Estate and Gift Planning with Low Interest Rates - Making the Best of a Bad Situation
Because of the current pandemic, the August 2020 applicable federal rates and section 7520 rate are at historical lows, creating opportunities for interest sensitive estate and gift tax planning. Loans to family members or trusts for the benefit of family members, and transfers to some split…
Planning for College: Is a 529 Plan Right for You?
August 10, 2020
by Casey Dorman Lawson
If you have children one of the things that you have likely thought about is how are you going to afford to send your child to college. The cost of attending college continues to rise, and as we continue to hear horror stories of young adults crushed by student debt, parents are looking for ways to…
IRS Confirms No Further Personal Tax Return Filing Extension Beyond July 15 Deadline
In a News Release yesterday afternoon, the IRS confirmed that the tax filing and payment deadline of July 15 will not be further extended. (In a March News Release, the IRS had previously extended the April 15 filing deadline to July 15.) However, automatic extensions of the filing deadline are…
IRS Announces Settlement Program for Certain Syndicated Conservation Easement Cases Docketed in the Tax Court
In News Release 2020-130 issued yesterday, the IRS Office of Chief Counsel announced a time-limited settlement offer for certain taxpayers with pending docketed Tax Court cases involving syndicated conservation easement transactions. Taxpayers eligible for this settlement offer will be notified…
PPP Flexibility Act Makes Several Business-Friendly Changes to PPP Loan Program
On Friday, June 5, 2020, President Trump signed the “Paycheck Protection Program Flexibility Act of 2020,” which makes the several welcome changes to the PPP loan provisions of the CARES Act, enacted on March 27, 2020. The Flexibility Act’s changes to the PPP Loan program include the following: …