Saturday, May 16, 2020

Tax relief for mortgage debt cancellation key issue for Minnesota Realtors - StarTribune.com

The real estate industry has changed in innumerable ways over the past decade, and in even more unfathomable ways over the past century. Which is why on the 100th anniversary of the founding of the Minnesota Realtors, a statewide trade group for residential Realtors, is rolling out a major rebranding effort that’s being led by Heather Boschke, the organization’s new vice president of marketing and communications.

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A: The Realtor membership is a three-tier system. The National Association of Realtors (NAR) serves the 1.4 million Realtors across the country and every state has an association and every state is comprised of local associations. Each tier in that system plays a different role dedicated to helping Realtors build their careers and grow their businesses. Minnesota Realtors serves the entire state by partnering nationally with NAR and locally with 16 regional associations.

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Publisher: Star Tribune
Twitter: @StarTribune
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This may worth something:

With sales tax revenues down sharply, nexus becomes tool of choice for states | Accounting Today

Enter COVID-19. Mandatory closures of nonessential businesses have created a full-stop, historic contraction of consumer spending.The impact is staggering, based on the early numbers. Unemployment claims rose by 22 million in April, raising the unemployment rate to 14.7 percent. U.S. consumer spending plunged 7.5 percent in March, according to the Commerce Department, the sharpest monthly drop since 1959.

The most heavily impacted sectors employ 37 million Americans — retail, restaurants, bars, transportation, entertainment (sports, arts and theaters), accommodations and services. These are the exact same industries that supply the bulk of sales tax revenues in the U.S.

Publisher: Accounting Today
Date: 2020-05-15T19:03:48.331
Author: https www accountingtoday com author robert schulte
Twitter: @AccountingToday
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Business Owner Asks Court to Delay Transition Tax Enforcement

A federal court should delay the enforcement against small businesses of regulations on repatriation of foreign profits until the IRS and Treasury Department have complied with procedural requirements, according to a new court filing.

Monte Silver and his company, Monte Silver Ltd., made that argument in a memorandum supporting their motion for summary judgment , both filed on Friday at the U.S. District Court for the District of Columbia.

The lawsuit centers on whether federal officials followed the proper procedures when issuing regulations implementing tax code Section 965 . The section, created by the 2017 tax law, requires...

Twitter: @tax
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IRS issues final (for now) debt/equity regulations | Eversheds Sutherland (US) LLP - JDSupra

Final regulations addressing the treatment of certain related-party indebtedness as equity for US federal income tax purposes were released on May 13, 2020. The regulations finalize without material change regulations that were issued as temporary and proposed regulations in 2016. In finalizing the regulations, the Internal Revenue Service (IRS) eliminated uncertainty that resulted from the expiration of the temporary regulations at the end of 2019.

The section 385 regulations as finalized treat certain related party indebtedness that is issued within three years of a distribution by the issuer as equity for US federal income tax purposes (the “Distribution Regulations”). A Notice of Proposed Rulemaking issued in November 2019 indicated that the IRS and Treasury intend to issue more streamlined and targeted Distribution Regulations.

Publisher: JD Supra
Twitter: @jdsupra
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In case you are keeping track:

Abbott urged to freeze property valuations as protest deadline looms 

EDINBURG — Three Rio Grande Valley congressmen are joining a growing chorus of elected officials calling on Gov. Greg Abbott to freeze 2020 property tax valuations as Texans continue to endure economic hardships on account of the coronavirus pandemic.

Ten members of the Texas Democratic Congressional delegation — including U.S. Reps. Vicente Gonzalez, D-McAllen, Filemon Vela, D-Brownsville, and Henry Cuellar, D-Laredo — sent a letter to Abbott on Wednesday requesting he suspend any raises, interest and penalties on property taxes for the current taxable year.

Publisher: The Brownsville Herald
Date: 2020-05-16T15:00:34-05:00
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New York Tax and Finance Department Proposes Regulation on Third Quarter 2020 Fuel Tax Rates
Twitter: @tax
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Israel Atty Seeks Halt To Overseas Tax, Citing Dense Regs - Law360

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Author: https www law360 com tax authority articles 1274033 israel atty seeks halt to overseas tax citing dense regs
Twitter: @law360
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Shortened by COVID-19, legislative session leaves key issues unresolved | State News |

Members of the Missouri House celebrate the end of Friday's session with the traditional paper toss.

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House Speaker Elijah Haahr, R-Springfield, presides over the Missouri House on the last day of this year's session.

Rep. Deb Lavender, D-Kirkwood, speaks during debate on the final day of this year's legislative session.

JEFFERSON CITY — The last few weeks of Missouri's legislative session are always hectic, but amid a global pandemic, the word took on a new meaning.

Publisher: Columbia Missourian
Date: 2020-05-15T20:00:00-0500
Author: Emily Wolf
Twitter: @comissourian
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