LISI WEEKLY DIGEST [Subscription Required]
| Steve Leimberg’s International Tax Planning Newsletter | |
| · August 20 – | Steve Leimberg: Review of International Estate Planning 2nd Edition by Barbara Hauser and Melissa Langa |
| Steve Leimberg’s Estate Planning Newsletter | |
| · August 18 – | Sandra D. Glazier on US v. Sanmina Corporation – A Primer on the Attorney Client Privilege and Work Product Doctrine |
| · August 18 – | 7520 and Other Key Rates – September 2020 |
| Steve Leimberg’s Employee Benefits and Retirement Planning Newsletter | |
| · August 19 – | Denise Appleby: Three Essential 2020 Beneficiary Moves that Protect 2019 Beneficiaries from SECURE Act Limitations |
| Steve Leimberg’s Asset Protection Planning Newsletter | |
| · August 17 – | Jay Adkisson: IRS Sends Second Wave of Soft Warning Letters to Thousands of 831(b) Risk-Pooled Captive Owners |
| Bob LeClair’s Finance and Markets Newsletter | |
| · August 16 – | Finance 8.15.2020 |
| Actual Text | |
| · August 21 – | California Assembly Bill No. 2088 (Amended 13 August 2020) Proposed California Wealth Tax |
| · August 21 – | United States v. Jagmail S. Gill et al., No. 4:18-cv-04020 (19 August 2020) Court Orders Stay in Governments Case to Collect FBAR Penalty Against Decedent Until Estate is Opened |
| · August 21 – | James C. Nelson et ux. v. Commissioner, No. 27313-13, No. 27321-13, T.C. Memo. 2020-81 (10 June 2020) Tax Court Determines Value of Transfers of LLC interests to Trust |
| · August 20 – | H.R. 8056 Remote Worker Relief Act of 2020 |
| · August 20 – | Faith Lynn Brashear et vir v. Commissioner, No. 13189-13, T.C. Memo. 2020-122 (19 August 2020) Couple’s Unsubtantiated Schedule C Deductions Denied |
| · August 19 – | Committee of Annuity Insurers Suggest Updates to the Required Modifications for Annuity Contracts |
| · August 19 – | Oconee Landing Property LLC et al. v. Commissioner, No. 11814-19 (18 August 2020) Tax Court Denies Cross Motions for Summary Judgment in Conservation Easement Case |
| · August 19 – | United States v. Ronald E. Scherer et al., No. 2:19-cv-03634 (17 August 2020) District Court Reconsiders Prior Opinion; Finds Tax Liens Attached to Stock Transferred to Trust |
| · August 19 – | United States v. Sanmina Corp. & Subsidiaries, No. 18-17036, 2020 U.S. App. LEXIS 24936 (9th Cir. Aug. 7, 2020) Case Provides Primer on the Attorney Client Privilege and Work Product Doctrine |
| · August 18 – | Nirav B. Babu v. Commissioner, No. 8649-17, No. 20266-18, T.C. Memo. 2020-121 (17 August 2020) Penalty Upheld against Former Attorney for Failure to Report $3 Million S Corp Income |
| · August 18 – | Peter C. Emanouil et ux. v. Commissioner, No. 5089-17, T.C. Memo. 2020-120 (17 August 2020) Carryover Charitable Deductions Allowed for Property Donated to Town |
| · August 18 – | IR-2020-182 (17 August 2020) Amended Returns Can Be Filed Electronically |
| · August 18 – | Rev. Rul. 2020-16, 2020-37 IRB 1 (17 August 2020) IRS Announces Applicable Federal Rates for September 2020 |
| · August 18 – | REG-116475-19 (17 August 2020) IRS Issues Prop. Regs. on Rollover Rules for Qualified Plan Loan Offset Amounts |
| · August 16 – | IR-2020-180 (14 August 2020) IRS Reopens Registration Period to Allow People with Children to Receive $500 Economic Impact Payments |
| · August 16 – | H.R. ____ Health Savings Accounts For All Act of 2020 (12 August 2020) |
| LISI Podcasts | |
| · August 20 – | 60-Second Planner: The Proposed California Wealth Tax |
| · August 18 – | 60-Second Planner: Connell — FINRA Arbitration Award Taxable as Ordinary Income |
| LISI Links | |
| · August 20 – | Letter: Implementation of the Executive Order Deferring Payroll Tax Obligations |
| This letter from the U.S. Chamber of Commerce and 32 other business organizations predicts that many employers will likely decline to implement the payroll tax deferral, choosing instead to continue to withhold and remit to the government the payroll taxes required by law. | |
| Blog Watch | |
| · August 21 – | 2020 Year-End Tax Planning |
| “In this rapidly changing environment, it is particularly important that we remember “other taxes” in our year-end planning, such as gift and estate taxes, even property taxes.” | |
| · August 21 – | IRS Announces the Agency Will Pause Sending Follow-up Notices to CP-14 Balance Due Notices |
| “The IRS has suspended the mailing of three notices – the CP501, the CP503 and the CP504 – that go to taxpayers who have a balance due on their taxes.” | |
| Additional coverage: Forbes Taxes (Erb) | |
| · August 19 – | IRS Sending Tax Refund Interest Checks To 13.9 Million Taxpayers |
| “The IRS announced it’s starting to send out interest payments this week to individual taxpayers whose tax refunds were delayed.” | |
| Additional coverage: TaxGirl | |
| · August 19 – | When Virtual Currency Positions Are Subject to the Wash Sales Rule |
| “There are some situations … where virtual currency positions—such as certain initial coin offerings (ICOs) and certain tokens—might be treated as securities under Supreme Court guidance and SEC rules.” | |
| · August 19 – | Alexa, Do I Have To Unplug You So I Don’t Violate The Attorney-Client Privilege When I Work From Home? |
| “It’s a concern because they’re always listening to know when you say something to prompt it…” | |
| · August 19 – | “Dollar Cost Average” Your Roth Conversion |
| “Dollar cost averaging isn’t perfect, especially if the market is a rocket ship, but it can be a long-term, practical approach to reducing the “timing risk” of a single large Roth conversion.” | |
| · August 18 – | Tax Planning for Bitcoin Donations to Charity |
| “…if you don’t do careful tax planning, it is highly likely that you will reduce or in some cases completely eliminate the full tax benefit you can get from crypto donations.” | |
| · August 17 – | Plans Can Still Pay Out 2020 RMDs, but Employees Don’t Have to Treat Them That Way |
| ” …if you don’t want the “RMD,” you can roll it over to an IRA (or another company plan that accepts it) to avoid immediate taxes. Or, you can pay taxes on the RMD and roll it over (convert it) to a Roth IRA for tax-free growth.” | |
| · August 17 – | It’s IRS Official: Amended Tax Returns Can Now Be Electronically Filed |
| “After weeks of waiting, tax professionals and taxpayers finally got the word from the Internal Revenue Service (IRS): amended returns [Form 1040X] can now be electronically filed.” | |
| · August 17 – | California Legislators Propose 0.4% Wealth Tax |
| “Moving sounds easy, but if you aren’t careful how you do it, you could end up leaving California, yet being asked to keep paying California taxes. California has a broad reach into other states….” | |
| · August 16 – | Taxpayer Who Took IRA Funds to Make Cash Offer on Residence Denied Late Rollover Relief |
| ” The agency’s view is that while the “borrowing” noted above is permitted since nothing in the IRC bars it, that was not the purpose of the rollover provision. “ | |
| Additional coverage: Getting Your Financial Ducks in a Row | |
| · August 16 – | IRS Knows Some Recently Issued Nonpayment Notices Are Wrong. Now what? |
| ” The second IRS notation that jumped out at me was where the tax man asks us to chill. In normal tax times, don’t ignore an IRS notice is one of the cardinal rules on how to handle any tax correspondence.” | |
| LISI Journals | |
| · August 21 – | Senior Powers of Appointment David A. Handler and Christiana Lazo – Trusts & Estates |
| · August 21 – | Tips From the Pros: Risky Business: Lawyers Representing Trustees Charles A. Redd – Trusts & Estates |
| · August 21 – | Nelson v. Commissioner: Inadequate Drafting Blows The “Lid” Off Transfer Taxes Christopher P. Woehrle – Trusts & Estates |
| · August 20 – | Adversity, Inconsistency, and the Incomplete Nongrantor Trust Grayson M.P. McCouch – Virginia Tax Review |
| · August 15 – | The Inheritance Effect Judy Lin Walsh and Stephen Salley – Trusts & Estates |
Posted by David Brito, Associate Editor, Wealth Strategies Journal.
Wealth Strategies Journal 