Leimberg Weekly Digest: July 11-18, 2020

LISI WEEKLY DIGEST [Subscription Required]

Steve Leimberg’s Income Tax Planning Newsletter
Steve Leimberg’s Estate Planning Newsletter
·  July 17 –Keith Schiller: COVID-19 Protection Via the Use of Masks Historically Compared
·  July 16 –7520 and Other Key Rates – August 2020
·  July 16 –Paul Hood on Grieve v. Commissioner: The IRS ‘Grieves’ to the Tune of $5,000,000 as the Tax Court Nixes Use of the Subtraction Valuation Method in a Non-Chapter 14 Case
·  July 15 –Richard Harris: TOLI Best Practices for ILIT Trustees
Steve Leimberg’s Employee Benefits and Retirement Planning Newsletter
·  July 13 –Denise Appleby: PLR 202023007 Is a Lesson About the Importance of Updating Addresses for Retirement Accounts
Steve Leimberg’s Asset Protection Planning Newsletter
·  July 14 –Jay Adkisson on Wilson v. Pauling 
Bob LeClair’s Finance and Markets Newsletter
·  July 12 –Finance 7.11.2020 
Actual Text
·  July 17 –Rev. Rul. 2020-15, 2020-32 IRB 1 (16 July 2020) IRS Applicable Federal Rates for August 2020
·  July 17 –Pierson M. Grieve v. Commissioner, No. 8249-18, T.C. Memo. 2020-28 (2 March 2020) Tax Court Values Interests in LLC for Gift Tax Purposes
·  July 17 –REG-113295-18 (16 July 2020) Hearing Set on Proposed Estate and Trust Regulations
·  July 17 –H.R. ____ Proposed Legisation Applies Mailbox Rule to Electronic Tax Payments
·  July 17 –Notice 2020-57, 2020-32 IRB 1 (16 July 2020) Update for Weighted Average Interest Rates, Yield Curves, and Segment Rates
·  July 17 –IR-2020-160 (16 July 2020) IRS’s Dirty Dozen Tax Scams
·  July 16 –Oakhill Woods LLC et al. v. Commissioner, No. 26557-17 (15 July 2020) Tax Court Denies Charitable Deduction for Conservation Easement
·  July 16 –Wilson v. Pauling, 2020 WL 2197931 (D.Colo., May 6, 2020) “Friendly” Bank Caught Up In Client’s Fraudulent Activity
·  July 16 –T.D. 9903 (15 July 2020) Final Regs. Issued on Preparer Tax Identification Number (PTIN) User Fee Update
·  July 15 –AM 2020-006 (11 February 2020) IRS Issues Generic Legal Advice on Validity of Charitable Trust
·  July 15 –IR-2020-155 (14 July 2020) Treasury and IRS Release Draft Partnership Form
·  July 14 –PLR 202023007 (11 March 2020) IRS Waives Rollover Requirement for IRA Distribution
·  July 14 –Smith Lake LLC et al. v. Commissioner, No. 4980-17, T.C. Memo. 2020-107 (13 July 2020) LLC Is Denied $6.5 Million Charitable Deduction for Donation of Conservation Easement
·  July 14 –IR-2020-152 (13 July 2020) IRS Warns Taxpayers to Accept Easement Settlement Offers in Light of Recent Tax Court Decisions
·  July 14 –Edward J. Duffy et ux. v. Commissioner, No. 8711-16, T.C. Memo. 2020-108 (13 July 2020) Tax Court Denies Loss on Sale of Property
·  July 12 –Maple Landing LLC et al. v. Commissioner, No. 1996-18, T.C. Memo. 2020-104 (9 July 2020) Tax Court Denies $6.8 Million Charitable Deduction for Conservation Easement
·  July 12 –S. 4173 Military Spouses Retirement Security Act
·  July 12 –FS-2020-10 (9 July 2020) IRS Guidelines on Payment Options as July 15 Deadline Approaches
LISI Podcasts
·  July 16 –60-Second Planner: IR 2020-152 — IRS Urges Taxpayers to Accept Settlements in Conservation Easement Cases
·  July 15 –60-Second Planner: IRS Memorandum Addresses Abusive CRAT Structure
Upcoming Webinars
Blog Watch
·  July 16 –Phishing, Fake Charities And IRS Impersonators Top 2020 Dirty Dozen Scam List
“A one-man-outfit operating as the Black Lives Matter Foundation raised millions of dollars this spring despite the fact that his charity is not connected to the Black Lives Matter movement…”
Additional coverage: Tax Connections
·  July 16 –IRS Finalizes PTIN Fee for 2021
“In final regulations issued today, the IRS set a $21 fee per PTIN application or renewal (plus a $14.95 fee payable to a contractor).”
Additional coverage: Tax Girl 
·  July 14 –Why PPP Borrowers Shouldn’t Rush Their Loan Forgiveness Applications
“While you may be anxious to apply for forgiveness, here are five factors affecting the forgiveness application process.”
·  July 13 –IRS Cancels Uncashed Stimulus Checks Issued to Deceased Taxpayers
“…IRS and the Bureau of Fiscal Services (BFS) took action to prevent future payments to deceased individuals. The cancellation of uncashed checks is part of this process.”
Additional coverage: TaxGirl 
·  July 12 –IRS Publishes Roadmap for BBA Partnership Audit Rules
“The flowchart outlines the process once an examination gets underway, including elections available to the taxpayer once the IRS has issued the Notice of Proposed Partnership Adjustment.”
LISI Journals
·  July 18 –Deducting Family Office Investment Expenses After Lender Robert Daily – ACTEC Law Journal
·  July 18 –What If Granny Wants to Gamble? Balancing Autonomy and Vulnerability in the Golden Years Mary F. Radford – ACTEC Law Journal
·  July 18 –Gifts in Contemplation of Death: Why Can’t Section 2035 Simply Die? Stephanie J. Willbanks – ACTEC Law Journal
·  July 18 –Marital Versus Nonmarital Entitlements Raymond C. O’Brien – ACTEC Law Journal
·  July 11 –Property or Financial Powers of Attorney L. Paul Hood Jr. – Trusts & Estates

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

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