The Internal Revenue Service issued guidance providing additional details about investment in qualified opportunity zones. The proposed regulations allow the deferral of all or part of a gain that is invested into a Qualified Opportunity Fund (QO Fund) that would otherwise be includible in income.
Month: April 2019
On July 1, 2018, New Jersey Governor Phil Murphy signed into law Assembly Bill 4202 / Senate Bill 2746 (the Law) making changes to the state’s Corporation Business Tax (CBT) Act.
A partnership may elect to expense property under IRC §179 only if the partnership uses the property predominantly (more than 50%) in the active conduct of a trade or business.
Tax-related identity theft occurs when a thief uses someone’s stolen Social Security number to file a tax return and claim a fraudulent refund.
The Internal Revenue Service announced the results of a national two-week education and enforcement campaign to combat employment tax crimes featuring visits to nearly 100 businesses showing signs of potential serious noncompliance and taking several dozen legal actions against suspected criminals.
Anyone else can request an automatic extension Anyone can request an automatic tax-filing extension, but some people get extra time without asking, according to the Internal Revenue Service.
The Internal Revenue Service issued guidance that provides a safe harbor allowing professional sports teams to treat certain player and staff-member contracts and draft picks as having a zero value for determining gain or loss to be recognized on the trade of a player or staff-member contract or a draft pick.