Thursday, March 12, 2020

Congress Asks IRS For Update As Rumors Fly About Extending The Tax Filing Deadline

Will they or won't they? That's the question on the minds of many taxpayers as rumors swirl about a potential extension of the tax filing season. 

The letter, which was signed by 16 committee members, noted that "Specifically, we are concerned about the ability of the IRS to provide taxpayer assistance and process returns, as well as the ability of taxpayers, free tax preparation sites, and tax professionals to meet the filing deadline." 

Publisher: Forbes
Date: 2020-03-11
Author: Kelly Phillips Erb
Twitter: @forbes
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While you're here, how about this:

INSIGHT: Opportunity Zone Regulations Good for Taxpayers, Good for Investment

The IRS recently issued final opportunity zone regulations that are making investors and their advisers feel more comfortable with the program. Mike Bernier and Rachel van Deuren of Ernst & Young highlight the significant changes and improvements as well as the smaller changes and clarifications.

The Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) created OZs as a new type of federal tax benefit. Specifically, the TCJA added Sections 1400Z-1 and 1400Z-2 to the Internal Revenue Code of 1986, as amended (IRC), to encourage long-term investment in economically distressed areas by giving tax benefits to taxpayers who invest capital gain into OZs through qualified opportunity funds (QOFs).

Twitter: @tax
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Tax Court affirms Evansville rehab center falls under 3% tax cap - The Indiana Lawyer

An Evansville temporary inpatient rehab center is not considered to be either a long-term care property or a residential property, the Indiana Tax Court affirmed Tuesday. As such, the property owner's tax liability was required to be computed using the 3% property tax cap.

But the Indiana Board, after conducting a final hearing, rejected all three of Universal's arguments and issued a final determination, prompting Universal to appeal in Universal Health Realty v. William J. Fluty, Jr., in his official capacity as Vanderburgh County Assessor , 19T-TA-12.

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Publisher: The Indiana Lawyer
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What Do Sugary Beverage Taxes and Opioid Prescription Regulations Have In Common?

The answer to that question: They both purport to improve health outcomes by harnessing the state's regulatory authority for taxation or prescribing behavior. However, neither has shown to produce any health benefit. A new study shows that Florida physicians follow the rules, but not whether the rules help patients.

* * *

The researchers rightly conclude that the law reduced prescribing behavior. How could it not? It is the law, and in a world of e-prescribing, there is no option to override the system's limits. It is like being surprised that everyone is driving at 30 miles per hour after you change the engines so they cannot go faster.

Publisher: American Council on Science and Health
Date: 2020-03-12T07:28:50-04:00
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Many things are taking place:

IRS T.D.: Offer in Compromise User Fees Set (IRC §7122)

Processing fee of $205 for offers in compromise, agreements between the IRS and a taxpayer to settle a tax debt for less than the full amount that is owed, the IRS stated in final regulations released March 25. The proposed rules had set a $300 fee. The former amount was $186.

Twitter: @tax
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Regulating Backyard Breeders | The Regulatory Review

Unfortunately, existing breeding regulations are not up to the task of controlling the harms from backyard breeding, writes Professor Lisa Milot in her recent article. She proposes a multi-pronged approach to regulating backyard breeding.

Existing dog breeding regulations aim to inhibit mass breeding for commercial purposes and generally do not apply to small-volume breeders. At the federal level, the Animal Welfare Act sets animal treatment standards for research laboratories but exempts breeders that sell to consumers in person as well as businesses breeding fewer than four females.

Publisher: The Regulatory Review
Date: 2020-03-12T04:05:05Z
Author: The Regulatory Review
Twitter: @theregreview
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Cambodia Issues Regulations for Businesses Impacted by COVID-19 and EBA

On February 25, 2020, Cambodia issued regulations to support businesses recently impacted by the coronavirus (COVID-19) outbreak as well as from the partial withdrawal of 'Everything but Arms' (EBA) status by the European Union (EU).

The regulations provide tax breaks and holidays for the country's manufacturing, tourism, agriculture, and property industries. These are key industries to Cambodia's economy, especially, the garment and footwear sectors, which accounted for 80 percent of the country's exports.

Publisher: ASEAN Business News
Date: 2020-03-11T22:32:23 08:00
Twitter: @ASEANBriefing
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Tax Court: Deferred Compensation Triggers Self-Employment Tax | AccountingWEB

A company may reward its executives and others by setting up a deferred compensation plan that pays out amounts in the future. But as evidenced in a new case involving an independent contractor, Dunlap, TC Memo 2020-10, 2/18/20 , recipients may still owe self-employment tax on the deferred compensation payments.

Typically, a nonqualified deferred compensation plan is used to supplement a qualified retirement plan for employees like a 401(k). Comparable to a 401(k), the compensation that is deferred grows without any current tax erosion until payments are made a specified date—say, at retirement.

Publisher: AccountingWEB
Date: 2020-03-11T17:59:22 00:00
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