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...
The following article is adapted from written materials created for a Pennsylvania Bar Institute “webinar” of the same name, catalog #11095 (3/10/2020). The Treasury Department has published final regulations on the changes to the federal estate and gift tax basic...
This article will attempt to provide a brief summary of the minimum required distributions rules that now apply to individual retirement accounts (IRAs) and certain employer-sponsored defined contribution plans as the result of changes made by the “Setting Every Community...