If you're a serious real estate investor, you probably know all about tax-deferred Section 1031 like-kind exchanges. A properly structured Section 1031 exchange allows you to swap one piece of real estate property for another without paying any federal income tax — even if the property you're unloading is greatly appreciated.
This longstanding tax break has contributed to the making of many fortunes. However, consider these two things:
No. 1. Democratic presidential candidate Joe Biden's proposed tax plan would eliminate the Section 1031 exchange privilege.
Check out this next:
How Taxes Could Change After the Election
There are three probable outcomes to the November elections and each will differently affect the likelihood and potential shape of changes to the tax code:
President Trump wins reelection, the Senate stays under Republican control, and the House remains under Democratic control. Under this scenario major changes to the tax code or to tax regulations may be limited, but proposals will be made on both sides of the aisle that could gain traction so will bear watching. House Democrats would be expected to continue to push the party's tax agenda, including claw backs of the 2017 Tax Cuts and Jobs Act (TCJA), i.e.
IRS Issues Final Rules For ABLE Accounts - Disability Scoop
The Internal Revenue Service is putting out final regulations on ABLE accounts. (Molly Riley/McClatchyDC/TNS)
Federal officials are firming up rules for a relatively new type of account that allows people with disabilities to save money without jeopardizing their government benefits.
The Internal Revenue Service issued final regulations this month spelling out details about how ABLE accounts should operate.
The accounts, which were established by the 2014 ABLE Act , allow individuals with disabilities to accrue up to $100,000 without risking eligibility for Social Security and other government benefits. Medicaid can be retained no matter how much money is saved in the accounts.
Ernst talks pandemic relief, bipartisanship, Supreme Court, and more in one-on-one with TV9
CEDAR RAPIDS, Iowa (KCRG) - Ahead of the Nov. 3 general election, Republican Senator Joni Ernst spoke with KCRG-TV9′s Mary Green in an extended, one-on-one interview in Cedar Rapids on Friday, Oct. 9.
Ernst, a native of Red Oak, Iowa, vying for her second term in the U.S. Senate, will face Democrat Theresa Greenfield on the ballot.
She spoke with TV9 about what she's not willing to compromise on in a pandemic relief bill, what police reform she believes needs to come at the federal level, if denials for ethanol waiver requests are enough to aid farmers, what bill she believes she can pass in a second term that eluded her in her first, and more.
This may worth something:
Foreign tax credit allocation and apportionment rules finalized
Taxpayers received guidance Tuesday on how to allocate and apportion deductions and creditable foreign taxes and on other issues relating to foreign tax and the foreign tax credit in final regulations posted by the IRS ( T.D. 9922 ). The IRS also posted wide-ranging proposed regulations regarding the foreign tax credit ( REG-101657-20 ).
In addition to discussing the allocation and apportionment of deductions under Secs. 861 through 865 and creditable foreign taxes, the regulations cover:
Philippines—Taxation of Digital Transactions
NJBIA Supports Legislation Addressing UI Payroll Tax Increase - Insider NJ
The New Jersey Business & Industry Associated testified today in support of legislation that aims to avoid a massive unemployment insurance (UI) payroll tax increase in 2021 by way of more manageable payroll tax increases spread out over time when the business climate has improved.
* * *
NJBIA Vice President of Government Affairs Christopher Emigholz also told the Senate Labor Committee it was a positive that bill S-3011 would adjust the calculation of business-specific experience ratings – so employers would not be penalized with even higher UI taxes for layoffs beyond their controls during the pandemic.
I.R.S. Revelations from A Retired Agent About Fair Taxes
JACKSONVILLE, Fla. , Oct. 9, 2020 /PRNewswire/ -- I.R.S. agent Todd Hilgefort retired with 27 years experience, 10 years with the Exempt Organizations Unit and 17 years with the Employee Plans Unit. Todd graduated from the University of Cincinnati with a Bachelor of Business Administration degree and major in Accounting. His major duties involved plan approvals, exempt status, penalties, field work and audits.
No comments:
Post a Comment