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Sunday July 5, 2020

Advisor Resources
Advisor Resources
We have a complete tax update service for CPAs, attorneys, CLUs, CFPs, ChFCs, trust officers and other professional friends. The GiftLaw services are made available to all advisors as a free service. We are available to assist in helping you provide clients with clear and understandable gift illustrations.
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IRS Tax Filing Date Will Be July 15
Washington News
In IR–2020–134, the Service announced that taxes must be paid by July 15, 2020. While there had been discussion about delaying tax filing and payments, the IRS confirmed the July 15 date for 2019 tax returns. This date was extended from the normal April 15 filing date due to COVID–19. Taxpayers should pay their taxes and file by July 15. If they are not prepared to file, taxpayers may file IRS Form 4868 to obtain an automatic extension until October 15, 2020. Everyone who owes tax should pay the proper amount by July 15, regardless of whether they have obtained an extension. If a taxpayer cannot pay the full amount of his or her tax bill, there are several options to consider. IRS Commissioner Chuck Rettig stated, “The IRS understands that those affected by the Coronavirus may not be able to pay their balances in full by July 15, but we have many payment options to help taxpayers. These easy-to-use payment options are available on IRS.gov and most can be done automatically without reaching out to an IRS representative.” There are three convenient...
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Charitable Tax Reference
GiftLaw Pro
GiftLaw Pro is a complete charitable giving and tax information service inside the GiftLaw website...
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Deduction Calculator
Deduction Calculator
The GiftLaw Calculator is a planned gifts calculator for professionals that follows the IRS format. Click here to access and run charitable deduction calculations for your favorite gift plan...
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Case of the Week
Rhea Jones, 75, lives in a beautiful coastal town in northern California. Rhea's home occupies three magnificent acres of bluff property that overlooks the crashing waves of the Pacific. Since her...
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Private Letter Ruling
Private Foundation (Foundation) requested advance approval of its scholarship program under Sec. 4945(g). The purpose of the program is to provide funding for the daughters of agricultural workers in...
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Article of the Month
Charitable lead trusts are a creative estate, income and charitable tax planning strategy for high-net-worth individuals. Lead trusts often involve significant legal and administrative costs and are...
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