Insights

The Consolidated Appropriations Act, 2021 (the “CAA”), signed into law by President Donald Trump on December 27, 2020, provides further relief for individuals both related and unrelated to COVID-19.  Such relief includes an extension of the charitable deduction allowances granted under the Coronavirus Aid, Relief, and Economic Security Act (the…

There has been a lot of discussion about the impact that the upcoming election might have on federal gift and estate tax law. In light of this, we feel that it would be helpful to provide an update of the current situation and a brief summary of some of the…

As discussed in our prior blog post, the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides special relief provisions for individuals in relation to their retirement plans. The provisions of the CARES Act, however, created uncertainties for both plan administrators and individuals when dealing with the administration of…

The Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) provides various relief provisions for individuals, including provisions that benefit individuals in relation to their retirement plans and that provide an increase in allowable charitable deductions. Income Taxation of Retirement Plans 10 Percent Additional Tax Waived for Coronavirus-Related Distributions Generally,…

On March 13, 2020, the President issued an emergency declaration instructing the Secretary of Treasury to provide relief from tax deadlines to Americans who have been adversely affected by the COVID-19 emergency (defined as “Affected Taxpayers”). On March 27, 2020, the IRS issued an advanced notice of Notice 2020—20 which…