Proposed Regulations on Administration Expenses and Excess Deductions

The Internal Revenue Service has published proposed 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,” REG-113295-18, 85 F.R. 27693 (5/11/2020), Doc....

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IRS Defers Due Dates for Time-Sensitive Actions

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

Unofficial Inflation Adjustments for 2020

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