By: Jacqueline L. Messler The IRS recently released Notices 2020-50 and 2020-51, on June 19 and June 26, respectively, which offer important but temporary relief to individuals who took their Required Minimum Distributions (RMDs) in 2020 prior to the enactment of the CARES Act. The Notices also expanded the number of people eligible to withdraw…
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By: Jacqueline L. Messler The Coronavirus Aid, Relief and Economic Security (CARES) Act, signed into law March 27, made cash rebates of up to $1,200 available to 150 million Americans. Shortly after the IRS started sending payments, there were stories of payments being made to deceased taxpayers. Specifically, checks were made payable to the…
Read MoreBy: Abby S. Busler, Laurie E. Meyer, and James M. Kalny On April 1, 2020, the Department of Labor (DOL) issued its interim regulations in connection with the Families First Coronavirus Response Act (FFCRA), as title 29 of the Code of Federal Regulations part 826. The regulations are preceded by 82 pages of guidance. The…
Read MoreBy: Ann M. Rieger On Friday, March 27th, the House of Representative approved the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The Act, which is designed to provide economic relief as the United States adapts to the outbreak of COVID-19, had previously been approved by the Senate in the late hours of March…
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Canceled: Strategies to Maximize Benefits Received From Your Retirement Savings Under the Newly Enacted SECURE Act You’ve worked for years to save for retirement. Knowing how to best position withdrawals from your retirement accounts for you and your beneficiaries is equally critical. The recently enacted SECURE Act greatly impacts qualified retirement plans and individual retirement accounts. The…
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By: Mark G. Kmiecik Last month, the IRS released the 2020 inflation adjustments for several tax provisions in Rev. Proc. 2019-44. The adjustments apply to tax years beginning in 2020 and transactions or events occurring during the 2020 calendar year. A select group of key provisions relative to trusts and estates are identified below. Income…
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By: Ann M. Rieger For several months, attorneys and tax practitioners have been following the so-called “SECURE” Act,[1] which will greatly impact qualified retirement plans and individual retirement accounts (IRAs). While the Act passed the House of Representatives by a margin of 417 to 3 in May of this year, similar legislation stalled in the…
Read MoreBy: Jacqueline L. Messler Do you have a friend or family member who is that pet owner? Expensive toys. Over the top sweaters. Facebook or Instagram account filled solely with pet pictures. Maybe you are that pet owner if you are reading this article. It’s ok. I have a professional reason to care about estate…
Read MoreAnn Rieger of Davis|Kuelthau’s corporate, health care, non-profit organizations, tax, and trusts, estates and succession planning teams will be presenting, Gifting Techniques Using Trusts and The Use of Family Limited Partnerships/LLCs in Estate Planning at the State Bar of Wisconsin’s Step-by-Step Estate Planning Series II on February 28, 2019. This series will cover advanced concepts and applications related to…
Read MoreBy: Ann M. Rieger During last year’s holiday season, the 2017 Tax Act provided a gift in the form of increases to the amounts that could be transferred without incuring federal estate, gift or generation skipping taxes. The exempt amount was increased from $5 million to $10 million per person. After applying inflation indices, the…
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