[Update (4/24/2021): According to the website MarketWatch, an unnamed “IRS spokesman” has said that the examples in IRS Publication 959-B are incorrect and will be revised to show that beneficiaries have 10 years to withdraw from an IRA “in whatever...
The Internal Revenue Service has published final regulations on the deductibility of administration expenses for both estates and trusts and for their beneficiaries when the estates or trusts terminate. “Effect of Section 67(g) on Trusts and Estates,” TD 9918, 85...
Under the new regulations for I.R.C. §§ 67 and 642(h), it becomes even more important for both estates and trusts and their beneficiaries to determine which administration expenses are deductible and which are not. (See “Final Regulations on Administration Expenses...
[9/28/2020 Update: Final regulations have been adopted and a section has been added at the end of this article briefly describing the few differences between the proposed and final regulations.] The Internal Revenue Service has published proposed regulations on the...
[5/6/2020 Update: 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...
The Supreme Court’s order declaring a judicial emergency due to the COVID-19 pandemic, and the orders of local courts declaring emergencies in their counties and closing county offices, have halted or drastically slowed the operations of most offices of the...
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), P.L. 116-136, enacted March 27, 2020, added a new § 401(a)(9)(I) that eliminates any required minimum distribution for the year 2020. New § 401(a)(9)(I)(i) states that the required distribution requirements...