The team at Dodson Parker Behm & Capparella, PC shares updates and thoughts on developments in the law.

[UPDATED 6.5.20] Guidance & New Legislation on Forgiveness for PPP Loans

Since our original post on May 20 (text below), new legislation has addressed some matters regarding the SBA’s guidance on PPP Loan Forgiveness. Some take-aways from the new legislation are: Instead of an 8-week covered period for distribution of funds, the period is now 24 weeks or December 31, 2020, whichever is earlier. However, borrowers with existing loans can elect to keep the...

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What You Need to Know about Your Retirement Accounts as a Result of the Pandemic

Federal legislation was recently enacted which affects your retirement accounts–such as IRAs, 401ks, 403(a)s, 403(b)s, and governmental 457(b) plans. This post is a summary of important changes. I. Changes for All Individuals All Required Minimum Distributions (RMDs) are waived for the calendar year 2020. If you have already received a RMD for 2020, you may either roll it over into a...

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April 15 is NOT Tax Day. Here are 5 Things You Need to Know about Taxes This Year

Today we’re talking about important changes to state and federal tax deadlines, relaxed rules on hardship withdrawals from 401(k)s, and a deduction that can help employers and at-home workers. Here are five things to know about tax matters in 2020:  1.  IRS Extension for Filing and Paying TaxesThe April 15 deadline for the filing of federal income tax returns and payment of the taxes has...

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Addressing COVID-19: What Employers Need to Know

The COVID-19 pandemic has placed employers in the difficult position of trying to navigate financial losses while addressing employee matters and health concerns.  This fact sheet is intended to provide some critical information that employers need to know during this uncertain time, including highlights of the federal legislation enacted in recent weeks in response to the COVID-19 pandemic....

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As Tax Day Approaches, a Reminder about Withholdings

The 2017 federal tax reform legislation is just now beginning to show its impact for many filers. As April 15 approaches, many individual taxpayers may begin to see different totals than they have been used to on their tax returns. The change in the standard deduction has gotten lots of attention, but the new limits on deductibility are also having an effect on the bottom line. Last year, the...

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Have you had your “Paycheck Checkup”?

The most recent tax reform laws could have a significant impact on filers who have itemized their deductions in the past.  (Many people have historically itemized their deductions to take advantage of mortgage interest deductions and deductions for donations to charity.) People who’ve itemized deductions on past tax returns should consider doing a “paycheck checkup.”  You can use the updated IRS...

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State Judicial Reformation of Trust Sufficient to Prevent Asset Inclusion for Federal Tax Purposes

A state law provision that enables a court to reform errors in a trust document was sufficient for IRS purposes under I.R.C. § 2041 to prevent the inclusion of the trust assets in the estate.  While letter rulings are, of course, limited to their facts, this is generally good news for the correction of errors and the implementation of tax-planning in Tennessee. In this case, a Grantor created an...

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Avoiding Private Foundation 507(c) Termination Tax Means Less Pain for the Gain

Becky Farr Seidel of the Leaffer Law Group wrote a great piece recently for Bloomberg BNA’s Estates, Gifts and Trusts Journal addressing issues in terminating private foundations.  Here are some salient points, and you can read the entire article here. Unlike other 501(c)(3) entities, private foundations are subject to additional stringent regulations under Chapter 42 of the Code.  For that...

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Guidance Issued for Private Foundations with Foreign Grantees

New guidance for private foundations from the IRS addresses treatment of foreign grantees.  The groups may wish to treat grants to foreign grantees as qualifying distributions that satisfy the minimum distribution requirements rather than as expenditures requiring expenditure responsibility. If a private foundation makes a “good faith determination” that a foreign grantee qualifies as a...

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How Trump’s Tax Proposal Affects You

Trump’s new tax proposal makes some changes that could affect your estate planning. Both the estate and generation-skipping taxes get the boot. What about stepped up basis under I.R.C. § 1014? R.C. § 1014 provides that, for most property, a decedent’s beneficiaries receive a step up in basis to fair market value at the decedent’s date of death.  Thus far, the proposed changes don’t affect...

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Proposed Minority Discount Regulations Bite the Dust

Practitioners had been worried that the Section 2704 proposed regulations were going to affect minority discount valuations for gift and estate tax purposes.  Worry no more.The U.S. Department of the Treasury’s Second Report to the President on Identifying and Reducing Tax Regulatory Burdens, Executive Order 13789, October 2, 2017, notes that the main difficulty with the proposed...

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