There’s plenty of enthusiasm for new U.S. tax breaks for investing in low-income communities designated as opportunity zones. But many people have delayed spending because of uncertainty about how the incentives will work.
The proposed regulations offer further details about a provision of the Tax Cuts and Jobs Act aimed at spurring real estate investment in needy communities.
The program offers qualifying taxpayers who have capital gains income a highly flexible way to defer and eliminate a portion of the federal gain and possibly state gain.
The Internal Revenue Service released a revenue procedure Wednesday offering guidance on the use of tax-exempt bonds to provide housing for military veterans, farm workers and other groups.
The American Institute of CPAs sent a comment letter Tuesday to the Internal Revenue Service about the IRS’s proposed regulations providing guidance about changes in the foreign tax credit in the wake of the Tax Cuts and Jobs Act.
The final rules offer guidance on the penalty for failing to include information that’s supposed to be disclosed under the Small Business Jobs Act and how to calculate the amount.
Like-kind exchanges can vary greatly in their complexity. Basic transactions may require little mental horsepower to conduct, but some can be extremely tricky.
The relief is conditioned on the partnerships providing the missing information in a separate schedule by March 15, 2020.
The Internal Revenue Service is considering issuing rules that could invalidate some of the last remaining strategies in New York and Connecticut to circumvent the state and local tax, or SALT, deduction cap that kicked in for the 2018 tax year.
The Treasury and the service are seeking public comments on the proposal.