Business connecting lease parties not qualified under section 1202
IRS: Website that connects lessors to lessees is a “brokerage service,” shareholder not eligible for section 1202 capital gain exclusion.
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Smile! New IRS identity verification process requires a selfie
The IRS is tackling identity theft by using ID.me verification technology to guard access to online services.
Congress open to considering a pause on automated tax notices
National Taxpayer Advocate, Erin Collins, recommends the IRS pause automated collection notices. Congress may consider the recommendation.
National Taxpayer Advocate provides 2021 annual report to Congress
The Taxpayer Advocate Service highlighted 10 major IRS problems affecting taxpayers and made several recommendations to mitigate the issues.
U.S. households are drawing down savings as the economy booms
After building up prodigious savings during the pandemic, American households are starting to spend that cash.
The $1.2 trillion infrastructure legislation and the middle market
This legislation represents the most significant modernization of the nation’s infrastructure since the middle of the 20th century.
Looking ahead to 2022
Nearly two years into the pandemic, there are signs that the worst of a once-in-a-century shock to the global economy is beginning to fade.
House passes infrastructure legislation; sends bill to President Biden
Bipartisan infrastructure bill passes House with bipartisan vote. President Biden expected to sign by end of next week.
President Biden signs American Rescue Plan Act of 2021
$1.9 trillion COVID-19 relief plan with broad individual relief and new coronavirus-related funding enacted into law.
The IRS hired more than 1,000 new assisters to staff phone lines
The IRS foresees better phone service for taxpayers by hiring more than 1,000 new phone assisters across all call lines.
Ways and Means proposed IRA changes – what to keep an eye on
Several provisions would tighten IRA rules for high-income individuals, and some other changes apply regardless of income level.
What’s going on with China Evergrande Group?
Investors question whether the potential collapse of China's heavily-indebted real estate developer is China’s "Lehman Brothers moment."
Opportunity zone investors should consider state and local tax credits
Companies may be able to realize additional tax savings through state tax credits and other incentive programs.
House proposed changes – What should wealthy individuals consider?
What are the proposed tax changes affecting individual taxpayers and what should you consider today to limit your exposure to these changes?
Performing a 401(k) retirement plan self-checkup
When an employer sponsors a retirement plan for its employees, it must carefully consider, and continually monitor, the plan provisions.
House Ways and Means releases reconciliation tax payfors
House Ways and Means issues its discussion draft amendment with revenue items to offset $3.5 trillion spending package.