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If you have real estate investments, you’ve probably heard of the term, but you may not have a full understanding of what this valuable tax-deferral move can accomplish for you or how it works. Read on for some key terms and tips. ....
To embed, copy and paste the code into your website or blog: On April 9, 2021, the IRS released Private Letter Ruling (PLR) 202114002 (January 13, 2021), which provides additional context to taxpayers worried about whether their Fintech or Insurtech shares represent Qualified Small Business Stock (QSBS) under Internal Revenue Code (IRC) section 1202. PLR 202114002 suggests that a Fintech or Insurtech company that conducts administrative services beyond those that would be performed by a mere intermediary facilitating a transaction between two parties would not be considered engaged in brokerage services for purposes of IRC section 1202(e)(3)(A). More importantly, PLR 202114002 helps confirm that as long as the company does not fall under the definition of a bank or an insurance company, it does not appear to be engaged in any banking, insurance, or similar business for purposes of IRC section 1202(e)(3)(B). ....
Lobo Fire (Nevada County) Pocket Fire (Sonoma County) Sulphur Fire (Lake County) Tubbs Fire (Sonoma and Napa Counties) Many of the questions Action News Now asked the FVT concerned finances and transparency. Action News Now was told on Tuesday that a detailed accounting of all the Trust expenses through December 31, 2020, will be filed with the Court later in the month of April, along with an update on claims payments. As of Monday, the FVT reports that 7,364 Preliminary Payments have been issued for a total of $95,523,500. Pro-Rata Payments of 30% of approved and signed-off claims have also been reported. 183 Pro-Rata Payments have been issued to fire survivors so far, totaling $45,816,527. The average of each of the 183 payments is $250,363. ....