Taxation in the United States

New Research Highlights Economic Contributions of Like-Kind Exchanges

Retrieved on: 
Tuesday, June 1, 2021
Presidency of Joe Biden, Taxation in the United States, Internal Revenue Code section, American Families Plan, Like-kind exchange, Economy, Tax deferral, Exchange, Money, Tax

The research, conducted by Ernst and Young, also found that like-kind exchanges will generate approximately $7.8 billion in federal, state and local taxes this year.

Key Points: 
  • The research, conducted by Ernst and Young, also found that like-kind exchanges will generate approximately $7.8 billion in federal, state and local taxes this year.
  • Baird said all of this economic activity would grind to a halt if President Biden's proposal to cap the 100-year-old tax deferral becomes law.
  • As a means to pay for his $1.8 trillion American Families Plan, the President has proposed capping gain deferred under like-kind exchanges at $500,000.
  • "A cap on like-kind exchanges would effectively eliminate Section 1031 and cripple the commercial real estate market," said Baird.

Nearly 1 in 4 Americans Abroad Want to Give Up Their US Citizenship Due to Taxes

Retrieved on: 
Thursday, May 27, 2021
Nationalism studies, Expatriate, Nationality, Residency, Taxation in the United States, Tax, Anthropology, International taxation, Humanities, United States nationality law

According to Greenback Expat Tax Services' 2021 survey of US expats , 23% of Americans living overseas are seriously considering citizenship renunciation.

Key Points: 
  • According to Greenback Expat Tax Services' 2021 survey of US expats , 23% of Americans living overseas are seriously considering citizenship renunciation.
  • When asked why they wanted to give up their US citizenship, 42% of expats cited the burden of filing US taxes as the primary reason.
  • Because the majority of the world's countries have residence-based taxation models, most Americans overseas must file and pay taxes twice.
  • Greenback Expat Tax Services makes life better for Americans living abroad by taking away the anxiety and hassle of filing US expat taxes while living overseas.

Tabor 100's Black Business Equity Fund grants $462K to local Black businesses

Retrieved on: 
Wednesday, May 26, 2021
Conservatism in the United States, Constitution of Colorado, Libertarian theory, Taxation in the United States, Taxpayer Bill of Rights

SEATTLE, May 26, 2021 /PRNewswire/ --Tabor 100, one of the state's largest minority advocacy organizations, announced Wednesday, it will be providing grants totaling $462,000 to 23 Black businesses using its Black Business Equity Fund (BBEF).

Key Points: 
  • SEATTLE, May 26, 2021 /PRNewswire/ --Tabor 100, one of the state's largest minority advocacy organizations, announced Wednesday, it will be providing grants totaling $462,000 to 23 Black businesses using its Black Business Equity Fund (BBEF).
  • "We received 55 applications, and after careful review, we are delivering grants to 23 firms to take them to the next level in their businesses," Tabor 100 Fund Development Chair Dan McGrady said.
  • "I want to thank all the businesses, non-profits and individuals who contributed to the Fund BBEF."
  • The goal of the BBEF is to "level the playing field" as much as possibletogive Black businesses anotheroptionto raise capital and grow theirorganizations.

States Are Leading the Way to Eliminate Income Taxes, Says Florida Fair Tax Educational Association

Retrieved on: 
Wednesday, May 26, 2021
State taxation in the United States, Tax, Income tax in the United States, Sales tax, Consumption tax, Taxation in the United States, FairTax, State income tax

JACKSONVILLE, Fla., May 26, 2021 /PRNewswire/ --Are states leading the way to eliminate income taxes?

Key Points: 
  • JACKSONVILLE, Fla., May 26, 2021 /PRNewswire/ --Are states leading the way to eliminate income taxes?
  • TexasIn a November 2019 election, 76% of Texas votersapproved the constitutional amendment to prohibit Texas from imposing any income tax.
  • MinnesotaA representative has filed an initiative to eliminate the income and business taxes and replace its sales tax with a retail consumption tax.
  • All 7 of the House seats lost in the 2020 census were lost by states with an income tax, and states without an income tax gained 3 of the seats.

Cryptocurrency Case Filed Against the IRS Raises Important Questions about the Taxation of Newly Created Property

Retrieved on: 
Wednesday, May 26, 2021
Cryptocurrencies, Cryptography, Exonumia, Token coin, Taxation in the United States, Ethereum, Money, Articles

Newly created property, whether it be a piece of art or a baked good, is not considered income under U.S. tax law until it is sold.

Key Points: 
  • Newly created property, whether it be a piece of art or a baked good, is not considered income under U.S. tax law until it is sold.
  • Joshua Jarrett, the plaintiff in the case being filed in U.S. district court, said, "Like any property, cryptocurrency tokens can be income when they're received as payment or compensation.
  • But these newly created tokens are like crops harvested by a farmer -- which are not taxed until they are sold."
  • Fortunately, the correct policy is set under existing law: these new tokens like all forms of new property are not income until they are sold."

The US 401(k) Market Is Now Worth More Than $6 Trillion Dollars

Retrieved on: 
Wednesday, May 26, 2021
401, Taxation in the United States

This in-depth analysis examines almost 600,000 active 401(k) plans, covering more than 88 million eligible workers and $6 trillion dollars in total retirement assets.

Key Points: 
  • This in-depth analysis examines almost 600,000 active 401(k) plans, covering more than 88 million eligible workers and $6 trillion dollars in total retirement assets.
  • 27 different industrial groupings were reviewed and segmented by size, from micro plans with 1-10 people to mega plans with 5,000 or more participants.
  • Judy Diamond Associates' business is built on a commitment to superb customer service and data integrity.
  • ALM serves a community of over 6 million business professionals seeking to discover, connect and compete in highly complex industries.

Legg Mason Partners Fund Advisor, LLC Announces Distributions for Certain Closed-End Funds Pursuant to their Managed Distribution Policy for the Months of June, July, August, September, October, and November 2021

Retrieved on: 
Wednesday, May 26, 2021
Professional services, Finance, Finance, Money, Economy, Income fund, Taxation in Australia, Financial ratios, Taxation in the United States, Taxation in Canada

**The October and November distributions for the Western Asset Inflation-Linked Opportunities & Income Fund (WIW) will be declared at the next board meeting.

Key Points: 
  • **The October and November distributions for the Western Asset Inflation-Linked Opportunities & Income Fund (WIW) will be declared at the next board meeting.
  • Pursuant to its managed distribution policy, each Fund intends to make regular monthly distributions to shareholders at a fixed rate per common share, which rate may be adjusted from time to time by the Funds Board of Trustees.
  • The Board of Trustees may modify, terminate or suspend the managed distribution policy at any time.
  • The Funds distributions have been set based on the current level of income generated from the Funds investment portfolio and accumulated capital gains, if any.

National Association of Enrolled Agents Announces the Installation of New Board

Retrieved on: 
Tuesday, May 25, 2021
National Association of Enrolled Agents, Taxation in the United States, NAEA, Articles, Enrolled agent, Economy, Tax advisor, Organizations

WASHINGTON, May 25, 2021 /PRNewswire/ --The National Association of Enrolled Agents (NAEA) welcomed its new Board of Directors on Monday, May 24, 2021, during the association's installation ceremony.

Key Points: 
  • WASHINGTON, May 25, 2021 /PRNewswire/ --The National Association of Enrolled Agents (NAEA) welcomed its new Board of Directors on Monday, May 24, 2021, during the association's installation ceremony.
  • The National Association of Enrolled Agents (NAEA) has been powering enrolled agents, America's tax experts for nearly 50 years and is the only professional association dedicated to EAs.
  • NAEA is a non-profit membership organization composed of enrolled agents licensed by the U.S. Treasury Department.
  • NAEA provides the networking, educational opportunities, programs and services that enable enrolled agents and other tax professionals to excel beyond their peers.

Canopy Collaborates with IRS on First API Integration for Secure Transcript Retrieval

Retrieved on: 
Monday, May 24, 2021
Professional services, Data management, Security, Technology, Software, Finance, Accounting, Tax, Taxation in the United States, Internal Revenue Service, Tax investigation, API

Canopy , the leading cloud-based practice management platform for accounting professionals, announced that it has been part of an exclusive IRS pilot program to implement the retrieval of transcript data through a new, secure API.

Key Points: 
  • Canopy , the leading cloud-based practice management platform for accounting professionals, announced that it has been part of an exclusive IRS pilot program to implement the retrieval of transcript data through a new, secure API.
  • Canopy is one of just a few companies to collaborate with the IRS as it developed its first API for transcript retrieval.
  • As the first to be added to this program, this partnership builds on Canopys long and constructive relationship with the IRS.
  • Organizations who offer a third-party transcript retrieval service will no longer be able to offer that service as of May 23rd if they have not built an integration with the IRS transcript API.

Engineered Tax Services Allies with WOTC.com to Promote Tax Credits for Hiring the Disadvantaged

Retrieved on: 
Wednesday, May 19, 2021
Tax, Taxation in the United States, Internal Revenue Service, Tax credits

The WOTC Tax Credit is a dollar-for-dollar tax credit (not a percentage) of IRS taxes owed.\n"We\'ve found an ideal partner in WOTC.com," said Julio Gonzalez, CEO of Engineered Tax Services.

Key Points: 
  • The WOTC Tax Credit is a dollar-for-dollar tax credit (not a percentage) of IRS taxes owed.\n"We\'ve found an ideal partner in WOTC.com," said Julio Gonzalez, CEO of Engineered Tax Services.
  • "Work Opportunity Tax Credits are a wonderful way to help the disadvantaged in our society and encourage the employers who hire them.
  • "\nShe added: "Every year, employers claim over one billion dollars in tax credits under the WOTC program!
  • "\nEngineered Tax Services, Inc. (ETS) is the only licensed engineering firm providing specialty tax services to CPA firms and their clients.