This Week In Tax is your one-stop shop for the latest newsworthy tax highlights, giving you a head start on tax planning for the months ahead.
Week of May 20
Claiming Bonus Depreciation on Lesser Known Property in 2022
2022 marks the final year of 100% Bonus Depreciation, which was made possible by The 2017 Tax Cuts and Jobs Act. What does this mean for you? Read on.
Sen. Gillibrand Plans to Bring Back Fashion Industry with FABRIC Act
The FABRIC Act intends to defend workers’ rights, guarantee wage and hour implementation, and endorse a fashion industry that is essential to America. Read on.
Week of May 13
Drop Until You Swap! What to Do With Partners Who Don’t Want a 1031 Exchange
If you need to cash out partners who no longer want to participate in the 1031 exchange, consider the drop and swap. We can help you navigate the process today.
America COMPETES Act Aims to Heighten Competition Overseas
The house and senate are trying to reach an agreement to pass the America COMPETES Act, providing roughly $50 billion towards chip manufacturing. Learn more.
The increased lifetime exemption amount provided for by the Tax Cuts and Jobs Act (“TCJA”) used to shield certain lifetime gift transactions involving GRATs; QPRTs; custodial accounts; transfers of life insurance policies; and certain transfers of a promise to pay could be subject to claw-back after 2025 resulting in a loss of some or all of the increased lifetime exemption provided for in the TCJA.
What happens when the IRS asserts unreported income? How does a taxpayer prove that such income was not received or doesn’t even exist?
Cryptocurrency represents a paradigm shift for money as we know it — how we save it, how we invest it, how we spend it.
They say nothing happens in Washington in an election year. Then again, every other year is an election year. The classic refutation is the passage of the Tax Reform Act of 1986 (”TRA86”) less than two weeks before that year’s mid-term elections.
We don’t expect any legislation of that magnitude to emerge, but that hasn’t stopped the parade of tax bills in Congress – some meaningful, some less so – from being introduced.
Congress has introduced two bills of interest to the automotive industry — the first addresses dealers' LIFO inventory concerns and the second concerning the ‘‘Autofill Act of 2022,” which will allow taxpayers to file returns online on a secure IRS website. The returns would be automatically populated with information already in IRS systems – W-2s, 1099s, Social Security information.
President Biden has sent his 2023 budget proposal to Congress, and it includes information about the way individuals, estates, and gifts may be taxed.
To say that the tax treatment of cryptocurrencies is uncertain would be an understatement. The IRS hopes its guidance will help clear things up. Plus, if you’re considering launching a crowdfunding effort, you should brush up on the IRS’s latest reporting guidance.
Discover even more, here.