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....
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 before receipt … Continue reading
[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 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 due on (or on … 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, 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 deferral … 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Note: Notice 2020-17 was superseded by Notice 2020-18.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