And here's another article:
Wiemann: Trim Your Future Tax Bill By Thinking Ahead
By SHELLY A. WIEMANN
Financial Advisor / Branch Manager, Raymond James
CERTIFIED FINANCIAL PLANNER™ Professional
Founder, Wiemann Wealth Strategies, LLC
* * *
The tax code can be a labyrinth to navigate. Nevertheless, taking action now – while you, your financial advisor and accountant have time to think through the possibilities and maximize your 2020 tax savings – could be more than worth the effort.
Consider adding one or more of these four tax-mitigating moves to your capital gain/loss harvesting and year-end charitable giving:
Easement Deal Appeal Offers Early Test for Old Treasury Rules
Treasury Releases Foreign Tax Credit Regulations
On September 29, 2020, the US Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) issued final foreign tax credit regulations (the "2020 Final Regulations") that include the allocation and apportionment of: (1) stewardship expenses; and (2) research and experimentation (R&E) expenses. The 2020 Final Regulations come after the Treasury and IRS issued proposed regulations (the "2019 Proposed Regulations") on December 17, 2019.
In response to comments, the Treasury and IRS made two important changes in the 2020 Final Regulations regarding stewardship expenses. First, the 2020 Final Regulations turn off the affiliated group rules for stewardship expenses. Thus, a taxpayer treats its US affiliates as separate entities in allocating and apportioning its stewardship expenses.
Check out this next:
Fact-check: Does Texas have ‘lower taxes and less regulations’ than any state in the
Here’s why: For years, Texas Republicans have boasted about policies that they say have drawn out-of-state businesses to relocate to Texas and have led existing businesses to flourish. Former Gov. Rick Perry and others pointed to low taxes, light regulations and a pro-business attitude in describing the "Texas Miracle" — a catchphrase that emerged in the Perry era to explain the state’s booming economy.
Small business accounting regulations and tax shelter implications - Journal of Accountancy
The IRS issued proposed regulations (REG-132766-18) on July 30 related to simplified tax accounting rules for small businesses and updating various tax accounting regulations to adopt the simplified rules enacted by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, under Secs. 448, 263A, 460, and 471. The proposed regulations apply to taxpayers that have inflation-adjusted gross receipts of $26 million or less.
The simplifications provided for under the TCJA include a few main provisions, such as: (1) allowing small businesses to use the cash method of accounting instead of the accrual method, even if they have inventory (Sec. 448(c)); (2) not requiring capitalization of additional uniform capitalization (UNICAP) costs to inventory (Sec.
IRS Issues Partnership Interest Transfer Regulations
The US Department of the Treasury and Internal Revenue Service (IRS) recently issued final regulations under section 1446(f) , a provision enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA) that generally imposes a withholding obligation on transfers of certain partnership interests (Note: All references to "section" are to the Internal Revenue Code of 1986, as amended (the "Code") unless otherwise indicated).
Section 864(c)(8) generally provides that gain or loss derived by a nonresident individual or foreign corporation from the sale or exchange (or other disposition) of an interest in a partnership engaged in a US trade or business is treated as effectively connected income (ECI) to the same extent as such partner's portion of distributive share of gain or loss that would have been ECI if the partnership had sold all of its assets at their fair market value as of the date of the partner's sale
East Texas Ag News: Agricultural businesses should consider special tax regulations and allowances
ANGELINA COUNTY, Texas (KLTV) -It happened again this week. A couple had inherited some rural land and they wanted to keep it, perhaps turn it into an agricultural business. Above all, they had lots of questions and wanted to understand the myriad of taxes and regulations that seem to baffle those outside of the agricultural world.
First of all, putting aside all politics, our government is generally very helpful with taxes and regulations regarding true agricultural producers (farmers and ranchers). I believe this is a well-intentioned effort to support the production of food and fiber. There are lower property taxes for agricultural land and Texas doesn't charge sales tax for items used in ag production.
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