Within a few hours after my January 17, 2014 blog post (read here), as we suspected, President Barack Obama signed the Consolidated Appropriations Act, 2014 (“2014 Act”) into law.
The Canada Revenue Agency announced the launch of the Offshore Tax Informant Program (OTIP), on January 15, 2014. The measure is intended to crack down on international tax evasion and aggressive tax avoidance.
The Crowdfunding movement has moved from an internet e-commerce buzz word to an actual viable way for everyone from the smallest of artists to high profile actors to get funding for a project that otherwise wouldn’t happen.
Like many people, I have a healthy skepticism for infomercials or to-good-to-be-true schemes, so when I kept hearing Alan Thicke – famous for the 1980′s show “Growing Pains,” marrying a Miss World, and the real life dad to pop star Robin Thicke – pitch a tax forgiveness program, I dismissed it.
In December of 2013 the Legislature expanded Real Property Tax Law Section 458-a. This revision allows school districts, by local option after a public hearing, to offer veterans a significant property tax exemption.
The IRS issued proposed partnership regulations to address a series of longstanding partnership tax issues relating to basis adjustments and built-in gains and losses.
On January 15, 2014, the House, by a vote of 359-67, passed an appropriations bill to fund our federal government through September 30, 2014. The next day, January 16, 2014, the Senate passed the bill by a vote of 72-26. The bill will now make its way to President Obama for signature.
Under Texas law, equipment used in “processing,” considered to be a form of manufacturing, is exempt from sales and use taxes. So, a business trying to claim the exemption must prove – by clear and convincing evidence – that the equipment is actually used in “processing” activities.
Starting in 2013, a new 3.8% federal tax, known as the “Medicare Tax,” may apply to some gains on the sale of real estate, including even sales of personal residences. However, this is not a general tax and there are some exceptions. It is best to know the rules and seek competent tax advice.
Continuing the discussion of tax considerations in settling probate contests, the following additonal issues should be considered.