Trust BCLP

Main Content

IRS Revises EIN Application Policy, Now Requires an Individual to be Listed as the “Responsible Party”

 

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

What Happens to My Digital Assets on Death or Incapacity?

What Happens to My Digital Assets on Death or Incapacity?

February 6, 2019

Authored by: Stacie J. Rottenstreich and Karin Barkhorn

 

A recent New York case, Estate of Swezey (NYLJ, 1/17/19 at pp. 23, col. 3) highlights the confusion in the laws of many states regarding the administration and distribution of digital assets at a decedent’s death.  In this case, decedent’s executor asked Apple to turn over decedent’s photographs stored in his iTunes and iCloud account.  No provision in decedent’s Will specifically authorized the executor to access decedent’s digital account.  The Court relied on the relatively new section 13-A in the New York Estates, Powers and Trusts Law (“EPTL”), Administration of Digital Assets which provides for different procedures for the disclosure of electronic communications, in contrast to the digital assets.  To disclose electronic communication specific user consent is required or a specific court order for an identifiable reason.  Other digital assets, such as

New IRS Addresses for Filing Estate and Gift Tax Returns

January 14, 2019

Categories

Beginning this year, estate and gift tax returns have new filing locations, according to the instructions for Form 706 and Form 709.

As of June 30, 2019, estate tax returns (Forms 706) filed using the United States Postal Service are to be sent to:

Department of the Treasury Internal Revenue Service Center Kansas City, MO 64999

However, Forms 706 filed using an approved private delivery service are to be sent to:

Internal Revenue Service 333 W. Pershing Road Kansas City, MO 64108

The same filing addresses also already apply to gift tax returns (Forms 709), effective as of January 1, 2019.

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 2019, the annual exclusion gift amount will remain the same as 2018’s at $15,000, but the lifetime gift and estate tax exemption will increase to $11,400,000 (up from 2018’s $11,180,000, which doubled under the Tax Cuts and Jobs Act).

With eleven days left in the year, many people are still planning how to make 2018 gifts, whether by making “annual exclusion” gifts of $15,000 per beneficiary, or by taking advantage of the 2018 gift tax exemption amount of $11,180,000.  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

The attorneys of Bryan Cave Leighton Paisner make this site available to you only for the educational purposes of imparting general information and a general understanding of the law. This site does not offer specific legal advice. Your use of this site does not create an attorney-client relationship between you and Bryan Cave LLP or any of its attorneys. Do not use this site as a substitute for specific legal advice from a licensed attorney. Much of the information on this site is based upon preliminary discussions in the absence of definitive advice or policy statements and therefore may change as soon as more definitive advice is available. Please review our full disclaimer.