Leimberg Weekly Digest: August 1-8, 2020

LISI WEEKLY DIGEST [Subscription Required]

 Steve Leimberg’s Estate Planning Newsletter
·  August 7 –Steve Leimberg – Review of Planning for Ownership and Inheritance of Pension and IRA Accounts and Benefits in Trust or Otherwise After the Secure Act: The Estate Planner’s IRA/Pension Planning Guide
·  August 6 –Michael Geeraerts & Jim Magner on the Bolles and Kroner Cases – Is It a Gift, a Loan, or Taxable Income
·  August 4 –James Lange: The Best Estate Plan for Most Married IRA Owners After the SECURE Act
 Steve Leimberg’s Business Entities Newsletter
·  August 5 –Alan S. Gassman And Brandon L. Ketron: August 4th PPP FAQ’s Provide Some Clarification but Throw New Curve Balls at Small Business Owners
·  August 3 –Alan Gassman, Brandon Ketron & Kevin Cameron on the Rubio/Collins Bill – A Deeper Dive
 Steve Leimberg’s Asset Protection Planning Newsletter
·  August 5 –Jeff Baskies: Some Dos and Don’ts If You are Planning with Your Clients’ Florida Homesteads in 2020
 Bob LeClair’s Finance and Markets Newsletter
·  August 2 –Finance 8.1.2020
 Actual Text
·  August 7 –Robert A. Connell v. Commissioner, No. 19-2668 (6 August 2020) Debt Is Ordinary Income, Not Capital Gains
·  August 7 –S. _____ Make Billionaires Pay Act
·  August 7 –Notice 2020-62, 2020-35 IRB 1 (6 August 2020) IRS Revises Safe Harbor Explanations for Rollover Distributions
·  August 7 –Notice 2020-61, 2020-35 IRB 1 (6 August 2020) IRS Questions & Answers on Defined Benefit Plans under CARES Act
·  August 7 –Burt Kroner v. Commissioner; No. 23983-14, T.C. Memo. 2020-73 (1 June 2020) $24 Million In Transfers Were Not Excludable Gifts
·  August 7 –Estate of Mary P. Bolles et al. v. Commissioner, No. 4803-15, T.C. Memo. 2020-71 (1 June 2020) Decedent’s Loans to Son Became Gifts for Estate Tax Purposes
·  August 6 –S. ____Assisting Teachers and Home Office Modernization for Employees (AT HOME) Act
·  August 6 –Steven R. Matzkin et ux. v. Commissioner, No. 27344-16, T.C. Memo. 2020-117 (5 August 2020) Payments to Ex-Wife & Lawyer Didn’t Increase Basis in LLC
·  August 5 –IR-2020-176 (4 August 2020) IRS Reminds Tax Practitioners to Use a Virtual Private Network (VPN) When Working Remotely
·  August 5 –H.R. ____ Military Spouses Retirement Security Act
·  August 5 –S. _____Cost Recovery and Expensing Acceleration to Transform the Economy and Jumpstart Opportunities for Businesses and Startups (CREATE JOBS Act)
·  August 5 –Cottonwood Place LLC et al. v. Commissioner, No. 14076-17, T.C. Memo. 2020-115 (4 August 2020) Tax Court Denies Charitable Deduction for Conservation Easement
·  August 5 –S. ____ American Dream Down Payment Act of 2020
·  August 5 –Red Oak Estates LLC et al. v. Commissioner, No. 13659-17, T.C. Memo. 2020-116 (4 August 2020) Tax Court Denies Charitable Deduction for Conservation Easement Donation
·  August 4 –S. 4321 Continuing Small Business Recovery and Paycheck Protection Program Act
·  August 4 –AICPA Comments to IRS Prop. Regs. (REG 122180-18) on Excessive Compensation Under Internal Revenue Code Section 162(m)
·  August 4 –Adam Jordan Winslow v. Commissioner, No. 8755-18S, T.C. Summ. Op. 2020-22 (3 August 2020) Payments to Former Spouse Qualify for Alimony Deduction
·  August 3 –REG-107213-18 (31 July 2020) Guidance under Section 1061; Notice of Proposed Rulemaking
·  August 2 –H.R. ____ Paycheck Protection Program Small Business Enhancement Act
·  August 2 –FAQs on Coronavirus-related Relief for Retirement Plans and IRAs
·  August 2 –PLR 202031007 (20 May 2020) IRS Addresses Trustee-to-Trustee Transfer of Decedent’s IRA
·  August 2 –PLR 202031008 (7 May 2020) IRS Looks at Tax Consequences of Receipt of Nonqualified Deferred Annuity
·  August 1 –IR-2020-174 (30 July 2020) IRS Issues Proposed Regulations for TCJA’s Simplified Tax Accounting Rules for Small Businesses
 LISI Podcasts
·  August 7 –60-Second Planner: Seril — Income Tax and Penalty on Early Withdrawal from IRA
·  August 4 –60-Second Planner: SBA Issues PPP Loan Forgiveness FAQs
 LISI Links
·  August 7 –Guides for Court-Appointed Guardians — CFPB
 From the Consumer Financial Protection Bureau, Managing Someone Else’s Money guides for those appointed by a court to be guardians of property or conservators, giving them the duty and the power to make financial decisions on someone’s behalf. National guides in English and Spanish and six state-specific guides.
·  August 7 –Update to Where-To-File Address for Form 8971 — IRS
 Updated as of August 6, 2020.
·  August 6 –Akers ACTEC 2020 Annual Meeting Musings — Bessemer Trust
 Various seminars at the ACTEC 2020 Annual Meeting are summarized. Topics include: litigation issues, DNA testing effects, SECURE Act, pre-mortem probate, UPMIFA, well-being for planners, unconscious bias, foreign person as trustee, transfer planning, attacks on privacy by collection of personal information, and hot topics.
·  August 6 –Form 1127 Filing Address To Request Extension of Form 709 Gift Tax Payment Has Been Updated — IRS
 This announcement supplies a new address replacing the filing address on page 3 of Form 1127 (Rev. December 2011) for Form 1127 when the tax due is a gift tax reportable on Form 709.
·  August 4 –Help for Agents Under a Power of Attorney — CFPB
 To help people (including family members) with legal authority to handle an older person’s money, the Office contracted and worked closely with the American Bar Association Commission on Law and Aging to prepare this guide.
 Blog Watch
·  August 7 –Final Regulations Issued on Treatment of Certain Charitable Contributions as Business Expenses and State Tax Credit Issues Related to Charitable Contributions
 “The regulations also contain provisions that clarify situations when a donation to a charity that results in a credit against state and local taxes can be deducted as an additional payment of those taxes.”
·  August 6 –Sign up for Medicare Part B Online, by Fax or Mail
 “For many people, signing up for Medicare Part B doesn’t require you to leave the comfort of home.”
·  August 6 –Need A Loan? Tax Rules Now Let You Borrow From Family At Ultra Low Interest Rates
 “Desperate small business owners seeking cash to keep their businesses alive during the coronavirus pandemic are turning to their families for loans. The loans, with ultra low interest rates are a lifeline.”
·  August 5 –Using A Family Dynasty 529 Plan For Multigenerational College Planning
 “…individuals who have both the means and desire can ‘overfund’ one or more 529 plan accounts (either by making periodic contributions over many years or by a large lump sum contribution), effectively creating a ‘Dynasty 529 Plan’…”
·  August 5 –Foreign Trust Jurisdictional Considerations
 “Foreign trusts have both benefits and risks, which vary from jurisdiction to jurisdiction.”
·  August 5 –SECURE Act Gives Businesses Extra Time to Establish New Retirement Plans
 “Under the SECURE Act, businesses now have the same deadline – the corporate tax return due date (including extensions) – for taking the necessary steps to put a new retirement plan into place.”
·  August 4 –FAQ on PPP Loan Forgiveness Issued by SBA with Some Surprises on Shareholder-Employee Payroll Costs
 “While some may be disappointed with this “anti-acceleration” guidance, the SBA had never issued any guidance that suggested such payments incurred after the Covered Period would be considered acceptable costs…”
·  August 4 –A User’s Guide to Prosecuting Claims under Florida’s Uniform Disposition of Community Property Rights at Death Act
 “Under the Florida Uniform Disposition of Community Property Rights at Death Act, married couples moving to Florida from any community property jurisdiction, … bring their testamentary community property rights with them.”
·  August 3 –States Pull Back on Pension Payments as Virus Ravages Revenue
 “There’s definitely going to be pressure in some places to not pay annual required contributions because of revenue shortfalls…”
·  August 2 –CARES Act Encourages Some Married Couples to File Separately
 “…when spouses file jointly, both spouses must have valid SSNs to receive a[n Economic Impact] Payment…”
·  August 2 –IRS Investigation of Universities’ Tax-Exempt Status
 “…Treasury and the IRS face three significant problems in investigating universities.”
·  August 2 –Next Stimulus: Options For Student Loan Relief
 “Congress and the Trump administration are currently negotiating the next stimulus package and there are several options for student loan relief on the table.”
 LISI Journals
·  August 8 –BDIT 2701: Avoiding Section 2701 By Selling Carried Interest Directly To Beneficiary Defective Inheritor’s Trust Joe Higgins and Angelo F. Tiesi – Estate Planning
·  August 8 –Trusts In Wealth Preservation—Not Only For The Super Rich Louis A. Silverman – Estate Planning
·  August 8 –Why Billionaires Acquire Life Insurance Richard L. Hartmann – Estate Planning
·  August 8 –IRS Issues New Guidance on Tax Treatment of Cryptocurrencies Roger W. Dorsey, Kyleen Prewett and Gaurav Kumar – Estate Planning
·  August 8 –The First Rule of Impactful Giving: Give the Right Asset Ryan Boland – Estate Planning

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

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