The Consolidated Appropriations Act, 2021 (CAA, 2021) was signed into law on December 27, 2020, extending federal income tax breaks that were revised to accommodate the economic impact of the Coronavirus pandemic.
Earlier this month, the IRS issued notices to about 260,000 taxpayers, stating they haven’t filed their 2019 federal tax return. The IRS refers to these notices as CP59 notices. They are issued yearly to taxpayers who haven’t filed their tax returns from the prior calendar year (Tax Year 2019).
Private foundations are an undervalued tool for both income and estate planning. They are often bashed in the press for being cumbersome and expensive to operate but we disagree with this opinion.