Tax breaks

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.