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IRS Publishes Guidance on COVID-19 Relief for Estate and Gift Taxes

The IRS has published a series of questions and answers that provide guidance with respect to COVID-19 relief for estate and gift taxes, which can be found here.

IRS Expands Medical Condition Exception to Substantial Presence Test to Include Travel Disruption as a Result of COVID-19

In Rev. Proc. 2020-20, the IRS provides relief to nonresident taxpayers who have been in the United States long enough to be considered resident aliens under the substantial presence test of IRC 7701(b)(3) as a result of the COVID-19 pandemic. This Revenue Procedure also provides relief to taxpayers who would otherwise be ineligible for treaty benefits on services income. While this expansion is welcome, it is limited to excluding days falling after January 31 and through May 31.

Typically, under IRC 7701(b), persons who are otherwise not permanent US residents but who spend a sufficient amount of time in the country will be treated as US residents for income tax purposes under the substantial presence test. This test counts the number of days that an individual spent in the country in a given tax year or over a three year “look back” period to determine whether such person spent a

BCLP Counsel Elizabeth Schlesinger to Present with HRC

BCLP Counsel Elizabeth Schlesinger will be presenting at the Human Rights Campaign Webinar on estate planning documents that can help protect you and your loved ones during the COVID-19 crisis and beyond.  The Webinar will be held on April 20, 2020 at 4 p.m. EST.

Register for the Webinar here.

BCLP Partner Tiffany McKenzie in Atlanta Bar’s Newsletter

Atlanta partner Tiffany McKenzie was featured in The Mortmain, which is the Atlanta Bar Association Estate Planning and Probate Section’s newsletter. This article discusses McKenzie’s lecture, held on December 11, 2019 at the Estate Planning Section’s breakfast meeting, detailing how to create the ultimate digital estate planning checklist for clients. The complete article can be found here.

BCLP Senior Counsel Lawrence Brody in December 2019/ January 2020 STEP Journal

Lawrence Brody authored an article in the December 2019/ January 2020 STEP Journal titled US Taxation of Death Benefits.  This article discusses the US income taxation of life insurance death benefits, particularly the exceptions to the general rule that proceeds paid by reason of the death of insured are not included as a part of the beneficiary’s taxable income. The complete article can be accessed by STEP members here.

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