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
Category Archives: News
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
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
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