Congress passed the “Stephen Beck Jr., Achieving a Better Life Experience” Act in 2014 to expand the types of assistance available to help disabled individuals maintain health, independence and quality of life without interfering with access to means-tested government benefits. The most beneficial change to result from these legislative efforts was the establishment of 529 […]
Large and small heavy equipment rental providers throughout the state of Oregon recently scored a huge victory when Governor Brown signed HB 4139 into law earlier last month. The new law replaces Oregon’s existing personal property tax system for heavy equipment with a 2 percent tax on every heavy equipment rental transaction starting in 2019. While many states have either eliminated personal property tax or have exempted certain manufacturing and construction businesses from ad valorem property tax, Oregon was one of the few remaining that offered no relief or reform of any kind for heavy equipment rental providers. Critics often cited the compliance costs associated with the business personal property tax as complex and burdensome in a way that discouraged many companies from accurately reporting. The old system was a location-based tax, meaning that a company would be taxed on heavy machinery it owned based on where it was sitting on January 1 of that year. Heavy equipment rental businesses often rent their equipment out all over the state and beyond, so tracking location of constantly moving equipment for tax purposes proved difficult and also created the potential of requiring companies to pay additional tax in multiple counties or states on the same equipment where assessment dates varied.
Delinquent tax debt can now potentially ground U.S. taxpayers from international travel
Starting this year, The Internal Revenue Service (IRS) and U.S. State Department have teamed up in a manner that may affect the future travel plans of certain taxpayers that owe a large amount of money to the Treasury. In late 2015, President Obama signed the Fixing America’s Surface Transportation Act (FAST Act) to address long-term funding for surface transportation infrastructure planning and investment. Embedded deep in the law is Section 32101, which requires the IRS under § 7345 of the Internal Revenue Code (IRC), to notify the State Department of taxpayers certified to have “seriously delinquent tax debt”. Upon certification from the IRS, the State Department is then required to deny a passport application for such individuals and also potentially revoke or limit passports already issued to said taxpayers.
Congress officially passed the Tax Cuts and Jobs Act on December 20th. Despite conflicting reports on when President Trump will sign the Act, he will sign it. Here are five last-minute actions you should consider for tax planning before the New Year to minimize your 2017 and 2018 tax liability. This article is the first in a series planned to address the numerous changes to tax law imposed by the Tax Cuts and Jobs Act. We strongly recommend you consult with your tax attorneys and tax advisors on the impact of the act on your 2017 taxes and to plan for future years.
On January 10, 2017, Rep. Kristi Noem (R-S.D.) introduced H.R. 631, the “Death Tax Repeal Act of 2017.” While this bill resembles a similar bill that failed to become law in 2015, with the 2016 elections, the political landscape in Washington has changed considerably.
Recently, a Florida judge dismissed a money laundering charge against a man who sold $2,000 worth of bitcoin to an undercover agent who claimed he was using the bitcoin to purchase stolen credit card numbers. The judge held that bitcoin is not money and therefore it does not fall within Florida’s money laundering statute. While leaving the door wide open for the Florida legislature to regulate bitcoin and other virtual currency, the judge says that trying to regulate bitcoin using a statutory scheme regulating money is “like fitting a square peg in a round hole.”
On August 26th, state economists announced that taxpayers will be getting a kicker rebate for the first time in eight years. This is Oregon’s unique system of refunding taxes paid when general fund revenue exceeds 2% of projections. For this period, revenue exceeded estimates by $111 million so folks who paid taxes in 2014 will […]
The IRS is talking rule changes again. It may be time to take another look at your estate plan. Family-owned businesses often gift ownership interests in the business to younger generations in an effort to reduce gift or estate tax liability. The reported tax value of those gifts is discounted to reflect the fact that […]
On Monday, May 11, 2015 Pablo Picasso’s oil painting, “Women of Algiers (Version O)” sold for an astonishing, and record breaking, $179.4 million, inclusive of buyer’s premium, at Christy’s in New York. This surpasses the paltry $142 million paid for the previous record holder “Three Studies of Lucien Freud,” by Francis Bacon, which was loaned […]
On December 19, 2014, President Obama signed the Achieving a Better Life Experience (ABLE) Act into law, allowing each state to establish a new type of tax-favored savings account, known as the Section 529-ABLE account, for individuals with disabilities. Like a “529” college savings account, these new accounts will allow friends and family members of […]