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The Tax Blotter: Aug 4, 2020
A roundup of recent tax news.
A roundup of recent tax news.
As Chief, CI, Lee will lead the IRS’s criminal enforcement efforts to investigate tax code violations and other related financial crimes such as money laundering, public corruption, cyber-crimes, identity theft, narcotics and terrorist-financing.
Projects must satisfy the “substantial rehabilitation test” within a 24- or 60-month period for determining whether the rehabilitation work is sufficient to qualify a building for the rehabilitation credit.
As we head into August, when Congress is scheduled for a recess, lawmakers are poised to present another COVID-19 relief package to the president for his signature. But the Democratic-controlled House and the Senate Republicans still have to hash out ...
Governors and lawmakers in at least eight states have used millions of federal coronavirus relief dollars to protect businesses from tax increases as unemployment skyrockets.
If approved, a tax between 0.1%-0.6% would be tacked on to the annual business tax payment of companies in the city that compensate their executives at a rate 100 times greater than their median employee.
The business interest expense deduction limitation does not apply to certain small businesses whose gross receipts are $26 million or less, electing real property trades or businesses, electing farming businesses, and certain regulated public utilities.
Under the CARES Act, individuals eligible for coronavirus-related relief may be able to withdraw up to $100,000 from IRAs or workplace retirement plans before Dec. 31, 2020, if their plans allow. In addition to IRAs, this relief applies to 401(k) plans.