Tax breaks

Private wealth clients, hedge fund managers and cryptocurrency traders fleeing to Puerto Rico for its huge tax breaks — and to escape President Joe Biden’s proposed capital gains tax increases — are now the focus of a sweeping Internal Revenue Service review.

The so-called 1031 like-kind exchange rule was created a century ago to aid family farmers.

New legislation would equalize the tax breaks for different types of recreational vehicles, including travel trailers and campers.

For accountants and tax professionals working with clients age 50 and older, there are certain tax perks to recommend that could help boost savings for the future.

Three Democratic senators introduced legislation that would stop the tax breaks used by private equity money managers and others.

With the tax recognition deadline of Dec. 31, 2026, still in place, taxpayers who wish to invest unrecognized gains in QOZs need to do so prior to Dec. 31, 2021, in order to obtain any step-up in basis benefit.

CliftonLarsonAllen LLP has managed to secure $11 million in opportunity zone funding for a client building a multifamily development in South St. Paul, Minnesota.

Sen. Ron Wyden proposes ending existing tax breaks for fossil fuels and creating new incentives for low-and-no carbon energy sources.

The service intends to take steps to automatically refund money starting in May and continuing through the summer.

The service released a FAQ to explain how students and universities should report emergency financial aid grants related to the pandemic.

Estimates suggest that the total of the net operating loss refunds may eventually top $25 billion.

With the passage of so much tax legislation over the past several years, there is tremendous opportunity for savings and planning.

For those with less than $150,000 in adjusted gross income who collected unemployment benefits this past year, the COVID relief bill allows them to receive up to $10,200 of those benefits tax-free.

The new venture enables CPA firms to help small-business owners secure employer-based tax help.

The Internal Revenue Service posted information about how to correctly compute the new exclusion on a portion of unemployment income as Congress pushes the IRS for further tax-filing relief.

The House Oversight and Reform Committee is probing whether executives at four drug industry companies plan to use a pandemic-related tax break to deduct opioid settlement payments.

Maneuvers played out across the country as census tract boundaries were changed to accommodate wealthy investors whose projects fell outside the lines of roughly 8,700 opportunity zones. About 140 tracts grew in size.

More and more accountants are recommending their homeowner clients consider solar panels. Here’s why.

Three House Democrats are pushing legislation that would repeal the carried-interest tax break used by fund managers to reduce the levies they owe to the Internal Revenue Service.

The GREEN Act would encourage residential investments in green energy and energy efficiency, and incentivize greater adoption of zero-emission vehicles, among other things.