While it may seem as though these issues are generally without controversy, it has not been uncommon in recent years for there to be uncertainty regarding the application of revisions to the Code enacted via legislative changes and how they are applied to some of these more nuanced issues. As such, this is welcome guidance, particularly for financial institutions, which historically have been one of the largest investor groups for rehabilitation and other types of investment credits.
While you're here, how about this:
Trump Golf Course Tax-Break Deal Appears Vulnerable to IRS Challenge - WSJ
A string of recent IRS court victories could threaten a tax break President Trump's business was able to claim in 2014 on its California golf course.
The deduction was tied to the Trump National Golf Club Los Angeles, overlooking the Pacific Ocean. It involved a conservation easement, a legal document that restricted development rights on a portion of the property and allowed an income tax deduction of up to $25 million.
White House Begins Review of Foreign Tax Credit Rules
Proposed regs. on trust and estate deductions
The IRS published proposed regulations ( REG - 113295 - 18 ) on May 11, 2020, to clarify that certain deductions allowed to an estate or nongrantor trust are not miscellaneous itemized deductions and, thus, are unaffected by the suspension of miscellaneous itemized deductions for tax years beginning after 2017 and before 2026.
Some portions of the proposed regulations are new, but others simply follow the language in Notice 2018 - 61 , which basically said that the IRS intended to maintain the deductibility of certain administrative costs incurred by estates and trusts. The proposed regulations make clear that some deductions, including deductions for administrative expenses, are still available despite the suspension of miscellaneous itemized deductions by the law known as the Tax Cuts and Jobs Act (TCJA), P.L.
Many things are taking place:
Income Tax School offers training in current tax regulations, changes in tax law | Stuttgart
LITTLE ROCK — Registration is open for the Cooperative Extension Service's Income Tax School, which is designed to help tax preparers get ready for the 2021 tax season.
The two-day courses, offered through the University of Arkansas System Division of Agriculture, provide tax preparers — and anyone interested in advanced income tax preparation — with the latest updates in the tax code and a review of current tax law. Courses will be offered in-person and online on these dates:
U.S. Treasury Department Releases Proposed Carried Interest Regulations | Jones Day - JDSupra
On July 31, 2020, the U.S. Treasury released proposed regulations governing certain partnership interests held in connection with the performance of substantial services by a partner or related person (so called "carried interests"), addressing the 2017 tax reform provision lengthening the (lower rate) long term capital gain ownership period from one year to three years.
The regulations are proposed to be effective when finalized, but taxpayers may generally rely on them if applied fully and consistently.
Distribution Dates and Amounts Announced for Certain BlackRock Closed-End Funds | National |
BlackRock Resources & Commodities Strategy Trust (NYSE: BCX), BlackRock Enhanced Equity Dividend Trust (NYSE: BDJ), BlackRock Energy and Resources Trust (NYSE: BGR), BlackRock Enhanced International Dividend Trust (NYSE: BGY), BlackRock Health Sciences Trust (NYSE: BME), BlackRock Health Sciences Trust II (NYSE: BMEZ), BlackRock Enhanced Global Dividend Trust (NYSE: BOE), BlackRock Utilities, Infrastructure & Power Opportunities Trust (NYSE: BUI), BlackRock Enhanced Capital and Income
Happening on Twitter
USG issues a #NorthKorea ballistic missile procurement advisory. https://t.co/HY7CMj4yc0 https://t.co/mKTdl8xuYe nktpnd (from New York City) Wed Sep 02 00:25:46 +0000 2020
Chair @WhipClyburn calls taxpayers having to choose between getting aid quickly & wasting federal funds "a false di… https://t.co/tz4xoignAP COVIDOversight (from Washington, D.C. ) Tue Sep 01 17:46:45 +0000 2020
The @USTreasury on Aug. 28 released long-awaited guidance for businesses on how to implement President Trump's… https://t.co/bNMto2yAYo EpochTimes (from New York, USA) Mon Aug 31 17:55:08 +0000 2020
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