All taxpayers now eligible for Identity Protection PINs

The Internal Revenue Service today expanded the Identity Protection PIN Opt-In Program to all taxpayers who can verify their identities. The Identity Protection PIN (IP PIN) is a six-digit code known only to the taxpayer and to the IRS. It helps prevent identity thieves from filing fraudulent tax returns using a taxpayers' personally identifiable information. … Continue reading All taxpayers now eligible for Identity Protection PINs

IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions

The Internal Revenue Service today assured taxpayers and tax professionals that updates to key federal tax forms and instructions are complete and will be available when Americans begin filing their tax returns. Most individual taxpayers file IRS Form 1040 or Form 1040-SR PDF once they receive Forms W-2 and other earnings information from their employers and payers. IRS has incorporated … Continue reading IRS ready for the upcoming tax season; last-minute changes to tax laws included in IRS forms and instructions

T.D. 9946: Final Regulations Addressing the Deductibility of Fines and Penalties Issued (Jan. 13, 2021)

The IRS has released final regulations that address the changes made to Code Sec. 162(f) by the Tax Cuts and Jobs Act. These regulations finalize the proposed regulations released last May. The final regulations also provide guidance relating to the information reporting requirements for fines and penalties under Code Sec. 6050X. To see T.D. 9946 … Continue reading T.D. 9946: Final Regulations Addressing the Deductibility of Fines and Penalties Issued (Jan. 13, 2021)

Bridgewater Global Observations: Beyond the Election: What Doesn’t Change Will Be a Lot More Than What Does (Nov. 3, 2020)

Bridgewater has made available to the public it's Global Observation (Nov. 3, 2020): Beyond the Election: What Doesn’t Change Will Be a Lot More Than What Does. The summary from CEO, David McCormick is as follows: While the US election is very important across many dimensions, it’s also worth keeping in mind that the dominant … Continue reading Bridgewater Global Observations: Beyond the Election: What Doesn’t Change Will Be a Lot More Than What Does (Nov. 3, 2020)

Deloitte: Tax policy implications of a Joe Biden presidency (Nov. 8, 2020)

Joe Biden appears to be headed to the White House and will assume responsibility for the nation’s fiscal policy beginning in January of 2021. His tax agenda calls for, among other things, increasing rates on large corporations and upper-income individuals and limiting or eliminating some of the incentives currently available to these taxpayers. "A change … Continue reading Deloitte: Tax policy implications of a Joe Biden presidency (Nov. 8, 2020)

Post Election Webinars/Newsletters Etc. (2020)

Here is a list of implications of the election. This will be updated periodically. Venable Post-Election Series: Election Night Discussion (Nov. 4, 2020)Bernstein Post-Election Webcast: What Will the Election Results - or Lack Thereof - Mean for your Wealth, Portfolio, and Estate?Holland & Knight, Planning during uncertain times: how the US elections may impact HNW taxpayersNorthern … Continue reading Post Election Webinars/Newsletters Etc. (2020)

Venable Post-Election Series: Election Night Discussion (Nov. 4, 2020)

Venable is hosting a webinar about the impact of the election. Its description is as follows:  Although no final result has been declared in the 2020 presidential election and Venable’s Virtual Post-Election Series has been postponed until a decision, we are pleased to have you join us in a virtual discussion at 3:00 p.m. ET today … Continue reading Venable Post-Election Series: Election Night Discussion (Nov. 4, 2020)

HBR Hotlist (Nov. 2, 2020): How to Thrive When Everything Feels Terrible; Our Work from Anywhere Future; What It Takes to Lead Through Exponential Change, and More!

How to Thrive When Everything Feels Terrible By Christine Porath, Mike Porath Five strategies to combat toxic negativity. PERSONNEL POLICIES Our Work-from-Anywhere Future by Prithwiraj (Raj) Choudhury Best practices for all-remote organizations ORGANIZATIONAL CULTURE Write Down Your Team’s Unwritten Rules by Liz Fosslien, Mollie West Duffy Creating an “It’s okay to…” list will help your employees feel less anxious. LEADERSHIP … Continue reading HBR Hotlist (Nov. 2, 2020): How to Thrive When Everything Feels Terrible; Our Work from Anywhere Future; What It Takes to Lead Through Exponential Change, and More!

Buchanan Ingersoll 2020 Pre-Election Guide and Analysis (Oct. 30, 2020)

With only four days until Election Day, and more than 80 million votes already cast, the outcome of the 2020 general election will be closely watched not only on election night, but in the days to follow as we await the confirmed results.To help you navigate the potential impacts of the 2020 general election, Buchanan’s … Continue reading Buchanan Ingersoll 2020 Pre-Election Guide and Analysis (Oct. 30, 2020)

Steve Akers: ACTEC 2020 Summer Meeting Musings (October 20, 2020)

Steve Akers has made available for download his ACTEC 2020 Summer Meeting Musings. The summary is as follows:The 2020 ACTEC Summer Meeting was held online, and seminars were June 21-25, 2020. A summary of my observations from seminars at the meeting are available on the link below.The topics covered include:Retirement and IRA distribution planning under … Continue reading Steve Akers: ACTEC 2020 Summer Meeting Musings (October 20, 2020)

HBR Hotlist (October 26, 2020): How Apple Is Organized for Innovation; How Great Leaders Use Storytelling; Reconfiguring Your Sales Strategy During the Pandemic; and More

How Apple Is Organized for Innovation By Joel M. Podolny, Morten T. Hansen It’s about experts leading experts. COMMUNICATION Storytelling Can Make or Break Your Leadership by Jeff Gothelf Five ways to construct a compelling narrative around your ideas. LEADERSHIP & MANAGING PEOPLE Today’s Leaders Need Vulnerability, Not Bravado by Amy C. Edmondson, Tomas Chamorro-Premuzic Here’s how to cultivate it. ECONOMY … Continue reading HBR Hotlist (October 26, 2020): How Apple Is Organized for Innovation; How Great Leaders Use Storytelling; Reconfiguring Your Sales Strategy During the Pandemic; and More

HBR Hotlist (Oct. 12, 2020): Next Gen Office Communication Tech (Beyond Zoom + Slack); Type Less + Talk More to Get More Done; Managing Hybrid Teams; and More

The Next Generation of Office Communication Tech By Ethan Murray You thought Zoom and Slack were high-tech? Buckle up. RACE How Businesses Can Recruit and Develop More Young People of Color by Joiselle Cunningham, Angela Jackson A guide to building a better pipeline. LEADING TEAMS 5 Strategies to Support Your Employees Through a Crisis by Wei Zheng A researcher surveyed employees … Continue reading HBR Hotlist (Oct. 12, 2020): Next Gen Office Communication Tech (Beyond Zoom + Slack); Type Less + Talk More to Get More Done; Managing Hybrid Teams; and More

TD 9918: Non grantor Trusts Misc. Itemized Deductions

Treasury has released final regulations contenting amendments to Treas. Reg. §§1.67–4, 1.642(h)–2 and 1.642(h)–5, clarifying that the following deductions allowed to an estate or non-grantor trust are not miscellaneous itemized deductions: costs paid or incurred in connection with the administration of an estate or non-grantor trust that would not have been incurred if the property … Continue reading TD 9918: Non grantor Trusts Misc. Itemized Deductions

Final Regs – T.D. 9914: Eligible Terminated S Corps (Sept. 15, 2020)

The IRS has issued final regulations (T.D. 9914) as guidance on the definition of an eligible terminated S corporation and rules relating to distributions of money by such a corporation after the post-termination transition period. To see final regs, click Final Regs - T.D. 9914: Eligible Terminated S Corps (Sept. 15, 2020).

Bloomberg News: Millionaires Would Pay Up Under Biden Tax Plans, Study Shows (Sept. 14, 2020)

According to Bloomberg News, millionaires could see much bigger tax bills if Democrat Joe Biden is elected president in November, but levies on most households below the top income brackets would stay about the same as under President Donald Trump, an outside analysis shows. Biden’s tax proposals would have the top 0.1% of earners -- those currently … Continue reading Bloomberg News: Millionaires Would Pay Up Under Biden Tax Plans, Study Shows (Sept. 14, 2020)

Stanford Business (Sept. 2020): Transitioning from Good to Great Leaders; Managing in the Moment; and More!

Strategy Four Ways Good Leaders Become Great Leaders Build a company culture where both you and your employees thrive. Watch More  Economics Mapping the Good and the Bad of Pandemic-Related Restrictions A new computer model developed by Stanford researchers could help policymakers choose the right reopening strategy. Read More  Finance Craftier Than Cash: How Banks … Continue reading Stanford Business (Sept. 2020): Transitioning from Good to Great Leaders; Managing in the Moment; and More!

McGuire Woods: Recent Cases of Interest to Fiduciaries (Sept. 2, 2020).

In the most recent installment of the McGuireWoods Fiduciary Advisory Services annual multipart series on recent fiduciary cases, developments in the law concerning various topics are examined through the following: In the Matter of the William J. Raggio Family Trust, 460 P.3d 969 (Nev. April 9, 2020). Nevada Supreme Court found that the settlor’s surviving spouse, as trustee, … Continue reading McGuire Woods: Recent Cases of Interest to Fiduciaries (Sept. 2, 2020).

HBR Hotlist (Aug. 31, 2020): Take Ownership of Your Future Self; Save Time Working Remotely; Making Rational Decisions During Uncertainty; Creating Your Own Career Luck; and More!

Take Ownership of Your Future Self By Benjamin Hardy Change is inevitable — but it’s not out of your control. MANAGING YOURSELF How to (Actually) Save Time When You’re Working Remotely by Lauren C. Howe, Ashley Whillans, Jochen I. Menges Six strategies. BUDGETING An Agile Approach to Budgeting for Uncertain Times by Darrell K. Rigby, Joost Spits, Steve Berez The pandemic is making … Continue reading HBR Hotlist (Aug. 31, 2020): Take Ownership of Your Future Self; Save Time Working Remotely; Making Rational Decisions During Uncertainty; Creating Your Own Career Luck; and More!

PLR202035010: Irrevocable Trust Qualifies as See Through Trust for IRAs

In PLR 202035010, the Service ruled that an irrevocable trust qualified as a see through trust regarding IRA distributions under Reg. §1.401(a)(9)-4, Q&A-5. In PLR 202035010, the decedent ("D") established two trusts, one revocable and one irrevocable trust. D named the revocable trust as the beneficiary of his two IRAs. The revocable trust named D's … Continue reading PLR202035010: Irrevocable Trust Qualifies as See Through Trust for IRAs

Treasury Decision 9909 – Limitation on Deduction for Dividends Received from Foreign Corporations and Amounts Eligible for Section 954 Look-Through Exception

The IRS and Treasury has issued final regs under Code Secs. 245A and 954. The final regs do the following:  Limit the deduction for certain dividends received by US persons from foreign corporations under Code Sec. 245A; andLimit the exception to subpart F income under Code Sec. 954(c)(6) for certain dividends received by controlled foreign … Continue reading Treasury Decision 9909 – Limitation on Deduction for Dividends Received from Foreign Corporations and Amounts Eligible for Section 954 Look-Through Exception