Tax strategies

Kutak Rock warns tax attorneys about the Internal Revenue Service doing compliance checks as opposed to formal audits on certain multifamily bond issues as tax season is expected to add more stress to an understaffed agency.

Unless there is a massive selloff in the next two weeks, there will not be a major spike in market participants using tax-loss harvesting through year-end, said Ben Barber, director of municipal bonds at Franklin Templeton.

Data center projects, which are proliferating across the country, are taking advantage of tax breaks that can be costly for states and local governments.

The IRS finalized tax code regulations that date back to the financial crisis of 2008 that govern the retirement and re-issuance of tax exempt bonds by state and local governments.

A letter signed by GFOA, NLC and NACo, expressed concerns over the IRS and Treasury's tax credit election, particularly, complexities around pre-filing and compliance.

The clarifications are predicted to boost bond issuance .

Technology is improving collection of the tax supporting COFINA bonds.

While hope remains for certain muni priorities in 2023, others look highly unlikely to gain traction in an ideologically-split Congress.

The team has pledged to launch a petition drive to place the project on the May 16 city ballot.

The Internal Revenue Service has reinstated Ham Lake, Minnesota based charter school operator Parnassus Building Company's tax-exempt status after it was revoked in May 2022.

Brokers should be aware that inaccurate tax reporting could force its brokerage clients to seek damages and could force dealers to make their clients sign a liability waiver, as the recent muni case Richard Goodman v. UBS Financial Services highlights.

The Internal Revenue Service will permanently allow TEFRA hearings to be held remotely.

The revised form is a step in addressing the massive backlog of paper Form 8038-CPs that were built up as a result of COVID-19 related shutdowns.

The Internal Revenue Service and Treasury Department have a number of important updates for the muni market in 2022.

The new corporate tax incentive legislation includes an annual cap for a key component, in an effort not to repeat the mistakes of its predecessor program.

The city of Alpharetta wants to repurpose $24.72 million in bonds issued in 2016 by the Development Authority of Alpharetta.

The $4.89 billion in emergency earthquake disaster aid for Puerto Rico and another $16 billion in tax breaks are likely to be scaled back in size if it’s taken up by the Senate.

Two incentive programs expired on July 1, and Gov. Phil Murphy vetoed a bill to extend them unchanged.

The lawsuits were filed a day after 11 Democrats in the Senate and a bipartisan group of 47 House lawmakers announced a long-shot effort to repeal the regulation using the Congressional Review Act.

The IRS regulation is targeted at ending workarounds by state and local governments that have been enacted since the cap was included in the 2017 Tax Cuts and Jobs Act.