WASHINGTON, D.C. — The Department of the Treasury and the Internal Revenue Service issued final regulations (PDF) clarifying the reporting requirements generally applicable to tax-exempt organizations.
The final regulations reflect statutory amendments and certain grants of reporting relief announced by the Treasury Department and the IRS in prior guidance to help many tax-exempt organizations generally find the reporting requirements in one place.
This may worth something:
Rising appraisals threaten downtown shops
That was in March, when federal guidelines and state and local orders forced her to shut down Antique and Artisans Emporium to help prevent the spread of the coronavirus.
Now, the Cameron County Appraisal District's reappraisals have boosted two of her buildings' property values by $20,000 while raising another buildings' values by $10,000, she said.
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"During this time, how dare they raise taxes," Ramirez said. "I paid my taxes, paid my insurance and by the time March came along I didn't have any money. It put me totally cash broke."
Marvell Technology Group Ltd.
SANTA CLARA, Calif. , May 28, 2020 /PRNewswire/ -- Marvell Technology Group Ltd. (NASDAQ: MRVL), a leader in infrastructure semiconductor solutions, today reported financial results for the first quarter of fiscal year 2021.
Revenue for the first quarter of fiscal 2021 was $694 million , which exceeded the midpoint of the Company's guidance provided on March 4, 2020 . GAAP net loss for the first quarter of fiscal 2021 was $(113) million , or $(0.17) per diluted share. Non-GAAP net income for the first quarter of fiscal 2021 was $118 million , or $0.18 per diluted share. Cash flow from operations for the first quarter was $176 million .
KS Legislature approves new property tax regulations | KNSS 98.7/1330
Kansas taxpayers would get more information about proposed property tax increases under a plan approved by lawmakers. Legislators passed a bill before wrapping up their session requiring cities and counties to send notices to residents when property tax collections will go up.
The bill also says local governments must hold public hearings on tax rates. Republican Senator Karen Tyson says it gives property taxpayers a better chance to weigh in on increases.
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IRS Issues Proposed Regs on Rehabilitation Credit | Williams Mullen - JDSupra
The IRS has released 26 CFR Part 1, resolving questions regarding the five-year period to claim rehabilitation credits for qualified rehabilitation buildings (QRBs). Prior to the proposed regulation, practitioners were unclear on the special rules of Internal Revenue Code (the Code) sections 47 and 50, relating to recapture, basis adjustment and leased property.
The proposed section describes coordination with the rules of Code section 50 and makes clear that, for the purposes of applying section 50, the full rehabilitation credit is determined in the first year of the five-year period and then allocated ratably over that five-year period.
Salesforce Announces Record First Quarter Fiscal 2021 Results | State | thepress.net
SAN FRANCISCO , May 28, 2020 /PRNewswire/ -- Salesforce (NYSE: CRM), the global leader in CRM, today announced results for its fiscal first quarter ended April 30, 2020 .
"Our results, amidst this global crisis, demonstrated our ability to execute at speed, innovate at scale and the strength of our business model," said Marc Benioff , Chair & CEO, Salesforce. "We made long-term investments in keeping our employees safe, supporting our customers, delivering crucial innovation like Work.com , and helping our communities with PPE, grants, and technology.
Two heirs bought Midland, Michigan dams as a tax shelter. Tragedy followed. | Bridge Magazine
Heirs of the founder of the Boy Scouts of America, Mueller and his relatives needed to reinvest money from the sale of an Illinois property in less than a year — or pay $600,000 in taxes to the IRS.
They would avoid taxes by purchasing four small hydroelectric dams in mid-Michigan near Midland, according to hundreds of pages of federal court records reviewed by Bridge.
The Recorder - My Turn: A new view of the economy
The COVID-19 pandemic has brought the local economy — and many of the advertisers who support our work — to a near standstill. During this unprecedented challenge, we continue to make our coronavirus coverage free to everyone at recorder.com because we feel our most critical mission is to deliver vital information to our communities. If you believe local news is essential, especially during this crisis, please donate.
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The word economy is used most often to describe the mathematical figures assigned to measure certain aspects of business, such as the stock exchange numbers. Thus we have such assessments as "Trump's presidency has been defined by a strong and growing economy" (Boston Globe, 5-10-20) despite growing hunger, homelessness, and inequality of opportunity. This limited view of the economy encourages an unhealthy focus on money.
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