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TrustBCLP

Trust BCLP is a blog about planning for life, death and taxes.  Authored by our Private Client attorneys, posts provide analyses of news, trends and changes in estate and tax planning law and regulations.  The blog serves as a timely resource for individuals, families, closely-held businesses, charitable institutions, and other advisors throughout the United States and Europe.

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Federal Income Tax Due Date Postponed to May
March 19, 2021

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.

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Congress Enacts the Corporate Transparency Act Requiring Certain Entities to Disclose their Owners
March 9, 2021

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.

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BCLP Partner Stephanie Kriegel Quoted in Wall Street Journal
March 3, 2021

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.

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IRS Releases January 2021 Interest Rates
January 8, 2021

The 7520 rate for January 2021 remained at 0.6%.

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To Do: Year-End Gifting - Check (or not)
December 22, 2020

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.

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BCLP Partners Doug Stanley and Kathy Sherby Present at Missouri Bar 2020 Annual Estate, Trust & Elder Law Institute
December 16, 2020

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.

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