The regular decision is something that I would normally not cover in depth because it is too lawyerly for me - a majority opinion, a concurrence and a dissent that dive deep into how the Administrative Procedures Act applies to an IRS regulation, but its nominated, so it requires a look.
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The Tax Court has been rather preoccupied with conservation easements this year. Oakbrook is representative of one IRS approach - denying deductions based on technical errors. In this case it was the perpetuity requirement. In the memo decision Judge Holmes goes for air war metaphors distinguishing between "surgical strikes" on valuation and "three sorties" that the Commissioner "hopes will cause more widespread casualties". The particular sortie in Oakbrook was:
In case you are keeping track:
Horizon offers N.J. $1.25B in cash for fewer regulations and a tax cut.
Images of the Horizon Blue Cross Blue Shield headquarters in Newark. (Matt Smith | For NJ Advance Media) NJ Advance Media
Two state committees Monday approved a bill that would permit a sweeping and controversial corporate restructuring of New Jersey's largest health insurance provider, which would net the state budget as much as $1.25 billion over the next quarter-century, in exchange for less government oversight and fewer taxes.
Final Regulations on Business Donations to Scholarship-Granting Organizations Make for Good
In August, the U.S. Treasury Department and the Internal Revenue Service issued final regulations on the deductibility of payments of cash or in-kind donations to certain tax-exempt organizations if the donor receives in return some form of consideration, e.g. , state or local tax credits. The regulations are now effective but can be applied retroactively as well, if the taxpayer so elects, to “qualifying payments” made on or after January 1, 2018.
First, the final regs adopted the safe harbor in the proposed regs regarding donations by either taxable “C” corporations or “specified PTEs” to qualified organizations if in return the donor receives or expects to receive a credit against a state or local tax imposed on the entity itself, e.g., a property tax or sales or excise tax.
The Day One Agenda for Corporate Taxes - The American Prospect
Corporations like ExxonMobil routinely benefit from tax breaks they should not receive simply because the IRS does not investigate and disallow them in time.
This story is part of the Prospect 's series on how the next president can make progress without new legislation. Read all of our Day One Agenda articles here .
A year ago, my colleagues and I published a report concluding that 91 profitable Fortune 500 corporations avoided paying any federal corporate income taxes in 2018, the first year that the Trump tax law was in effect.
Other things to check out:
IRS and Treasury Department Release Final Regulations Regarding Like-Kind Exchanges | Bracewell
On November 23, 2020, the IRS and Treasury Department released final regulations (the Final Regulations) under Section 1031 of the Internal Revenue Code of 1986, as amended (the Code).
Definition of Real Property
Code Section 1031 does not define the term “real property,” but, prior to the TCJA, applicable State and local law classification often was the determining factor for characterizing an asset as real property for purposes of Code Section 1031.
Improvements to Land Treated as Real Property
For purposes of Code Section 1031, real property generally includes improvements to land. The Final Regulations, like the Proposed Regulations, define improvements to land as inherently permanent structures and structural components thereof, and further define an inherently permanent structure as a building or other structure that is (1) a distinct asset based on all the facts and circumstances and (2) permanently affixed to real property.
Federal Tax Court Clarifies Cannabis Income Tax Liability | Arent Fox - JDSupra
While it remains illegal to buy and sell cannabis under the federal Controlled Substances Act, the IRS collects income taxes from cannabis businesses, which largely operate under various state laws. By selling a Schedule I controlled substance, cannabis businesses are largely restricted from claiming business expense deductions and certain costs of goods sold (COGS) to reduce their tax liability.
The United States Tax Court recently addressed this issue in Richmond Patients Grp. v. Comm'r of Internal Revenue , 119 T.C.M. (CCH) 1342 (T.C. 2020), in which the court considered whether:
Hoboken wants a higher marijuana tax - Hudson Reporter
The Hoboken City Council has unanimously adopted a resolution urging Gov. Phil Murphy and state legislators to allow certain municipalities to generate additional tax revenue from the sale of cannabis to cover costs of public safety and welfare, social justice, and education.
This comes just before lawmakers passed a historic bill that establishes rules and regulations for legal cannabis sales after New Jersey voted to legalize marijuana this past November.
SurePrep and Bittax Launch Strategic Partnership for Cryptocurrency Tax Automation
IRVINE, Calif. , Dec. 16, 2020 /PRNewswire/ -- SurePrep and Bittax announced a strategic partnership to streamline cryptocurrency tax compliance for tax professionals. This partnership ensures tax professionals have the necessary technology to address the needs of taxpayers who will be under increasing IRS scrutiny this year and into the future.
Bittax generates full crypto activity tax reports based on blockchain data collection and analysis, both in FIFO and specific identification methods. TaxCaddy and 1040SCAN are recognized as the premier taxpayer collaboration and scan-and-populate solutions in the tax and accounting field. Together, SurePrep and Bittax streamline the gathering, analysis and reporting process to ensure forward-thinking firms are ready to serve their clients who buy and sell digital assets.
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