Leimberg Weekly Digest: August 23 – 28, 2020

LISI WEEKLY DIGEST [Subscription Required]

Steve Leimberg’s Estate Planning Newsletter
·  August 27 –Steve Leimberg – Review of the 13TH Edition of Tools and Techniques of Financial Planning
·  August 25 –Paul Hood: Exercising Swap Powers, Part 1
Steve Leimberg’s Business Entities Newsletter
·  August 26 –Brandon Ketron, Alan Gassman & Kevin Cameron: SBA Releases New Interim Final Rules Placing Restrictions on Payments to Related Parties
·  August 24 –Alan S. Gassman, Brandon L. Ketron, Patrick Collins & Ian MacLean: Understanding the PPP Workforce Reduction Rules after the August 4th, 2020 FAQs – Exceptions, Guidance & Resources
Bob LeClair’s Finance and Markets Newsletter
·  August 23 –Finance 8.22.2020 
Actual Text
·  August 28 –FS-2020-13 (27 August 2020) IRS Fact Sheet on Opportunity Zones
·  August 28 –Annette Marie Diaz v. Mary K. Viegelahn, No. 19-50982 (26 August 2020) Fifth Circuit Finds Bankruptcy Plan Requiring Debtor to Turn Over Tax Refund Invalid
·  August 28 –Estate of Forrest E. Mars Jr. et al. v. Commissioner, No. 7104-20 (18 July 2020) Heirs to Mars Candy Estate File Petition Challenging IRS Estate & Gift Tax Assessment
·  August 27 –REG-124737-19 (21 August 2020) IRS Issues Prop. Regs. on Coordination of Extraordinary Disposition and Disqualified Basis Rules
·  August 27 –T.D. 9909 (21 August 2020) IRS Issues Final Regs. Addressing Limitation on Deduction for Dividends Received from Certain Foreign Corporations and Amounts Eligible for Section 954 Look-Through Exception
·  August 26 –Senate Financie Committee Issues Report on Conservation Easements
·  August 26 –Social Security Administration Addresses Elimination of Payroll Taxes
·  August 26 –United States v. Nancy Zak et al., No. 1:18-cv-05774 (24 August 2020) Counterclaim for Improper Disclosure Is Dismissed in Conservation Easement Tax Scheme Suit
·  August 25 –IR-2020-187 (24 August 2020) IRS Reminds Taxpayers of August 31 Deadline to Rollover or Repay Retirement Plan Distributions
·  August 25 –IR-2020-188 (24 August 2020) IRS Provides Information on Designating Taxpayer Disputes for Litigation
·  August 25 –FAQs on Coronavirus-related Relief for Retirement Plans and IRAs
·  August 24 –PLR 202034007 (28 May 2020) Estate’s Gift to Public Charity Qualifies as Unusual Grant
·  August 24 –PLR 202034008 (26 May 2020) Unexpected Cash Contribution to Charity Is Considered Unusual Grant
·  August 24 –PLR 202034002 (21 May 2020) Surviving Spouse’s Rollover of Interest in IRA to IRAs in Her Name Are Not Transfers
·  August 24 –Ivan K. Phillips et ux. v. IRS, No. 18-00143 (17 April 2020) Tax Liens Attached to Annuity Payments Pass Through Bankruptcy
LISI Podcasts
·  August 27 –60-Second Planner: PLR 202034002 — Spousal Rollover of IRA Payable to Trust
·  August 25 –60-Second Planner: IR 2020-187 — August 31 Deadline to Repay RMDs
Blog Watch
·  August 28 –IRS Temporarily Expands the Use of Electronic Signatures for a Limited Set of Forms
“The memorandum seems to allow virtually any e-signature system to be used for the purposes of this specific relief…”
Additional coverage: Don’t Mess with Taxes
·  August 28 –Tips for Charitable Donations of Bitcoin
“The appraisal requirement is an oft-overlooked part of noncash giving. It is particularly important for donations of Bitcoin and virtual currency…”
·  August 27 –Compassionate Allowances: Five Conditions Added to Fast Track
“… we use the Compassionate Allowances program to help us identify and fast-track cases where people have medical conditions and diseases that are most likely to meet Social Security’s standards for disability benefits.”
·  August 26 –Relief Beyond August 31 for RMD Repayments
“…if you are a “qualified individual,” you don’t have to sweat the August 31 or 60-day deadlines at all because you have plenty of time to repay your RMD.”
·  August 25 –Virginia Supreme Court Adds Some Clarity on the Creation and Scope of Life Estates in Virginia
“This opinion [Sandra Flora Snead Larsen v. Pamela Larsen Stack, et al.] provides a useful analysis of life estates in Virginia, including how they are created in wills or otherwise.”
·  August 24 –Billionaire Who Vowed To Pay Off Student Loans Of Morehouse College Graduates Fights Criminal Tax Probe
“Federal authorities have spent four years examining whether Smith failed to pay U.S. taxes on about $200 million in assets that moved through offshore structures,…”
·  August 24 –Remote Execution of Wills in the U.K.
“…following the revision, [the physical presence] requirement will be lifted and live video calling will suffice for the witness requirement.”
·  August 24 –Blackbird – Film Depicts Medical Aid in Dying with All Star Cast
“The film will be available on demand September 18, 2020. It stars Susan Sarandon, Kate Winslet, Sam Neill, Rainn Wilson, and Mia Wasikowska.”
·  August 24 –SBA Defines Owner-Employees as Those Holding a 5% or More Interest, Clarifies Certain Lease Nonpayroll Cost Issues
“The August 24, 2020 IFR does not use the 20% ownership test, rather using a 5% ownership trigger.”
·  August 23 –Harpers Article — Elder Abuse: Nursing homes, the Coronavirus, and the Bottom Line
“The article covers the impact of the pandemic and the efforts by the industry to get shield laws to provide them immunity.”
·  August 23 –IRS Finalizes Reg on Payments to Charities
“The final regulations include safe harbors applicable to payments made to a charitable entity for which the payor receives or expects to receive a State or local tax credit…”
LISI Journals
·  August 28 –Secular Stagnation and Interest Rates Eric Tymoigne – Trusts & Estates
·  August 28 –Recovery and the Risk of Inflation In the Post-COVID-19 Economy Leo Feler and Jerry Nickelsburg – Trusts & Estates
·  August 28 –An MMT Perspective on the U.S. Crisis William Mitchell – Trusts & Estates
·  August 28 –Loans to Trust Beneficiaries Kristin Abati – Trusts & Estates
·  August 28 –Overcoming the Great Divide David MacMahan – Trusts & Estates

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