Tax breaks

There are some powerful ways to help your clients defer gains and help communities.

Taxpayers can make a late election, or revoke an earlier election, for the tax break for property they have acquired for a business.

The rules set by the Economic Development Commission in St. Thomas allow some businesses to lower their exposure to taxes by up to 90 percent.

The Internal Revenue Service issued a ruling allowing a taxpayer to use a tax-advantaged flexible spending account to pay for the medical portion of an ancestry test.

Liquor stores can’t claim a hot new U.S. tax break designed to create jobs in poor communities. One of the biggest property developers for marijuana ventures says it can.

Investors are starting to pour money into the real estate projects after more than a year of indecision.

Taxpayers wishing to participate for any calendar 2018 capital gains must act quickly.

If liberal and conservative advocacy groups can agree on anything, it’s this: A suite of more than three dozen or so corporate tax breaks that have expired over the past two years should stay dead.

Sen. Ron Wyden, D-Ore., introduced the legislation in response to the recent college admissions scandal.

Democrats would need to sweep the 2020 election if they want to pull the trigger to end the carried interest option.

The American Institute of CPAs has sent the Internal Revenue Service a set of recommendations on changing some of the parking rules for tax breaks for transportation fringe benefits, which the Tax Cuts and Jobs Act mostly eliminated.

There’s plenty of enthusiasm for new U.S. tax breaks for investing in low-income communities designated as opportunity zones. But many people have delayed spending because of uncertainty about how the incentives will work.

A bipartisan group of senators has introduced legislation to make permanent the Work Opportunity Tax Credit, a tax break that encourages companies to hire veterans, people with disabilities and other groups who face barriers to employment, before it expires at the end of the year.

The Internal Revenue Service treats crypto money as a capital asset like stocks or property, not as a currency.

A pair of congressional representatives has introduced bipartisan legislation to discourage abuses of the conservation easement tax break.

The Internal Revenue Service issued guidance Friday on how to deal with state and local tax refunds in the context of the $10,000 limit on state and local tax deductions under the Tax Cuts and Jobs Act.

Bipartisan legislation would make a technical correction in the Tax Cuts and Jobs Act that has kept many stores and restaurants from renovating their facilities.

Canada is reining in a tax break on employee stock options by introducing a cap that it expects will impact executives of major, established companies.

A pair of Republican and Democratic senators introduced bipartisan legislation to fix one of the technical problems in the Tax Cuts and Jobs Act.

What types of businesses don’t qualify for QOZ investment, and which types of taxpayers are best suited for the program?