Tax and Estate Planning Association at Washburn Law

"Unknown to him at the time, third-party transaction sites like Facebook Fundraisers are required to issue a 1099-K form to the IRS on any transactions that exceed $20,000. While those guidelines are posted on the social media giant’s donation platform, Goffinet said he never thought his volunteer grocery effort would get so big."

He raised over $40,000 on Facebook to feed hungry neighbors during the pandemic. Now he owes $16,000 in taxes. — The Washington Post Louis Goffinet, a middle school science teacher in Connecticut, said he never thought his volunteer grocery effort would get so big.

We are excited to announce our 2021-2022 Officers:

Gustavy Niemtschik, President and VITA Co-Director
Audrey Mackey, VP and VITA Director
Chris Moe, Treasurer and Secretary
Britani Potter, Estate Planning Director
Jackie Hanzok, VITA Co-Director
Samantha Weavers, VITA Co-Director
Noah Fischer, VITA Co-Director

Please join us in congratulating these accomplished students.

Register here: https://americanbar.zoom.us/meeting/register/tJAodOqrqjIsHNwtKFDW82Q_dyHF8Re66Zs4

Have you heard of a Settlor?

Still need to file your taxes? Here are free resources to file online.

Free File: Do Your Federal Taxes for Free | Internal Revenue Service File for an extension of time to file for free using Free File tax software.

Hey, TEPA:

Foster pets are near and dear to most of our hearts, but especially to Professor McMillan's. She asks us to pass this information along (more info on the original post). People who are alone for quarantining/shelter at home could use some company, and fosters are desperately needed. They don’t need to commit forever - just a few weeks would help. It’s a win-win. Pass it along and help save a life as well as someone’s sanity.

***🚨🚨URGENT🚨🚨***

Helping Hands needs your help!!!

With the new 30 day shelter-in-place order issued for Shawnee County, we would like to get AS MANY adoptable pets OUT of the building before Thursday 3/26/2020. We have cats who need placement, but our main need right now is placement for DOGS.

The animals will get daily basic care while they are here, but there are many who would benefit from more interaction and socialization - immediate placement is in their BEST interest.

If you are stuck at home and interested in fostering and having some four-legged company, here's what we need you to do:

1. Read the Foster Care Manualhttp://www.hhhstopeka.org/wp-content/uploads/2020/03/Foster-Care-Manual.pdf

2. Submit the Foster Profile: Profile http://www.hhhstopeka.org/volunteer/how-to-become-a-foster/submit-a-foster-profile/

3. You can peruse adoptable dogs our website here to see which ones sound like the best fit for your home, but foster placement will be on a first-come, first-placed basis tomorrow: http://www.hhhstopeka.org/adopt/adoptable-pets/

If you submit a foster profile, you should get a call from us tomorrow after 8am!

If you cannot foster, you can share help by sharing this post and donating whatever amount you can! Your donations will help with things like purchasing foster supplies, keeping our building running, buying medical supplies for the animals, etc.

ALSO! If you would rather adopt than foster or do a foster to adopt, that is an option as well! We will do adoption appointments tomorrow (call us after 9am to schedule), or if you're fostering to potentially adopt, complete the foster steps listed above.

https://apple.news/AVAnYSvP5SSWTJvYucxW7Tg

U.S. tax filing deadline moved to July 15, Mnuchin says — CNN Politics Americans will have an additional three months to file their taxes amid the coronavirus pandemic, the US treasury secretary said on Friday.

The deadline to indicate your interest in running for an Officer position is FRIDAY, March 20 at midnight. Please fill out this form to indicate your interest.

The Estate Planning and Tax certificates both have service requirements. Serving for two years in a TEPA leadership position fulfills part of your requirements.

Additionally, serving as a Volunteer Income Tax Assistance (VITA) Co-Director fulfills the lawyering experience requirement for the Business and Transactional Law Certificate.

Even if you did not have the opportunity to volunteer with VITA this spring, if you are interested in helping run the clinic next year, please consider running for a position. VITA is a great program to be involved with and helps in innumerable ways to prepare you for your future as a lawyer (no tax experience necessary, we promise). It is something impressive to talk about in interviews!

Feel free to reach out with questions about positions or TEPA in general.

TEPA Elections 2020-2021 The Tax and Estate Planning Association (TEPA) is a student-run organization which aims to enhance the education of students by providing opportunities to learn about tax and estate planning law and gain practical experience. One of TEPA's major functions is to coordinate the Voluntary Income Tax As...

Our VITA site is cancelled for the remainder of this tax season.

Judge rules Sask. man's will written on McDonald's napkin is valid | CBC News A Court of Queen's Bench judge in Yorkton, Sask., has ruled a will written on a thin, brown restaurant napkin should be honoured.

We encourage any interested 1L or 2L to run for a position with the Tax & Estate Planning Association (“TEPA”) in our upcoming election.

The following positions are opening for Fall 2020-Spring 2021:
-President;
-Vice President and VITA Director;
-Secretary;
-Treasurer;
-Estate Planning Director; and
-Volunteer Income Tax Assistance Co-Director (5 spots available).

If you’re interested in running, please fill out the application form by Wednesday, March 18, 2020 (link in the comments).

"When you sell a collectible, Uncle Sam wants you to pay taxes on any gains” above the original money invested, said Fernandez, who is based in Los Alamitos. "If they have sold at a profit they really should be setting some of that money aside for federal capital gains tax of about 28%."

A no-savings generation is cashing in their sneaker collections — Los Angeles Times Collections are bringing in needed cash. But sneakers may not hold up as well as other collectibles. And there's capital gains tax to pay.

Create an Estate Plan So Your Kids Don’t Inherit a Headache — The Wall Street Journal Knowing what will happen to a piece of property before its owner becomes ill or dies can help families avoid relationship rifts and lengthy litigation.

71% of Americans do not have an up-to-date will.

Congratulations, Kaycee Link! She completed the most tax returns during week 3 of our VITA program. 🤩

"'In the vast majority of situations it's better to file jointly than it is to file separately. And that's because you get higher benefits associated with that,' said Katie Prentke English, a co-founder of Harness Wealth, a digital wealth-management firm."

Married with taxes: Choose your best filing status — CBS News Filing taxes jointly often saves a married couple money, but filing separately is best when it comes to limiting one's liability.

Don’t let someone else make your decisions for you. You are in control of your future.

"The agency will send several dozens agents to make at least 800 face-to-face visits in February and March of this year, Hank Kea, who directs the IRS field collections operations, said Thursday. The IRS will be identifying other non-compliant individuals throughout the year and adding cases as they find them, he said."

Failed to pay your taxes? The IRS may pay you a visit. — Bloomberg There’s a new incentive to file a tax return this year: an Internal Revenue Service agent may be making a house call if you don’t.

"Fans of NBC’s Law & Order may have a negative reaction when a suspect gets away because of the statute of limitations, and cheer when the DA still finds a way to prosecute someone that viewers know is guilty. Statutes of limitations exist for a reason, however, and when it comes to your own taxes, you should sigh in relief if the IRS tries to audit you too late."

IRS Can Audit for Three Years, Six, or Forever: Here’s How to Tell It pays to be statute savvy. When it comes to your own taxes, you should sigh in relief if the IRS tries to audit you too late. In this area of the tax law, the rules for corporations, partnerships, nonprofit organizations, and individuals are consistent. Author Robert Wood tells you what you need t...

The tax agency noted that will create a "significant risk of a large knowledge and experience gap."

IRS says 31% of its workers to retire in five years — Fox Business Loss of employees may create a risk of knowledge and experience gaps.

Stop by and say hi at the opportunity fair!

VP Lindsay Bayles attended an estate planning conference last week.

Charitable giving may help you minimize taxes while also supporting the causes that are meaningful to you.

Mmmm. Could use some shrimp right about now. Where's the best shrimp in Topeka, KS?!

Duly noted.

If you can relate to this, no worries! Come to our Volunteer Income Tax Assistance program this Spring. We can help you file your taxes.

Simple!