In Notice 2020-51, 2020-29 I.R.B. __ (7/9/2020), the Internal Revenue Service has provided additional guidance on whether (and how) taxpayers may return or rollover required minimum distributions (RMDs) that were taken in 2020 but that were no longer required following … Continue reading
Category Archives: News
The National Taxpayer Advocate Objectives Report to Congress for Fiscal Year 2021 (6/29/2020) addresses the issue of whether deceased taxpayers may receive “economic impact payments” (aka “stimulus payments”) authorized by the CARES Act and made the following observations and recommendations: … Continue reading
The Supreme Court of Pennsylvania has adopted an amendment to Rule of Professional Conduct 8.4 that adds a new paragraph (g) to make it professional misconduct for a lawyer to “in the practice of law, by words or conduct, knowingly … Continue reading
The article “Proposed Regulations on Administration Expenses and Excess Deductions” contained some errors or omissions that have now been corrected. The article originally stated that the calculation of different kinds of excess deductions was not clear, and suggested that the … Continue reading
The Internal Revenue Service has announced relief from the “physical presence” requirement for the notarization or witnessing of participant and spousal consents to certain retirement plan elections during 2020 because of the COVID-19 pandemic. Under I.R.C. §§ 401 and 417, … Continue reading
The article “Low-Interest Estate Planning Strategies” described several estate planning strategies that should be considered now that interest rates have reached record lows. One of the strategies that is described in the article is a “long-term GRAT,” meaning a GRAT … Continue reading
My Webcalculators service has a new feature, which is that emails are now being sent out monthly with new federal rates under IRC sections 1274 and 7520 as soon as those new rates are announced by the Internal Revenue Service. … Continue reading
Evans Estate Law Resources has been reconfigured to accept credit card (or debit card) payments directly, rather than having to go through PayPal. For those subscribers who are satisfied to continue to use PayPal for subscription payments, no action is … Continue reading
The IRS has updated its “Economic Impact Payment Information Center” FAQ to include the following new Q10: “Q10. Does someone who has died qualify for the Payment? (added May 6, 2020)“A10. No. A Payment made to someone who died before receipt … Continue reading
On Monday, April 20, Governor Wolf signed S.B. 841 into law, making it Act 15 of 2020. Act 15 addresses a number of problems created by the COVID-19 pandemic, and the one of most significance to estate and trust practitioners … Continue reading