May 17

Veterans Benefits

M. Brandon Robinson, an attorney with our firm, is an accredited VA Attorney, as well as a Marine Corps veteran. He is a welcome addition to our firm, especially given the number of veterans who call the Tampa Bay Area their home. As part of his commitment to serving fellow veterans, Brandon serves on the Florida Bar’s Military Affairs Committee.

May 11

IRS Issues Proposed Regulations for Miscellaneous Deductions for Trusts & Estates

IRS Newswire - IRS-2020-90

Attorneys who handle trusts and estates, but don’t file tax returns for trusts and estates, should consider how the estate or trust income tax return (Form 1041) will affect the beneficiaries. While tax consequences aren’t the only consideration in administering a trust or estate, they certainly are on the list. A great tool for trustees, personal representatives, and their attorneys is IRS Publication 590, which provides an overview for the taxation of trusts and estates. While the current estate tax exemption of $11.58 million means few estates will owe estate tax, many estates and trusts still have income that must be reported on Form 1041.