IRS Issues Proposed Regs on Itemized Deductions for Non-Grantor Trusts

The The Internal Revenue Service today issued proposed regulations that provide guidance for estates and trusts clarifying that certain deductions of estates and non-grantor trusts are not miscellaneous itemized deductions. The Tax Cuts and Jobs Act (TCJA) prohibits individual taxpayers from claiming miscellaneous itemized deductions for any taxable year beginning after December 31, 2017, and … Continue reading IRS Issues Proposed Regs on Itemized Deductions for Non-Grantor Trusts

AICPA Tax Insider (May 7, 2020): PPP Loans + Tax Deductions; Current S Corp Developments; Online PLR Requests; No Penalty for Form 3520 Nonfiling + More

District court lowers penalties for Form 3520 nonfiling to zero By Steven L. Walker, J.D., LL.M. Taxpayers facing penalties for failure to file the information form for reporting transactions with foreign trusts should check IRS computations. PLR and other requests for IRS guidance can now be sent electronically In another response to the coronavirus pandemic, … Continue reading AICPA Tax Insider (May 7, 2020): PPP Loans + Tax Deductions; Current S Corp Developments; Online PLR Requests; No Penalty for Form 3520 Nonfiling + More

Leveraging Gifts in a Down Market – Don’t Tax Yourself

Rebecca MacGregor, of Bowditch & Dewey, writes in a blog post that now is the time to make gifts for wealth transfer planning, in her article, Leveraging Gifts in a Down Market. Her article begins as follows: Down markets are a prime opportunity for tax planning for high net worth families. In the few years … Continue reading Leveraging Gifts in a Down Market – Don’t Tax Yourself

Kitces Report: Jeffrey Levine: Using Coronavirus-Related Distributions To Manage Tax Exposure (May 6, 2020)

The Kitces Report has published a new article by Jeffrey Levine, Using Coronavirus-Related Distributions To Manage Tax Exposure (May 6, 2020). The Executive Summary is as follows: In response to the COVID-19 global pandemic, the US Senate passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act last month. A more than $2 trillion emergency … Continue reading Kitces Report: Jeffrey Levine: Using Coronavirus-Related Distributions To Manage Tax Exposure (May 6, 2020)

My Retirement Plan Is You – The New York Times (May 2, 2020)

Charlotte Cowles, of the New York Times, writes about the growing trend of parents moving in with their millennial children. Her article begins as follows: Sian-Pierre Regis, 35, is used to living with roommates. For the past 10 years, he has split the rent on his apartment in the Chelsea neighborhood of Manhattan with two … Continue reading My Retirement Plan Is You – The New York Times (May 2, 2020)

David F. Johnson, Winstead, Presentation: Joint Account Litigation in Texas

David F. Johnson, lead writer for the Texas Fiduciary Litigator blog, presented his paper on “Joint Account Litigation in Texas” to the Texas Bankers Association via a webinar on April 29, 2020. This presentation addresses the creation, ownership, and disputes that arise from joint accounts.  It also addresses who owns money in an account during the … Continue reading David F. Johnson, Winstead, Presentation: Joint Account Litigation in Texas

Richard F. Storrow, The Secret Life of Testamentary Schemes

Richard F. Storrow has made available his article, The Secret Life of Testamentary Schemes, published in the Drake Law Review, Vol. 68, No. 1, 2020. The Abstract is as follows: The testamentary scheme, a poorly understood interpretative tool used by courts to determine the meaning of a will’s dispositive provisions, is insufficiently theorized in both … Continue reading Richard F. Storrow, The Secret Life of Testamentary Schemes

Apple and Google’s COVID-19 Exposure Notification API – Rolls Out May 1: Questions and Answers | Electronic Frontier Foundation

Apple and Google are undertaking an unprecedented team effort to build a system for Androids and iPhones to interoperate in the name of technology-assisted COVID-19 contact tracing. That system rolls out May 1 and will notify users if they have come into contact with another person who has tested positive for COVID-19 and uses the … Continue reading Apple and Google’s COVID-19 Exposure Notification API – Rolls Out May 1: Questions and Answers | Electronic Frontier Foundation

Bloomberg Daily Tax Report: Virus Chaos Creates Opening for Millionaires to Slash Tax Bills (Apr. 20, 2020)

Jonathan Hurtarte, of Bloomberg Law's Daily Tax Report, has published his article, Virus Chaos Creates Opening for Millionaires to Slash Tax Bills (Apr. 20, 2020). The article begins as follows: •Transferring depressed assets can help people avoid future estate tax•Planning opportunities may diminish in coming monthsMarket uncertainty caused by the coronavirus pandemic has created an … Continue reading Bloomberg Daily Tax Report: Virus Chaos Creates Opening for Millionaires to Slash Tax Bills (Apr. 20, 2020)

Angie Herbers, Kitces Report, Elevating The Client Service Process To Drive Growth (Apr. 27, 2020)

Angie Herbers, has published her article, Elevating The Client Service Process To Drive Growth (Apr. 27, 2020), in the Kitces Report. The Executive Summary is as follows: Financial advisors who want to grow their firms faster can examine a wide range of advisor marketing strategies and sales tactics. But the reality is that if an … Continue reading Angie Herbers, Kitces Report, Elevating The Client Service Process To Drive Growth (Apr. 27, 2020)

Jenny L. Juehring, Why the End Is Here for State Death Transfer Taxes and How States Should Respond

Jenny L. Juehring, has made available for download her article, "Why the End Is Here for State Death Transfer Taxes and How States Should Respond," published in Issue 5, Volume 96, of the Law Review at Washington University in St. Louis. The Abstract is as follows: It is time for the remaining states with death … Continue reading Jenny L. Juehring, Why the End Is Here for State Death Transfer Taxes and How States Should Respond

The New York Times: The Tax-Break Bonanza Inside the Economic Rescue Package (Apr. 24, 2020)

The New York Times reports that the wealthiest individuals are posed to reap tens of billions of tax savings due to CARES Act provisions passed as part of the pandemic response. The article begins as follows: It As the federal government dispenses trillions of dollars to save the economy, small businesses and out-of-work individuals are … Continue reading The New York Times: The Tax-Break Bonanza Inside the Economic Rescue Package (Apr. 24, 2020)

David S. Miller, Muhyung (Aaron) Lee, Kathleen Semanski, & Sean Webb (Proskauer): Summary of the Tax Provisions of the CARES Act

David S. Miller, Muhyung (Aaron) Lee, Kathleen Semanski, & Sean Webb (Proskauer) have made available for download their article, "Summary of the Tax Provisions of the CARES Act." The Abstract is as follows: This paper summarizes the tax provisions of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The topics covered in the … Continue reading David S. Miller, Muhyung (Aaron) Lee, Kathleen Semanski, & Sean Webb (Proskauer): Summary of the Tax Provisions of the CARES Act

Procedurally Taxing: In Wells Fargo 8th Circuit Holds Reasonable Basis Defense to Negligence Penalty Requires Taxpayers Prove Actual Reliance on Authorities (Apr. 27, 2020)

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)

John C. Dernbach, The Role of Trust Law Principles in Defining Public Trust Duties for Natural Resources, U. Michigan J. of Law Reform (Forthcoming)

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, Gifts in Contemplation of Death: Why Can’t Section 2035 Simply Die?, ACTEC Law Journal (Winter 2020)

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)

David Horton, Reid K. Weisbord, COVID-19 and Formal Wills, Stanford Law Review (Forthcoming).

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).

Kitces Report: Fixing An Unwanted 2020 RMD Via Rollover

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

ABA Releases the Mind Your Loved Ones (MYLO) App

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