The 7520 rate for April 2020 decreased to 1.2%.
The April 2020 Applicable Federal Interest Rates can be found here.
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.
Congratulations to Stephanie Moll for her election to the position of treasurer of STEP USA! Stephanie is a partner in the private client group of Bryan Cave Leighton Paisner and supports primarily the Denver, Boulder, and St. Louis offices. Her practice focuses on estate planning and administration, particularly wealth transfer tax planning.
STEP USA is the U.S. division of the Society of Trusts and Estates Practitioners, a global organization whose primary purpose is to improve public understanding of the issues families face in relation to inheritance and succession planning and promote education and high professional standards among its members. STEP USA includes 18 different local branches and chapters around the country.
The Legal Business Awards recently honored Bryan Cave Leighton Paisner LLP with its “Private Client Team of the Year” award for 2019. The event took place at the Grosvenor House in London on March 28, 2019.
BCLP received the award based on a combination of factors, including:
The IRS announced on March 27, 2019 that in an effort to enhance security and improve transparency, the “responsible party” on applications for an employer identification number (EIN) must now be a natural person.
An EIN is the tax identification number assigned to entities such as trusts, estates, retirement plans, LLCs, partnerships, and corporations. An entity obtains such a number by completing the IRS Form SS-4 or an online application. One question in the application process asks the applicant to identify the “responsible party,” which the IRS defines as “the person who ultimately owns or controls the entity or who exercises ultimate effective control over the entity.” In deciding who to list as the responsible party, the IRS encourages applicants to consider whether the party has “a level of control over, or