[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...
We previously reported that Notice 2020-23 defers until July 15, 2020, the filing certain tax returns and making tax payments, as well as the time for completing certain “time-sensitive actions,” that would otherwise be required on or after April 1, … Continue reading
Notice 2020-23, 2020-18 I.R.B. 748 (4/27/2020), defers the due dates for more federal tax returns and tax payments until July 15, as well as certain “time-sensitive actions.” The deferral applies to the tax returns and payments described below that are … Continue reading
The response to the COVID-19 pandemic in Pennsylvania has led to actions by the Supreme Court and Governor affecting court operations and the practice of law in Pennsylvania: On March 16, the Supreme Court entered an order declaring a statewide … Continue reading
In Notice 2020-18, 2020-15 I.R.B. 590 (4/6/2020), the Internal Revenue Service has announced that, because of the COVID-19 pandemic, income tax returns and payments that are now due on April 15 can be deferred until July 15 without any penalties or interest. The … Continue reading
Note: Notice 2020-17 was superseded by Notice 2020-18. In Notice 2020-17, the Internal Revenue Service has announced that, because of the COVID-19 pandemic, income tax payments that are now due on April 15 can be deferred until July 15 without … Continue reading
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2019, it’s possible to calculate various inflation adjustments for 2020. The following are the significant federal estate planning numbers, with the numbers for 2019 shown in parentheses: The … Continue reading
The Internal Revenue Service has released Rev. Proc. 2018-57, 2018-49 I.R.B. ___ (12/3/2018), with the official inflation adjustments for 2019. The published adjustments for income taxes differ in many cases from the inflation adjustments that were published here in September, … Continue reading
With the release of the Chained Consumer Price Index (C-CPI-U) for August 2018, it’s possible to calculate various inflation adjustments for 2019. The following are the significant federal estate planning numbers, with the numbers for 2018 shown in parentheses: The … Continue reading
Below is an overview/explanation from Webcalculators. For information about the effects of the 2017 tax act on trusts and estates, see “Summary of the Reconciliation Act of 2017“. … Continue reading