The Tax Cuts and Jobs Act (TCJA) limited the ability of taxpayers to engage in a tax-deferred exchange (1031 exchange) in property held for investment or business use. The TCJA removed the ability to engage in a 1031 exchange for any property other than real property. Gone are the days of a tax-deferred trade of equipment, vehicles, or other tangible personal property used in a trade or business. But now we need a better definition of what constitutes real estate for this purpose.
And here's another article:
Foreign Crypto Exchanges Like Paxful, Binance to Pay 1.5% Tax Under Kenya's New Regulations
The Kenya Revenue Authority (KRA) has clarified that its planned digital service tax (DST) will be applicable to cryptocurrencies at a rate of 1.5% on gross transaction value, local media reported.
In August, the agency announced new rules for the taxation of what it calls “digital marketplaces.”
However, with oblique definitions on such key terms, it has not been clear who exactly will be taxed under the new regulations that come into force on Jan 1, 2020.
Busy Tax Pros Buried in IRS Push to Finish Tax Overhaul Rules (2)
San Francisco Tax Propositions on the November Ballot | Coblentz Patch Duffy & Bass - JDSupra
San Francisco voters will confront a number of tax measures on the November ballot. These measures are summarized below.
* * *
San Francisco imposes a number of taxes under the Business and Tax Regulations Code (the “SF Tax Code”) on businesses engaged in business within the City. Three general taxes—so called because the revenues from which go to the City’s General Fund—imposed by the City are (1) the Business Registration Fee, (2) the Payroll Expense Tax, and (3) the Gross Receipts Tax.
In case you are keeping track:
Section 1446(f) Final Regulations: Key Changes to Guidance on Non-Publicly Traded Partnership
Enacted as part of the “Tax Cuts and Jobs Act,” Section 1446(f) generally requires a transferee, in connection with the disposition of a partnership interest by a non-U.S.
Prior to issuing the Proposed Regulations, the IRS had issued Notice 2018-08 and Notice 2018-29 to provide interim guidance with respect to Section 1446(f) Withholding.
* * *
The Final Regulations make several changes to the Proposed Regulations, some of which are taxpayer-friendly, including:
Report supports established interstate mobility principles - Journal of Accountancy
The Alliance for Responsible Professional Licensing (ARPL) recently released " Licensed to Move: Pathways, Principles, and Pitfalls for Interstate Practice ," a report that examines successful mobility and reciprocity practices in state licensure that allow professionals to practice across state lines.
The AICPA is a founding member of ARPL, a group composed of national associations that represent highly complex, technical professions and their state licensing boards. ARPL members are licensed in all U.S. states and territories; have established uniform education, examination, and experience standards; have created proven national mobility paths for professionals; and have more than 100 years of combined experience in creating greater flexibility for professionals.
Commentary: I wrote Illinois' 'flat tax' legislation and believe the state should keep it -
When Richard Ogilvie was elected governor of Illinois in 1968, he recruited a group of extraordinarily talented young people, many of whom later became civic leaders themselves, and set about extricating Illinois from financial debacle.
He did an incredible job, and as Mike Royko commented, "Ogilvie built one of the nation's finest state governments; he was the best man in Illinois government, maybe the best governor in the country." However, Ogilvie's reward for courage and reform was to be denied reelection.
Final Regulations Address TCJA Disallowance for Meal and Entertainment Expenses - Lexology
Prior to the enactment of the TCJA, 50 percent of expenses for entertainment was deductible if (1) the expense related directly to the active conduct of the taxpayer’s business or (2) there was a bona fide business discussion relating to the taxpayer’s business either immediately before or after the entertainment activity. TCJA repealed this statutory structure and made such expenses nondeductible.
The Objective Test . For determining whether an activity is “of a type generally considered entertainment,” the final regulations adopt an objective test. The regulation’s attempt to define “entertainment” is circular and somewhat unhelpful in that it states an entertainment activity is one that is generally considered to be entertainment.
Happening on Twitter
All media eyes were on Michael Schumacher at Jerez in '94, since he was returning from a 2-race ban. On race day, w… https://t.co/vGKdfOgM5H TheBishF1 (from London, England) Fri Oct 16 08:53:08 +0000 2020
It feels good to see Netflix starting to produce original animated short films : - If Anything Happens I Love You (… https://t.co/i97BzHCGAw catsuka (from France) Wed Oct 14 23:16:09 +0000 2020
Currently interpreting this as Michael Thomas saying something rude to Taysom Hill, and Sean Payton getting PISSED https://t.co/AvDTTi3Fi1 JoshNorris Sun Oct 11 20:24:21 +0000 2020
No comments:
Post a Comment