Professor Leslie Book, on his Procedurally Taxing blog, reports on Wells Fargo v. US, which holds that the reasonable basis defense to the negligence penalty requires a taxpayer to prove that they actually relied on relevant legal authority rather than just show that objectively the authority supported the taxpayer’s position. Wells Fargo is the first … Continue reading Procedurally Taxing: In Wells Fargo 8th Circuit Holds Reasonable Basis Defense to Negligence Penalty Requires Taxpayers Prove Actual Reliance on Authorities (Apr. 27, 2020)
Leadership Responding to Crisis: A Spotlight on Your Organization Seize the opportunity to articulate what you stand for — at a time when everyone is listening. Read More Economics Yes, the Unemployment Numbers Are Bad, but the Pain Might Be Relatively Short “I do have hope that we can come out of it quickly,” says … Continue reading Stanford Business School Insights: How Great Organizations Respond to Crisis (Apr. 26, 2020)
John C. Dernbach, Widener University Commonwealth Law School, has made available for download his article,The Role of Trust Law Principles in Defining Public Trust Duties for Natural Resources, U. Michigan J. of Law Reform (Forthcoming). The Abstract is as follows: The public trust doctrine for natural resources is based to a significant degree on longstanding … Continue reading John C. Dernbach, The Role of Trust Law Principles in Defining Public Trust Duties for Natural Resources, U. Michigan J. of Law Reform (Forthcoming)
Stephanie J. Willbanks has made available for download her article, Gifts in Contemplation of Death: Why Can't Section 2035 Simply Die?, published in theACTEC Law Journal (Winter 2020). The Abstract is as follows: Income and wealth inequality has become a popular topic. There are a myriad of ways to reduce such inequality utilizing the tax … Continue reading Stephanie J. Willbanks, Gifts in Contemplation of Death: Why Can’t Section 2035 Simply Die?, ACTEC Law Journal (Winter 2020)
Professors David Horton and Reid K. Weisbord have made available their forthcoming article, COVID-19 and Formal Wills, to be published in the Stanford Law Review. The Abstract is as follows: Most Americans do not have a will. The reasons are easy to understand. Thinking about death is unpleasant, and hiring a lawyer is expensive. However, … Continue reading David Horton, Reid K. Weisbord, COVID-19 and Formal Wills, Stanford Law Review (Forthcoming).
IRS launches website for tracking stimulus payments The IRS announced the launch of its "Get My Payment" website, which is designed to permit people who filed tax returns to enter their direct deposit information and check the status of their $1,200 stimulus payment. PTIN fee will be lower when it is reinstated The IRS has … Continue reading AICPA Tax Insider (Apr. 23, 2020): IRS Stimulus Website, PTIN Fees, Taking Retroactive 100% Bonus Depreciation on QIP and More
Treasury has issued proposed regulations that clarify a provision in the 2017 tax law that requires nonprofit organizations to calculate unrelated business income tax ("UBIT") separately for each trade or business. The summary for the proposed regs is as follows: This document contains proposed regulations that provide guidance on how an exempt organization subject to … Continue reading Treasury Issues Proposed UBIT Regs (April 24, 2020)
The Kitces Report reports on how to fix an unwanted 2020 required minimum distribution by means of a rollover. The Executive Summary is as follows: With the passage of the Coronavirus Aid, Relief, and Economic Security (CARES) Act by Congress last month, Americans were provided with a more-than-$2 trillion emergency fiscal relief package that included … Continue reading Kitces Report: Fixing An Unwanted 2020 RMD Via Rollover
The American Bar Association has released a smartphone app, called the Mind Your Loved Ones app, also known as MYLO. According to the ABA, MYLO is a mobile app that gives individuals the ability to store their own and their loved one’s critical medical information, health care directives, and other related data on their Apple … Continue reading ABA Releases the Mind Your Loved Ones (MYLO) App
The IRS has released Rev. Rul. 2020-8, which addresses the appropriate period for refund claims resulting from a foreign tax credit carryback that is released because of an NOL carry back from a subsequent year. To see Rev. Rul. 2020-8, click Rev. Rul. 2020-8: Period for Refund Claims from Foreign Tax Credit Released Due to … Continue reading Rev. Rul. 2020-8: Period for Refund Claims from Foreign Tax Credit Released Due to NOL Carryback
The Treasury Department and the Internal Revenue Service have issued guidance that provides relief to individuals and businesses affected by travel disruptions arising from the COVID-19 emergency. The guidance includes the following: Revenue Procedure 2020-20 (PDF), which provides that, under certain circumstances, up to 60 consecutive calendar days of U.S. presence that are presumed to … Continue reading Treasury, IRS announce cross-border tax guidance related to travel disruptions arising from the COVID-19 emergency
What Good Leadership Looks Like During This Pandemic By Michaela J. Kerrissey, Amy C. Edmondson NBA commissioner Adam Silver and New Zealand Prime Minister Jacinda Ardern acted early and decisively. PRODUCTIVITY Is It Even Possible to Focus on Anything Right Now? by Maura Thomas Techniques for dealing with three common interruptions: kids, chores, and distracting thoughts. WORK-LIFE BALANCE What … Continue reading HBR Hotlist.2020.04.21: Managing and Working During the Pandemic
Law Firm Layoffs Etc.Law.com, Pay Cuts, Layoffs, and More: How Law Firms Are Managing the PandemicAbove the Law, The COVID Crisis Law Firm Layoff Tracker: What’s Your Firm Doing To Survive?CPA Firms:AICPA Journal of Accountancy, The Indirect Impacts of COVID-19 on CPA Firms.
Lewitt Hackman (California): Estate Planning Document Execution During Pandemic.Winthrop & Weinstine, PA (Minnesota): Will Harmless Error Rule.Baker Donelson (Tennessee): Spotlight on Tennessee: Governor Lee Issues Executive Order Permitting Remote Execution of Legal DocumentsWinstead (Texas): Notary Services In A World of Social Distancing: Texas Temporarily Allows For Videoconference Notarization In Addition To Online Notary Services
Adam Streisand, of Sheppard Mullin, has published an article, Guidance for Trustees During COVID-19 Pandemic (Apr. 17, 2020). His article begins as follows: The global health pandemic is a crisis affecting the health and well-being of our citizens, and a financial crisis of unknowable breadth and duration. We are all in crisis to one degree … Continue reading Sheppard Mullin: Guidance for Trustees During COVID-19 Pandemic (Apr. 17, 2020)
Peter Musurlian, of the Federal News Network, writes that during the Pandemic, estate plan gives individuals some mental comfort. His article begins as follows: Along with the coronavirus, a sense of mortality is in the air these days. That means tax attorney and estate planner Tom O’Rourke’s voicemail is full as clients, sometimes in a … Continue reading Musurlian, During these grim times, estate planning offers peace of mind (Apr. 15, 2020)
Bob Carlson, in his Forbes column, writes that the Social Security Administration does not recognize durable financial powers of attorney. He then goes on to discuss the estate planning ramifications of this fact. His article begins as follows: Social Security benefits are one of the items that fall through the cracks in many estate plans.A … Continue reading Bob Carlson, The Surprising But Essential Estate Planning Step For Social Security Benefits, Forbes (Apr. 17, 2020)
Jay Adkisson, in this Personal Finance column on Forbes website, writes that, according to a Memo by Douglas W. O'Donnell of the IRS's Large Business and International Division (a/k/a "LB&I Division"), dated April 14, 2020, and obtained by TaxNotes, the IRS will continue work on so-called Microcaptive and Syndicated Conservation Easement transactions even during the … Continue reading Jay Adkisson, Coronavirus Pandemic Will Not Slow Down IRS’s Pursuit Of Microcaptive And Syndicated Conservation Easement Transactions Says LB&I Memo (Apr. 17, 2020)
Fox Business has reported that Prudential Insurance is suspending applications for some life insurance products during the Coronavirus Pandemic. Their article beings as follows: Americans seeking life insurance coverage have one less option to choose from, as one of the industry's major players announces coronavirus-related changes.Prudential said it would suspend its acceptance of applications for … Continue reading Fox Business: Prudential suspends applications for some life insurance policies (Apr. 7, 2020)
Thomas P. Gallanis has made available for download his article, How Much Trust Do Trusts Require? published by Cambridge University Press. The Abstract is as follows: How much trust, in the general sense, is required by a trust in the legal sense? The separation of management and beneficial ownership creates a risk that a trustee … Continue reading Thomas P. Gallanis, How Much Trust Do Trusts Require?