On March 18, the Pa. Department of Revenue announced that it would extend the deadline for filing 2020 personal income tax returns, and paying any tax owed, from April 15 to May 17. The Internal Revenue Service had announced a … Continue reading
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 Act of February 5, 2021 (No. 1 of 2021), S.B. 109, provides that The forgiveness of paycheck protection program (“PPP”) loans that is not income for federal income tax purposes under the Tax Relief Act of 2020 (Subtitle B … Continue reading
The Act of March 27, 2020, P.L. ___, No. 10 (H.B. 1232) amends the Fiscal Code to eliminate all interest, penalties, or other additions to income taxes otherwise due on April 15, 2020, until July 15, 2020. The Department of … Continue reading
On March 21, the Pa. Department of Revenue announced that Pennsylvania income tax returns and income tax payments for the year 2019 will be deferred to July 15. This is similar to the previous announcements by the Internal Revenue Service … Continue reading
I have previously written that the Pa. Department of Revenue does not consider “income in respect of a decedent” to be subject to Pa. income tax, but the Department may be changing its position on the taxation of IRD, because … Continue reading
The Act of October 30, 2017, No. 43, P.L. 672, amended the Tax Reform Code of 1971 by adding new requirements for the withholding of Pennsylvania income tax from payments of Pennsylvania source income to nonresidents, and the Department of … Continue reading
IRC section 645 allows an election to treat a revocable trust as part of the estate of the settlor for income tax purposes, which allows revocable trusts to file income tax returns as estates following the death of the settlor...
The Pennsylvania personal income tax treats “income in respect of a decedent” (often referred to as “IRD”) in a way that is completely different from the federal income tax treatment of IRD, and practitioners dealing with estates of Pennsylvania decedents … Continue reading