Under Section 1031 of the Internal Revenue Code, a taxpayer may sell real property (the relinquished property) and replace it with real property of a like-kind (the replacement property) without recognizing tax on the sale if certain requirements are met. Two of those requirements involve deadlines: the taxpayer must identify replacement property within 45 days
The IRS recently issued Notice 2020-23, which extends the deadline for certain time sensitive actions that are required to be taken between April 1 and July 15. July 15 is the new deadline. The covered time sensitive actions include those actions relating to tax exempt bonds set forth in Revenue Procedure 2018-58, such as
Do you want to find out more information about the organization asking you for money?
The Internal Revenue Service has launched a new tool on IRS.gov that gives fast and easy access to information about exempt organizations. The new tool is called the Tax Exempt Organization Search (“TEOS”).
You can now find the following information
The IRS is starting to notify employers of their potential liability under Obamacare’s employer mandate for the 2015 calendar year. According to the IRS, the determinations are based on the employer’s 1094-C/1095-C informational returns filed for the 2015 tax year as well as individual tax information filed by the employer’s employees.
The IRS will notify
On August 2, 2016, the Treasury Department issued new proposed tax regulations that would substantially eliminate many of the valuation discounts used for transfer tax purposes by family-owned businesses. The regulations disregard restrictions on the redemption and liquidation of a family-owned business for valuation purposes. In effect, this would mean that the value of an