The Internal Revenue Service and the Treasury Department issued final regulations related to Section 1031 like-kind exchanges. The new regs address the definition of real property, as well as the receipt of personal property that is incidental to real property received in a like-kind exchange. “Real property” now includes land and, generally speaking, anything permanently
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This month, New York Assemblywoman Linda Rosenthal (D) introduced A11123 which, if enacted, would increase the excise tax on ”other tobacco products” (including cigars) from 75 percent to 129 percent of wholesale value and the excise tax on vapor products from 20 percent to 48 percent of retail value. Excise taxes on tobacco products are
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France is hoping for a quick end to the simmering transatlantic trade battle over its tax on technology giants such as Facebook Inc. as soon as President-elect Joe Biden takes office. French Finance Minister Bruno Le Maire will speak with members of Biden’s team on Monday with the aim to end the bilateral conflict by
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President-elect Joe Biden plans to nominate former Federal Reserve Chair Janet Yellen to serve as his Treasury secretary, people familiar with the matter said, choosing the first woman and a seasoned central banker for the nation’s top economic policy job as the coronavirus pandemic threatens another U.S. downturn. In Yellen, Biden is likely to find
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Getty Images If you receive a text, email or phone call purporting to be from the Social Security Administration, think twice before responding. The people on the other end are likely fraudsters. And they’re looking to catch individuals off guard and take advantage of their fears. The November Retirement Confidence Index from SimplyWise, a technology
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Illinois, home to Chicago, has five times as much debt as it does assets for the fiscal year … [+] 2018-2019. States like New Jersey, Massachusetts and New York aren’t much better off. getty The year 2020 has not been a kind one for budgets. Whether it’s spending more than ever to stay alive or
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The IRS Office of the Chief Procurement Officer has partnered with Data and Analytic Solutions of Fairfax, Virginia, and with academic researchers to use data analysis to improve IRS procurement operations. The team will consist of procurement practitioners as well as university professors and students with procurement and experience in machine learning, a form of
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Getty Images Wealthy individuals and families are breathing a sigh of relief in light of the election results. Their worst tax fears are not to be realized in the near term as the combination of a Democratic president and a likely Republican Senate means that significant tax legislation is off the table.  “Prior to the election
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The lack of Black representation in the financial services stems from two interconnected problems. Black professionals face significant hurdles once they break into the industry. And the presence of nearly 175,000 Black financial professionals displays that their widespread absence at the upper executive ranks isn’t a product of an insufficient talent pool. Featured guests: Suggestions
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