Leimberg Weekly Digest: September 6 – 12, 2020

LISI WEEKLY DIGEST [Subscription Required]

Steve Leimberg’s Estate Planning Newsletter
·  September 8 –David Pratt & Jeff Baskies – The Time Has Come to Implement Painless Giving: How to Gift One or More Residences Prior to the End of the Year Without Feeling It
Steve Leimberg’s Employee Benefits and Retirement Planning Newsletter
·  September 10 –Mary Vandenack on Lee v. Argent Trust Company
Bob LeClair’s Finance and Markets Newsletter
·  September 6 –Finance 9.5.2020 
Actual Text
·  September 11 –IR-2020-206 (10 September 2020) IRS Allows Digital Signatures to Six More Forms Temporarily
·  September 11 –Robert J. Belanger v. Commissioner, No. 25306-14, T.C. Memo. 2020-130 (10 September 2020) IRS Proved Fraudulent Intent by Clear & Convincing Evidence
·  September 11 –LEE v. ARGENT TRUST COMPANY, No. 5:19-CV-156-BO, USDC, ED North Carolina (7 August 2019) Court Addresses ESOP Valuation
·  September 10 –CC-2020-008 (8 September 2020)IRS Examples Relating to Disclosure of Third Party Tax Information in Syndicated Conservation Easement Matters
·  September 10 –S. 4537 Reinvigorating the Economy, Creating Opportunity for every Vocation, Employer, Retiree & Youth (RECOVERY) Act
·  September 10 –Kathleen Marie Feshbach et vir v. Dept. of Treasury, No. 19-10060 (9 September 2020) Couple’s Tax Debt Not Dischargeable
·  September 10 –T.D. 9911 (9 September 2020) IRS Issues Final Regs. on Life Insurance Reserves
·  September 10 –Rev. Rul. 2020-19, 2020-40 IRB 1 (9 September 2020) Changes in Computing Insurance Reserves May Be Changes in Basis
·  September 9 –Rev. Proc. 2020-41, 2020-40 IRB 1 (8 September 2020) IRS Provides Domestic Data for Foreign Life Insurance Companies
·  September 9 –PLR 202036005 (9 June 2020) Series of Corporate Transactions Constitute Reorganization
·  September 9 –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
·  September 7 –PLR 202036001 (5 June 2020) Proposed Corporate Transaction Constitutes a Reorganization
LISI Podcasts
·  September 11 –60-Second Planner: Daichman v. Commissioner — Transactions Lacked Economic Substance
·  September 9 –60-Second Planner: PLR 202035010 — IRA Trust is See-Through Trust under Pre-SECURE Act Rules
Blog Watch
·  September 11 –2021 Projected Tax Rate Brackets, Standard Deductions and Estate Tax Exclusion
“The federal estate tax exemption for decedents dying will increase to $11.7 million per person or $23.4 million per married couple in 2021.”
·  September 10 –Estate and Gift Tax Returns May Now be Filed with E-Signatures
“These forms will be accepted with digital signatures so long as they are mailed on or before December 31, 2020.”
Additional coverage: Current Federal Tax Developments
·  September 9 –Senators Push for End of Forced Deferral of Federal Employee Payroll Tax
“The reduced take-home pay in early 2021 as a result of the additional withholding for the deferred Social Security tax may make some employees not want to participate in the deferral, even if their employer opts in.”
·  September 8 –Notice 2020-68: IRS Issues Guidance on Certain SECURE Act Changes
“Notice 2020-68 also provides an example of how making a post-70½ deductible IRA contribution can result in a QCD (qualified charitable distribution) becoming partially or wholly taxable.”
·  September 8 –Lesson from the Tax Court: Form Over Substance Gives Taxpayers a Double Tax Benefit in Dickinson
“In Jon Dickinson and Helen Dickinson v. Commissioner, T.C. Memo. 2020-128 (Sept. 3, 2020)(Judge Greaves) the taxpayers were able to obtain the double tax benefit of donating appreciated shares of stock to charity by being very careful with the form of the donation.”
·  September 7 –Telemedicine for Seniors in the Pandemic
“According to AARP’s 2020 report, 62% of those age 70+ have smartphones — that’s more than have broadband in the home.”
·  September 6 –Managing Charitable Funds Under UPMIFA
“Some refer to UPMIFA as the law governing endowments, but, while that’s true, UPMIFA also governs other institutional funds.”
LISI Journals
·  September 12 –Making Lemonade out of Lemons: Estate Planning Opportunities in a Low Interest Rate Environment Anna Katherine Moody and Emily A. Plocki – Probate & Property
·  September 12 –Celebrity Estate Planning: Misfires of the Rich and Famous III Jessica Galligan Goldsmith, David Y. Choi, Loretta A. Ippolito, Christiana Lazo, Alison Silverman, Jessica D. Soojian, and Bruce D. Steiner – Probate & Property 
·  September 12 –Electronic-Will Legislation: The Uniform Act versus Australian and Canadian Alternatives Adam J. Hirsch and Julia C. Kelety – Probate & Property
·  September 12 –Wills Speak Kathleen Guzman – Brooklyn Law Review
·  September 7 –Phantom Income and Domestic Support Obligations Timothy M. Todd – Buffalo Law Review

Posted by Elise Kim, Managing Associate Editor, Wealth Strategies Journal.

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