Tax strategies

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reinstated Ham Lake, Minnesota based charter school operator Parnassus Building Company's tax-exempt status after it was revoked in May 2022.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

Upper Arlington Schools District Superintendent Dr. Paul Imhoff said an upcoming vote on an operating levy will be harder to secure.

The limit on the SALT deduction caused an estimated 10.88 million individual taxpayers to lose $323.1 billion in tax deductions for the 2018 tax year, the Treasury Inspector General for Tax Administration reported in February.

The gains are putting to rest speculation that tax reform would hurt high-tax, Democratic-leaning states.

None of the 12 recommendations require congressional action and all are within the scope of the administrative powers of the IRS, according to NABL.

It’s unclear if monthly federal subsidy payments on Build America Bonds will be made.

Thursday is the deadline for sending comments to the IRS on its proposal to prevent taxpayers from avoiding the $10,000 federal cap on state and local tax deductions that Congress enacted last December.

An advisory panel suggested modifying the fee structure for tax law violations to encourage more issuers to self-report them.

The IRS has produced dozens of "issue snapshots" for the tax-exempt bond community, charities and non-profits, retirement plans, Indian tribal governments and federal, state and local governments.

Republicans say they would offset repeal of SALT deduction by increasing the standard deduction.