Tangel involved federal income tax credits for research expenditures under Treas. Reg. §1.41-4A(d) (the "Regulation"). When a customer orders an item from a researcher, the Regulation allocates the tax credits to the researcher or its customer depending on whether the agreement between them "funds" the research. If the agreement provides that the customer pays the researcher regardless of whether the research is successful, then the researcher is funded and not entitled to the tax credits.
In case you are keeping track:
Final Regulations Addressing Carried Interests Issued by IRS
On January 7, 2021, the Department of Treasury and the Internal Revenue Service ("IRS") released final regulations addressing the "carried interest rules" contained in section 1061 of the Internal Revenue Code of 1986, as amended (the "Code"). These regulations finalize the rules contained in proposed regulations that were released on July 31, 2020 and published on August 14, 2020, with various modifications.
Section 1061 generally limits long-term capital gains treatment for carried interests to gains from assets held for more than three years, rather than the one year period that is normally required. Long-term capital gains that do not meet the three-year requirement are converted into short-term capital gains, which are taxed at the same federal income tax rates as ordinary income (i.e., up to 37% as opposed to the 20% rate that generally applies to long-term capital gains of individuals).
COLUMN: Simpler taxes long promised, never delivered | Columnists | morganton.com
February is rough for the self-employed. It's rough because my 1099 forms — official records of how much my clients paid me last year - arrive in the mail.
I'd like to meet the genius who used "contribution" in place of "mandatory tax liability." He's probably the same guy who calls our nearly $28 trillion national debt an "investment."
As a former English major, I've never been fond of math and accounting. But from February through April 15, tax day, I have to do my best at both.
The State of Sales Tax in 2021
2021 will likely bring new sales tax policies, expanded obligations for taxpayers, and expanded enforcement. Liz Armbruester of Avalara looks at what to expect from legislatures and tax authorities as states struggle to balance their budgets in the wake of the pandemic.
The complex and dynamic nature of sales tax means that every year we see ample change across regulations and enforcement. 2020—with all of its change and uncertainty—was no different. Early last year, the global Covid-19 pandemic prompted tax authorities around the world to reduce rates, issue payment delays, and filing extensions to provide relief to taxpayers.
Check out this next:
The Tax Court in Brief - February 2021 | Freeman Law - JDSupra
Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose.
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Short Summary : Taxpayer-wife was involved in a farming activity (raising chickens, growing vegetables, and raising cattle) from which she incurred seven years of losses. She also engaged in rental real estate activities. The IRS examined the taxpayers’ 2012 and 2013 tax returns and disallowed the farming losses on the grounds the taxpayers were not engaged in an active trade or business.
San Diego leaders propose vacancy tax, community land trusts for housing crisis - Los Angeles
San Diego's new Democrat-dominated City Council is proposing several bold ideas to tackle the city's affordable housing crisis, including creating community land trusts, a rent registry, vacancy taxes and forcing landlords to rent to people with pets.
City officials have routinely listed the housing crisis as a top priority, but most of the legislation has focused on streamlining existing regulations and creating incentives for housing developers.
Readers Respond to the Threat a Portland Carbon Tax Poses to Bottle Recycling - Willamette Week
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Tom Purcell: Simpler taxes long promised, never delivered | TribLIVE.com
February is rough for the self-employed. It’s rough because my 1099 forms — official records of how much my clients paid me last year — arrive in the mail.
I’d like to meet the genius who used ”contribution” in place of “mandatory tax liability.” He’s probably the same guy who calls our nearly $28 trillion national debt an “investment.”
As a former English major, I’ve never been fond of math and accounting. But from February through April 15, tax day, I have to do my best at both.
Happening on Twitter
Temporary increases to Universal Credit and Working Tax Credit benefits due to #COVID19 are set to end in April 202… https://t.co/thyN7sgNAI commonslibrary (from United Kingdom) Tue Feb 09 14:49:54 +0000 2021
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