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.
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.
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.
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.