Page 47 - Internal Revenue Code Section News Today

New Research Highlights Economic Contributions of Like-Kind Exchanges Share Article As Section 1031 faces threats from Biden Administration, research found like-kind exchanges generate $7.8 billion in federal, state and local taxes this year. “It’s a myth that Section 1031 is a loophole for the wealthy to avoid paying taxes,” said Julie Baird, FEA President. ANKENY, Iowa (PRWEB) June 01, 2021 New economic research estimates ...

A bipartisan drive to expand tax incentives for carbon capture technology has gained traction on Capitol Hill as Democrats hunt for ways to build consensus support for legislation to advance components of President Joe Biden's recovery plan.

One can't rely on a facially unreasonable appraisal and still claim it was in good faith.

ADVERTISEMENT IRS Tells Justices To Uphold Summonses On Pot Cos. Law360 (May 24, 2021, 9:49 PM EDT) -- For the second time this year, the Biden administrations acting solicitor general has asked the U.S. Supreme Court to uphold a ruling allowing the IRS to seek information about Colorado pot businesses, saying federal law is clear that pot is illegal. Acting Solicitor General Elizabeth Prelogar told the high court on Monday it should reject a petition for certiorari filed by cannabis companies...

To embed, copy and paste the code into your website or blog: As compared to the GREEN Act and other recent proposals, the Clean Energy for America Act would create a more fundamental shift in energy tax credits. TAKEAWAYS Policymakers will need to weigh the benefits of far-reaching changes against the inevitable short-term market disruptions from reformulating applicable tax incentives. On April 21, 2021, Senator Ron Wyden (D-OR) introduced the Clean Energy for America Act (CEAA), a bill that w...

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Far-reaching proposal would replace existing energy and fuel tax credits with technology-neutral incentives. TAKEAWAYS Legislation would increase available incentives and expand availability to all types of power generation facilities with zero or net-negative carbon emissions. Tax credits would expire when emission goals are achieved as opposed to specific end dates. Contains significant incentives for clean transportation and energy efficiency. On April 21, 2021, Senator Ron Wyden (D-OR) intr...

To embed, copy and paste the code into your website or blog: On May 10, 2021, the Internal Revenue Service (IRS) announced the 2022 health savings account (HSA) annual contribution limit and the 2022 high deductible health plan (HDHP) definitional limit per Internal Revenue Code Section 223. Under Revenue Procedure 2021-25 the limits for 2022 are as follows: An HDHP is defined as “a health plan with an annual deductible that is not less than $1,400 for self-only coverage or $2,800 for family ...

As highlighted in a prior September 10, 2020 LawFlash on this same topic, the IRS had announced on August 28, 2020 the temporary approval of the use of digital signatures in a news release ( IR-2020-194, the News Release). This News Release allowed a limited number of IRS forms to be digitally signed. The Memorandum is broader in scope and provides some clarity on what type of signatures are acceptable. In addition to digital signatures, the Memorandum specifically includes electronic signatur...

Brooke Simpson has joined BKD CPAs & Advisors’ national tax services division as an international tax partner based in the firm’s Nashville office. Simpson will provide BKD clients with strategic tax planning for U.S. and foreign multinational organizations and funds. She has experience with international structures, including operations and restructurings, foreign tax credits, repatriation, permanent establishments, corporate reorganizations, transfer pricing and principal structures...