Tax code

MINNESOTA REVENUE DEPARTMENT PROVIDES STAGE UPDATE OF TAX CODE CHANGES

The Minnesota Department of Revenue continues to provide updates on tax code changes enacted earlier this year and their progress in updating their systems. Below is their most recent update. The changes to the Minnesota tax code were enacted on July 1, 2021. The changes relate to unemployment compensation, paycheck protection program (PPP) loan forgiveness, […]

Tax deductions

ATO issues guidelines on tax deductions for NANE COVID-19 grants

The guidelines come as Treasurer Josh Frydenberg says a number of NSW and Victorian-era COVID-19 business support programs are eligible for non-assessable and non-exempt income treatment (NANE ). Under the new law, payments will be treated as NANE income if they were made under a qualifying program, received in the current fiscal year, and were […]

Tax laws

Income tax laws conflict with property tax rules

Federal and state tax laws do not treat coronavirus relief payments as taxable income, but the state has instructed assessors to treat payments as income when calculating a company’s property tax. That contradiction unfolded Thursday before the Garland County Equalization Board, the panel of appointed officials who decide property tax appeals. Parth Patel, president of […]

Tax code

Why advancing racial equity requires fixing our broken tax code

As we continue Black Philanthropy Month, a new Gallup poll has shown Americans have lower confidence in our country’s ability to achieve racial equity in areas like housing and jobs. The results were the lowest numbers on record since Gallup began tracking this data in the 1980s. With black Americans particularly dubious about equal opportunity […]

Tax deductions

How to understand tax deductions for accrued liabilities

Don’t take the deductibility of accrued liabilities lightly. It’s not always as easy as it sounds. Many accountants struggle with tax deductions related to accrued liabilities. At first glance, they seem simple, but when you look at the details, there are several considerations that require special attention. This is generally a concern for accrual-based taxpayers, […]

Tax regulations

Fed. Circ. Supports CIT’s rejection of excise tax regulations

By David Hansen (Aug 23, 2021, 7:00 p.m. EDT) – The Federal Circuit on Monday overturned government rules tightening export tax refunds, upholding a ruling by the United States Court of International Trade and potentially allowing manufacturers to beer and wine larger refunds for duty paid on imports. The lawsuit, brought by the National Association […]

Tax laws

Finland’s tax laws have spawned many Camaro trucks

Photo: Netticar It is strange how much the development, culture and availability of the automobile have been shaped by taxes. In America, we have had a shortage of imported small pickup trucks for years thanks to a tax on chickens, engine displacement taxes in many European countries played a role in the turbocharging boom and […]

Tax code

State lawmakers explore ideas to improve NM’s business tax code

There was at least consensus on the state’s tax code among many New Mexico executives interested in business: it’s not exactly business-friendly. State officials Jason Harper, R-Rio Rancho and Patty Lundstrom, D-Gallup, spend time – including at a meeting of the Legislative Finance Committee on July 22 – thinking about ways to make the tax […]

Tax code

Opinion: Mixed legislative success in the ongoing fight to disrupt Maine’s tax code

The 130e The Maine legislature’s record on tax fairness is mixed. During one of the most chaotic and turbulent sessions in recent memory, lawmakers were able to take a step forward to disorganize Maine’s tax code before running up against some hurdles and leaving other work to be accomplished next year. The obvious successes are […]

Tax code

The value of exchange tax code type 1031, part 2

I want to continue my discussion about the 1031 Like Kind Exchange and how this century-old tax code risks being eliminated or capped by the Biden administration. We believe that the proposed changes would have a huge negative impact on our local economy and we believe in supporting efforts to keep it in place. The […]

Tax laws

100 Events Across the U.S.: Tax Season Updates Cover the Latest Tax Laws and Offer CPE

Registration is now open for all 100+ Tax Season Updates events organized by the National Association of Tax Professionals (NATP). These events are located nationwide to reach tax professionals in every state. This event is also offered virtuallywhich Premium level NATP members can participate for free. These events, formerly known as 1040 updates, are designed […]

Tax code

Helping forest owners navigate the tax code

Posted by Joyce El Kouarti, Office of Communications, USDA Forestry Service August 02, 2021 Cultivating and maintaining forests is a long-term investment. A landowner who plants seedlings in 2018 will only see a return on that investment decades later, assuming no trees are lost to wildfires, insect infestations, hurricanes, or storms. other natural disasters. (Getty […]