Matthew Lay and Ira Aghai of Deloitte Tax LLP highlight concerns raised by the proposed treatment of adjustments to non-income items provided in the 2020 proposed regulations and other recent guidance relating to the Bipartisan Budget Act of 2015.
For calendar-year partnerships, the centralized partnership audit rules in the Bipartisan Budget Act of 2015 ( BBA ) generally have been in effect since 2018. Understandably, most of the guidance under the BBA relates to adjustments of items of income, gain, loss, deduction, and credit ( income items ). In contrast, there has been very limited guidance on how adjustments to other items ( non-income items ) should be taken into account.
In case you are keeping track:
New legislation proposed to deliver tax relief to Oklahoma businesses | Oklahoma |
In this Wednesday, Feb. 22, 2017 file photo, Oklahoma state Sen. Nathan Dahm, R-Broken Arrow, speaks during a Senate committee hearing in Oklahoma City.
(The Center Square) – Oklahoma small businesses continue to navigate the economic downturn caused by the COVID-19 pandemic, and two Senate bills have been put forth to offer a wide spectrum of tax relief.
Sen. Nathan Dahm, R-Broken Arrow, filed SB 727 , which would eliminate Oklahoma's corporate income tax and franchise tax starting in 2022.
Washington state's land use regulations need an overhaul: real estate policies leave little room
Key Findings 1. The unique circumstances of some agricultural land and timberland sales make them potentially subject to regular real estate tax transactions, despite supposed protections in place.
2. When sorting through tax policies, concerns for personal autonomy should be at the forefront and the rights of the landowner should be considered as a critical guiding factor in how tax rates are applied.
3. The current Real Estate Excise Tax (REET) rate for qualifying agricultural land and timberland is 1.28 percent.
Can crypto be taxed like gold? Is regulation the real threat to bitcoin's $1 trillion market cap?
(Kitco News) As bitcoin continues to surprise with new milestones almost daily, are U.S. officials signaling that more regulation is coming, and is that a threat to this year's massive price rally?
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Yet, despite all the good news, there are signs of worry. After surpassing market capitalization of $1 trillion on Friday, bitcoin prices tumbled from new record highs of $58,000 back to $50,000 on Monday. At the time of writing, bitcoin was trading at $54,222.74, down 6.30% on the day.
This may worth something:
What Are the Tax Benefits of Charitable Trusts? | TAPinto
Beyond the basic tax deductions for charitable giving, setting up one or both of the following types of trusts could provide financial advantages in addition to the personal satisfaction that comes from giving.
When money, securities, property, or other assets are placed in a properly structured charitable remainder trust, the grantor or the grantor's beneficiaries receive payment of a specified amount at least annually. When the trust expires, the designated charity receives the assets that remain.
Investor Lines are Blurring With Smaller Properties | GlobeSt
Nominate an accomplished professional or firm for GlobeSt. Real Estate Forum's Lender Influencers in CRE Finance series, before the submission deadline on March 5.
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Get the latest economic updates, market news, and trends in the multifamily space. Topics cover student housing, a spotlight on Washington, D.C. and more.
It is expected that for 2021, 80% of the properties will likely have tax appeal merit. Discover how automation solutions could cut your contingency fees by up to 90% and save you thousands.
United States: How do you spell relief? C-A-A
After months of partisan bickering and Senate inaction, Congress finally passed another round of COVID-19 relief legislation as part of the Consolidated Appropriations Act, 2021, P.L. 116-260, (" CAA "), which was signed into law on December 27, 2020. We provide a summary of the tax-related CAA provisions and key modifications to the Paycheck Protection Program (" PPP "), before discussing President Biden's tax agenda for 2021.
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Under the CAA, the Employee Retention Credit ("ERC") was updated to provide enhanced and extended benefits and to expand those employers that would qualify for the credit, beyond what was provided in the CARES Act.
Happening on Twitter
Power companies in Texas often get what they want when it comes to regulations, like a proposed rule that should ha… https://t.co/dqz17ReFou JinATX (from Austin, TX) Mon Feb 22 23:43:44 +0000 2021
Today I proposed that states ensure that no voter waits more than 30 minutes in line to vote. If you agree, show… https://t.co/cX0iAQxB3l marceelias Tue Feb 23 16:30:13 +0000 2021
Here's why #BiggBoss14's first runner up @rahulvaidya23 proposed to @disha11parmar on national television… https://t.co/G44Qrl1h4P Bollyhungama Tue Feb 23 08:00:00 +0000 2021
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