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Repeal of the Personal Property Like-kind Exchange (… or, the Swap of §1031 for Increased Bonus Depreciation and Expensing)
Category: Tax
One of the lessor discussed items in the recently enacted Tax Cuts and Jobs Act (“TCJA”) has been the change to Section 1031, limiting the like-kind exchange provisions to exchanges of real property only. Section 1031 of the Internal Revenue Code provides an exception to the general gain…
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Tax Practitioners May Use Return Information to Market to their Return Preparation Clients, But Some Use and Disclosures Require Written Consent Beforehand
Category: Tax
Accounting firms have specific rights and duties that come into play when they market to their clients using data gleaned from the return preparation process. The general rule is that returns and return information cannot be disclosed without consent. For example, on the government side Section…
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South Dakota v. Wayfair: The Physical Presence Rule - Outdated and Overturned
Category: Tax
South Dakota v. Wayfair:[1] Just about every State in the U.S. imposes a “sales tax” on the retail sale of goods and services in their State.[2] That sales tax is required to be collected and remitted by the seller of the goods or services; however, if the seller does not collect and remit the…
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IRS Pays $175,000 in Damages for Willfully Violating Bankruptcy Discharge By Making Collection Attempts Upon Discharged Debtor
Category: Tax
In a battle of competing statutes, the First Circuit Court of Appeals has held that the IRS’s good faith belief that it had a right to collect debts discharged in bankruptcy because the debtor had filed a fraudulent return or willfully attempted to evade or defeat tax, was an insufficient basis to…
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IRS Says Not So Fast to States' Attempts to Convert High State and Local Tax Obligations to Charitable Deductions to Escape TCJA Limitations
Category: Tax
In Notice 2018-54, the IRS has notified taxpayers that proposed regulations are forthcoming which will deny state attempts to convert a taxpayer’s state and local tax obligations to a charitable deduction in order to avoid the limitations on the deductibility of state and local taxes under the Tax…
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