The recent decision of the Supreme Court In re: Estate of William K. McAleer, 248 A.3d 416, ___ Pa. ____ (4/7/2021), is being widely discussed in the context of the extent to which the opinions and time records of the...
Category Archives: Articles
[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...
One of the duties of the executor or administrator of an estate is to file required income tax returns for the decedent. I.R.C. § 6012(b)(1) states that the federal income tax return that is required for a decedent shall be...
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...
Senate Bill 320, which enacts the Revised Uniform Fiduciary Access to Digital Assets Act (“RUFADAA”) as Chapter 39 of the Probate, Estates and Fiduciaries Code, 20 Pa.C.S. Ch. 39, was signed into law by Governor Wolf on July 23, 2020,...
The Internal Revenue Service has announced federal rates for the month of June that will be the lowest in the histories of sections 1274 and 7520 of the Internal Revenue Code (“IRC”). The §7520 rate, which is used to value...
[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...