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.

May 4

Corona Virus Stimulus Checks for Deceased Taxpayers?

We heard from one family this week, asking about the stimulus payment that was paid to their deceased loved one. The stimulus payments are for the 2020 tax year, but the U.S. Treasury used data from the 2019 returns, if filed, and, if not, the 2018 returns.

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