What’s trending on NP Trusts & Estates



January 03, 2020

NP Trusts & Estates Blog

Author(s): Jo-Ann Martin, Elena N. O’Leary, CPA, Nicole A. Place, Alyson L. Stevenson, Mary-Benham B. Nygren

The IRS has set the standard mileage rate for 2020, New York State has increased the small estate threshold, how to avoid email phishing scams and more. Here’s what’s trending in estate planning and wealth management.

IRS standard mileage rate for 2020

The IRS has set the 2020 standard mileage deduction rate for travel related to business, medical, moving and charitable purposes. –Mary-Benham B. Nygren

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Quick Lesson about Required Minimum Distributions

What you need to know about taking Required Minimum Distributions from retirement accounts.–Alyson L. Stevenson

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IRS Debuts New Form 1040-SR for Seniors

The IRS is introducing a new Form 1040 form designed specifically for seniors: Form 1040-SR. –Jo-Ann Martin

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New York State increases small estate threshold to $50,000

Estates of New York decedents with probate estates of $50,000 or less can be administered under a simplified proceeding. –Nicole A. Place

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Avoid email phishing scams

How to recognize and avoid email phishing scams. –Elena N. O’Leary, CPA

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Taxpayers who donate to charity should check out these resources

Donating to a charity not only supports your charitable organization, but can also benefit you through a tax deduction. However, not all donations are eligible for deductions. –Elena N. O’Leary, CPA

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The foregoing has been prepared for the general information of clients and friends of the firm. It is not meant to provide legal advice with respect to any specific matter and should not be acted upon without professional counsel. If you have any questions or require any further information regarding these or other related matters, please contact your regular Nixon Peabody LLP representative. This material may be considered advertising under certain rules of professional conduct.

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