 … Continue reading
The following message was sent to the Pennsylvania Bar Association on or about 6/29/2020 by Lora A. Kulick, Senior Counsel in the Office of Chief Counsel of the Department of Revenue: “The department recently received inquiries regarding whether it was … Continue reading