After more than two months of being in lockdown due to the coronavirus, states across the country are slowly starting to reopen (see NYT's interactive map). With restrictions lifting, many businesses are itching to return to physical workspaces. But with federal, state, and local safety guidelines to contend with, resuming “business as usual” is just not possible (at least for the foreseeable future). 

From case law approving an alternative pleading model for trust beneficiaries to avoid triggering a no-contest clause, to COVID-19 relief measures, we have  seen significant developments in estate planning and business law recently. To ensure that you stay abreast of these legal changes, we have highlighted a few noteworthy developments and analyzed how they may impact your estate planning and business law practice.

Legal developments we will cover:

• IRS Regulations Clarify Treatment of Excess Deductions Passed on to Beneficiaries
• New Interim Final Rule Authorizes PPP Loan Increases for Partnerships
• Virginia Supreme Court’s Ruling on No-Contest Clause Case
• Valuation Discount Disallowed for Lack of Control
• IRS Issues FAQs Regarding COVID-19 Relief for Estate and Gift
• Expenses Paid Using PPP Loan Proceeds Later Forgiven Not Deductible
• Congress Passes PPP and Health Care Enhancement Act
• Temporary Relief for Small Businesses Seeking Funding Through Crowdfunding

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), signed into law on March 27, 2020, is designed to provide quick and substantial relief to individuals and businesses affected by the economic shutdown in response to the spread of COVID-19. Several CARES Act provisions provide temporary tax relief for individuals and businesses, as well as enhanced tax incentives designed to encourage charitable giving.