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Federal Income Tax Due Date Postponed to May

March 19, 2021

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The IRS announced on Wednesday that the due date for individual federal income tax returns has been postponed to May 17, 2021.  The postponement also applies to individuals who pay self-employment tax.  The extension is automatic: individuals will not need to apply or otherwise alert the IRS in order to take advantage of the extension.

Individuals who need additional time to file beyond May 17 can still apply for an extension to file before October 15.

This extension does not apply to estimated payments that are due on April 15, nor does it apply to federal gift tax returns or income tax returns for trusts and estates.

Congress Enacts the Corporate Transparency Act Requiring Certain Entities to Disclose their Owners

On January 1, 2021, Congress enacted the National Defense Authorization Act (the NDAA”). One portion of the NDAA includes the Corporate Transparency Act (the “CTA”), which is described as the most comprehensive anti-money laundering legislation passed in the United States and which regulates the use of anonymous entities for money laundering, tax evasion, and financing terrorism.  The CTA requires certain entities, including limited liability companies, corporations, and “similar entities,” to disclose their individual owners and their “beneficial owners”, meaning those who own or control at least 25% of the entity.  The legislation is aimed at preventing these “shell companies” from hiding illegal activity.

The statute states that the CTA only applies to entities that are created by filing a document with a secretary of state or a similar office, or are formed under the laws of a foreign country, but are registered to do business in the United States through

BCLP Partner Stephanie Kriegel Quoted in Wall Street Journal

BCLP Partner Stephanie Kriegel was quoted in a February 27, 2021 article published in the Wall Street Journal Online entitled “Declutter the Filing Cabinet: What to Save, Move to Cloud, or Shred.”  In this article, Kriegel discusses the importance of retaining physical copies of your estate planning documents.  The entire article can be found here.

To Do: Year-End Gifting – Check (or not)

With the end of the year approaching, we thought now would be a good time to re-post and update our annual blog entry on gifting.

For 2021, the annual exclusion gift amount will remain the same as 2020’s at $15,000, but the lifetime gift and estate tax exemption will increase to $11,700,000 (up from 2020’s $11,540,000).

With ten days left in the year, many people are still planning how to make 2020 gifts, whether by making “annual exclusion” gifts of $15,000 per beneficiary, or by taking advantage of the 2020 gift tax exemption amount of $11,540,000.  Whatever the reason for the last-minute gifting, as the end of the year approaches, people may be tempted to make a “quick and easy” gift to their beneficiaries by simply writing a check. As the year draws to a close, however, if your gift is dependent on utilizing 2020 tax law, beware of the

BCLP Partners Doug Stanley and Kathy Sherby Present at Missouri Bar 2020 Annual Estate, Trust & Elder Law Institute

December 16, 2020

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BCLP Partners Doug Stanley and Kathy Sherby presented at the Missouri Bar 2020 Annual Estate, Trust & Elder Law Institute held on December 10 and 11, 2020.  Kathy discussed the topic SECURE ACT: How it Changes Basic Planning Strategies and also the topic The Good, the Bad, & the Ugly: Ethical Representation in a Pandemic.  Doug presented on the topic Tax Issue Spotting.

BCLP Partner Stephanie Moll Interviewed with WealthManagement.com

BCLP Partner Stephanie Moll was interviewed in a WealthManagement.com article titled “Pre-Death Litigation Plagued the Estate of Sumner Redstone.” Moll discusses claims of elder abuse and diminished capacity in the estate planning context. The entire article can be found here.

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