Prior to Section 512(a)(6)'s enactment, an EO that regularly carried on multiple unrelated trades or businesses was permitted to aggregate all of its income and losses arising from those activities. For example, if an EO operated a profitable restaurant and also operated a gift shop that operated at a loss, the EO was permitted to offset the restaurant's income by the gift shop's losses.
Section 512(a)(6) changed this result by providing that an EO's UBTI must be computed separately with respect to each unrelated trade or business – i.e., unrelated trades and businesses must be "siloed." Thus, under the example above, the EO would no longer be permitted to aggregate the restaurant's income with the gift shop's losses.
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Columbia Mall will not re-open Monday under new COVID-19 regulations | KRCG
Now May Be Good Time To Pull Opportunity Zone Funds - Law360
Investments in designated opportunity zones, like this one in Baltimore, come with tax relief established in 2017, but there could also be advantages for withdrawing from such funds in light of the pandemic. (AP)
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Q&A: House District 45 Lisa Martinez » Albuquerque Journal
What steps should the Legislature take to ensure New Mexico has a balanced budget amid falling oil prices and an economic downturn prompted by the coronavirus outbreak?
We’re in a health and economic emergency. Our Land Grant Permanent Fund exists for such emergencies, and is well-funded for at least the next two years. We can then revisit the budget depending on revenues, as I fear higher taxes and drastic spending cuts now could exacerbate the economic crisis.
Quite a lot has been going on:
Sales tax conflicts where two states tax the same transaction
While it is not uncommon for certain goods and services to be taxable in one state and exempt in another, sometimes two states will impose sales tax on the same transaction. When the same transaction is subject to tax by different jurisdictions, a credit for taxes paid may be given, but not always. Taxpayers should understand not only whether their goods and services are taxable in a jurisdiction where they have nexus but also how the tax is imposed and administered.
Historic Preservation Fund Announces Archaeology Category – WBIW
(INDIANAPOLIS ) – The DHPA has decided to make a change to applicant eligibility for the Archaeology category only. In order to facilitate more potential archaeology projects through the HPF program, private, for-profit entities will be eligible to apply for and receive grant funds. However, federal regulations prohibit grant recipients from making a financial profit as a direct result of the grant-assisted project.
Proposed Fiscal Year 2021 evaluation criteria and priorities for the Archaeology category can be found here: https://www.in.gov/dnr/historic/7589.htm . Please note that the priorities are only one component of a grant proposal. Application packets from last year's grant cycle can be found here: https://www.in.gov/dnr/historic/3671.htm which may provide insight into the process. Application packets will be updated for FY2021 and posted online by Aug. 1, 2020.
INSIGHT: CARES Act for Not-for-Profit Entities
The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), a $2 trillion economic relief bill signed into law on March 27, 2020, includes components intended to provide significant support and emergency relief to nonprofit organizations, their employees, and the freelancers they engage.
In addition to providing financial support, the CARES Act created new tax benefits which give donors additional incentives to support nonprofits, and temporarily eased the tax burden on nonprofits and their employees through, for example, an employee retention tax credit, payroll tax deferral, and changes in the treatment of net operating losses for unrelated business taxable income.
Keeping it Simple: Approaching the Next Stage of Coronavirus Tax Policy
Each time a new provision is added to the federal tax code, complexity increases for both the taxpayer and the IRS. Moreover, some provisions are more complicated than others. The simplest technical correction may change only a few sentences on filing forms. By contrast, the most complicated provisions often come with hundreds of pages of regulations, explanations, and ongoing notice and comment before being finalized.
Transparent policies help businesses and individuals make more informed decisions about their consumption, saving, and economic behavior. This becomes even more critical when responding to a complex public crisis, such as the current health and economic situation. When businesses and taxpayers look to the government for relief, it is paramount that lawmakers do their best to craft transparent and coherent legislation that is the least confusing for all.
Happening on Twitter
Update: The news is good. Puerto Ricans are now receiving their stimulus check after the IRS and treasury departmen… https://t.co/ogZ18Aki2t DavidBegnaud (from New York City) Sat May 02 15:30:13 +0000 2020
What's taking @USTreasury & @IRStaxpros so long to approve the Puerto Rico treasury depts plan to distribute 1,200… https://t.co/cmbE9X8hPB DavidBegnaud (from New York City) Fri May 01 13:43:14 +0000 2020
BREAKING: Puerto Rico's Governor says the island have received approval from the IRS & the @USTreasury to begin "di… https://t.co/DQ559ln7q8 DavidBegnaud (from New York City) Fri May 01 17:01:21 +0000 2020
This can be summed up with: Israel's biggest bank was very naughty and did not have much respect for the IRS or Tre… https://t.co/esHLj1GYoa ericgarland (from USA) Thu Apr 30 18:01:11 +0000 2020
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