Photo of Rosemary D. Durkin

Rosemary D. Durkin is a member of the Trusts & Estates Group of Stark & Stark. Ms. Durkin concentrates her practice in trusts and estates, estate planning, estate administration, and elder law.

On March 20, 2020, the IRS issued Notice 2020-18, updating their Notice issued two days earlier. Notice 2020-18 extended the payment date AND the filing date for income tax returns from April 15 to July 15, 2020. This includes income tax returns for individuals, trusts, estates, partnerships, associations, companies and corporations.

This new filing date applies to 2019 income tax returns due on April 15th, and the first estimated income tax payment for the 2020 tax year, also due on April 15th. Although the next estimated income tax payment will be due on June 15th, prior to the July 15th due date, that payment has not been extended.


Continue Reading Second Update – Additional Tax Relief Because of COVID-19

On April 1, 2020, the Department of Treasury and the IRS announced that Social Security beneficiaries who are not typically required to file tax returns will not need to file an abbreviated tax return to receive a stimulus payment. Instead, the IRS will use the information of the Form SSA-1099 and Form RRB-1099 to generate stimulus payments to Social Security recipients who did not file tax returns in 2018 or 2019. Recipients will receive these payments as a direct deposit or by paper check, in whatever way they normally receive their benefits.

Continue Reading Update: Stimulus Payments – When Do I Get Mine?

The federal government is only beginning to develop the system to issue the stimulus payments authorized by the CARES Act (Coronavirus Aid, Relief, and Economic Security Act). Scammers, however, are already trying to steal money from Americans.

The FBI, multiple state attorneys general, and other agencies are warning Americans not to fall for phone calls, emails, texts, or websites that ask for personal or financial information in order to receive the stimulus payment.


Continue Reading Stimulus Payments – When Do I Get Mine?

On March 20, 2020, Treasury Secretary Steven Mnuchin announced that the due date for the filing of income tax returns will now be July 15 instead of the usual April 15. Secretary Mnuchin announced this on Twitter. As of 12:30 pm EDT, the Internal Revenue Service had not posted anything on their website.

Notice

As part of the President’s emergency declaration, the Secretary of the Treasury was instructed “to provide relief from tax deadlines to Americans who have been adversely affected by the COVID-19 emergency.” With that direction, the Internal Revenue Service has issued Notice 2020-17, which extends the due date for the payment of Federal income taxes from April 15, 2020, to July 15, 2020. This includes tax payments that would be due for the 2019 tax year, as well as quarterly estimated income tax payments that would be due April 15, 2020, for the 2020 tax year. The total tax amount that can be deferred is a maximum of $10 million for each Subchapter C corporation, and $1 million for all other taxpayers.

Continue Reading Tax Relief Because of COVID-19

Benjamin Franklin once famously said that, “In this world nothing can be said to be certain except death and taxes.” President Trump’s recent tax reform proposal is the administration’s attempt to alleviate one of these certainties of life.

President Trump’s proposal, which was released on Sept. 27, contained the following changes for individual taxpayers:


Continue Reading A Look at President Trump’s Tax Reform Proposal

In the wake of Hurricane Harvey and the incredible devastation wrought across the State of Texas, many Americans want to do what they can to help. Unfortunately, there are some unscrupulous individuals who will seek to personally profit from the generosity of their neighbors.

The U.S. Department of Justice estimates that over $20 million was lost to charity scammers after Hurricane Katrina, and this disaster has the potential to cause just as much harm. The Internal Revenue Service (IRS) and the Department of Justice (DOJ) have both issued warnings about fake charity scams that are emerging, and are urging Americans to only reach out to recognized charitable organizations.


Continue Reading Avoiding Charity Scams in the Wake of Hurricane Harvey

I was recently contacted by a fraternal organization regarding an estate that I represented. The decedent, who was in his 80’s when he died, had an insurance policy through the organization that had been issued when he was 16! His parents were the named beneficiaries. The estate is able to collect the insurance proceeds since

If someone were to die without having a will in place, a common misconception that is often times mentioned is that the deceased’s assets are turned over to the State. This is completely false. Instead, state law determines who will receive the deceased’s property. Each state has a statute (the intestacy statute) that provides who the people are that are the closest relatives to the deceased, and those relative receive the deceased’s estate.
Continue Reading What Happens if I Die Without a Will?

Under the Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA), the federal estate tax was repealed for 2010. This repeal, however, is only effective through December 31, 2010. The federal estate tax returns in 2011, at the rates and exemptions in effect in 2001 when EGTRRA was effective.
Continue Reading Repeal of the Federal Estate Tax – Here’s the Bad News