Leimberg Weekly Digest: January 16 – 23, 2021

LISI WEEKLY DIGEST [Subscription Required]

Steve Leimberg’s Estate Planning Newsletter
·  January 19 –7520 and Other Key Rates – February 2021
·  January 18 –Bob Keebler, Jonathan Blattmachr & Martin Shenkman: After the Georgia Runoff, What Tax Planning Should You Do NOW!
Steve Leimberg’s Business Entities Newsletter
·  January 21 –John A. Terrill & Michael A. Breslow: Congress Passes Corporate Transparency Act to Require Disclosure of Beneficial Owners of Entities and the Creation of a National Registry of Entities
·  January 20 –Alan Gassman & Brandon Ketron: The 10 Biggest Questions Following the Economic Aid Act & Subsequent Guidance
·  January 19 –Alan Gassman & Brandon Ketron: Updates to PPP Reapplication Procedures Following SBA’s Release of Procedural Notice 5000-20076
Bob LeClair’s Finance and Markets Newsletter
·  January 17 –Finance 1.16.2021 
Actual Text
·  January 22 –H.R. ____ Emergency Pension Plan Relief Act of 2021 (20 January 2021)
·  January 22 –Aspro Inc. v. Commissioner, No. 17494-17, T.C. Memo. 2021-8 (21 January 2021) Tax Court Disallows Deductions for Management Fees
·  January 21 –Notice 2021-8, 2021-6 IRB 1 (19 January 2021) IRS Relief on Underpayments of Estimated Tax
·  January 20 –Notice 2021-11, 2021-6 IRB 1 (19 January 2021) IRS Provides Guidance on Extension to Pay Deferred Payroll Taxes
·  January 20 –Notice 2021-10, 2021-6 IRB 1 (19 January 2021) Additional COVID-19 Relief for Qualified Opportunity Funds
·  January 20 –SBA Procedural Notice 5000-20076 (13 January 2021) Updates to PPP Reapplication Procedures
·  January 20 –Rev. Rul. 2021-4, 2021-6 IRB 1 (19 January 2021) IRS Applicable Federal Rates for February 2021
·  January 20 –Notice 2021-9, 2021-5 IRB 1 (19 January 2021) IRS Issues Interest Rates, Yield Curves, Segment Rates for January 2021
·  January 19 –IR-2021-16 (15 January 2021) 2021 Tax Filing Season Opens on February 12
·  January 19 –T.D. 9938 IRS Issues Official Final Regs. on Tax on Excess Tax-Exempt Organization Executive Compensation
·  January 19 –Rev. Rul. 2021-3, 2021-5 IRB 1 (15 January 2021) IRS Issues 2021 Covered Compensation Tables
·  January 18 –Meredith Yvette James v. Commissioner, No. 23788-18, T.C. Memo. 2021-7 (13 January 2021) Court Denies Innocent Spouse Relief
·  January 18 –R46650 (6 January 2021) Section 199A Deduction: Economic Effects and Policy Options
LISI Podcasts
·  January 19 –60-Second Planner: Rev. Rul. 2021-04: Applicable Federal Rates for February
  LISI Links
·  January 23 –Finance Committee Questions for the Record — Responses by Dr. Janet Yellin
Responses by Treasury Secretary nominee Janet Yellin to follow-up questions from Senate Finance Committee members. January 21, 2021.
·  January 23 –Social Security: Benefit Calculation — CRS
This Congressional Research Service Report explains how Social Security retirement and disability benefits are calculated. January, 2020. PDF, 25 pp.
·  January 19 –Tax Notes Federal Tax Library
Searchable library of federal tax law primary materials, available for free from Tax Analysts. The library includes Internal Revenue Code, Regulations, IRS rulings, court cases, selected briefs and pleadings, and legislative documents. Sponsored by Deloitte Tax, LLP. 
·  January 19 –Considerations for Recognizing and Addressing Participants with Diminished Capacity
This report, produced by the Advisory Council on Employee Welfare and Pension Benefit Plans, offers recommendations to mitigate risks to individuals resulting from diminished mental capacity, including potential financial exploitation. 
Blog Watch
·  January 20 –Revised SBA Forms Released for Forgiveness of PPP Loans
“The Small Business Administration met the requirement to issue the one page form for PPP loan forgiveness by 24 days after the date of enactment of the Consolidated Appropriations Act, 2021.”
·  January 20 –Anyone Now Can Get Special IRS-Issued PIN to Thwart Tax Identity Theft
“…the numeric security option was broadened in October 2019 when it was made available to residents in a total of 19 states and the nation’s capital.”
·  January 20 –Biden’s Extension Of Student Loan Freeze Will Continue To Count Towards Loan Forgiveness
“By the evening, the Department of Education had updated its website and confirmed that Biden’s extension of the student loans freeze will continue to qualify borrowers for key student loan forgiveness programs, such as Public Service Loan Forgiveness (PSLF), as well as federal student loan rehabilitation programs for borrowers in default.”
·  January 20 –Why The New 100%-Of-AGI Charitable Deduction Limit Isn’t Actually Good Tax Planning
“…reducing one’s tax bill all the way to nothing actually produces tax savings at the lowest tax brackets… such that in the end, the new 100%-of-AGI charitable giving limit actually is not such a great deal after all!”
·  January 19 –Tax Analysts Makes Federal Tax Library (Code, Regs, Cases, Rulings, Legislative Materials) Available For Free
“Today Deloitte Tax LLP … announced an agreement with Tax Analysts, the publisher of the Tax Notes product portfolio, to make the nonprofit’s federal tax law library available to the general public.”
·  January 19 –Equitable Remedy To Circumvent Charging Order Exclusivity Denied In Ramos
“The Florida appellate court held that the language of Florida’s LLC law that a charging order ‘is the sole and exclusive remedy by which a judgment creditor … may satisfy a judgment from the judgment debtor’s interest in a limited liability company or rights to distribution from the limited liability company,’ means exactly that — a creditor can get a charging order but has no other remedy…”
·  January 18 –‘Bridges’ to Maximize Social Security Benefits Should Be Built Into 401(k)s, Researchers Say
“Retirement researchers recently have been touting the benefits of a so-called bridge strategy, whereby retirees front-load withdrawals from 401(k) plans and individual retirement accounts to delay claiming Social Security.”
·  January 18 –Borrowers Will Be Required to Repay Amounts of PPP Loans In Excess of Amounts Actually Allowed Under the Program, Even if Due to Lender Error
“…borrowers and lenders are not going to be able to get special treatment just because they did the best they could—rather, the excess loan is not going to be subject to forgiveness.”
·  January 18 –Recharacterizing an IRA Contribution – Still in the Toolbox!
“As we enter tax season and consider last year’s transactions, it bears repeating: Roth IRA contributions can be recharacterized, Roth conversions cannot.”
·  January 18 –Income Taxation of Estate Litigation Settlements
“In the estate litigation context, whether a settlement payment is subject to income tax — or not — depends on one critical question: what’s the settlement payment being paid “in lieu of”?”
·  January 18 –Nebraska Supreme Court: Intent To Disinherit Heir Must Be Express Or Necessarily Implied In Will
“…the word ‘include’ preceding a list does not indicate an exclusive list absent other language showing a contrary intent.”
·  January 18 –NY Times: Biden May Eliminate Step-Up In Basis At Death
“…the tax code could be modified in a way that affects everyone who has something of value to leave to heirs.”
·  January 17 –What You Should Consider Before Entering An Intrafamily Loan
“Though they may be a cost-effective strategy for transferring wealth, intrafamily loans aren’t without their obstacles…”
LISI Journals
·  January 22 –RPTE Advocates for Remote Ink Notarization and Remote Witnessing During the Pandemic Jo-Ann Marzullo – Probate & Property
·  January 22 –So Many Have Died: COVID-19 in America’s Nursing Homes David English – Probate & Property
·  January 21 –Taxing Gains at Death Harry L. Gutman – Tax Notes
·  January 16 –A Safe Harbor in the Medicaid Adventure: Lady Bird and Transfer on Death Deeds Gerry W. Beyer – ACTEC Law Journal
·  January 16 –Trusts in Guardianship: Using “Family Freeze” Agreements to Resolve Disputes Gerard G. Brew – ACTEC Law Journal

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

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