The Internal Revenue Service (IRS) has extended the filing date for 2019 tax returns from April 15 to July 15. Several states also have extended filing deadlines and payment due
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GT ALERT – COVID-19’s Impact on California Property Tax Deadlines and Planning Considerations
The Coronavirus Disease 2019 (COVID-19) crisis has raised questions and concerns about upcoming property tax payment and reporting deadlines in California and whether taxpayers may be entitled to any relief
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Summary of Guidance on Section 45Q Carbon Tax Credits Under 2020 Notice and Revenue Procedure
On Feb. 19, 2020, the IRS released Notice 2020-12 and Revenue Procedure 2020-12 (together, the “Carbon Guidance”) which provide highly anticipated clarity on the Internal Revenue Code Section 45Q credit
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IRS to Increase Enforcement Against Abusive Micro-Captive Insurance Transactions
Emboldened by significant victories in three Tax Court cases involving micro-captive insurance companies, on Jan. 31, 2020, the IRS announced that it is establishing 12 new examination teams to assist
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2019 Tax Act Effects on Tax-Exempt Organizations; Required Section 501(c)(4) Notices
The Tax Cuts and Jobs Act included a provision increasing taxes on tax-exempt organizations. New Internal Revenue Code Section 512(a)(7) required that tax-exempt organizations include in computing unrelated business taxable
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Qualified Opportunity Zones – Final Treasury Regulations Released
On Dec. 19, the United States Department of the Treasury released final regulations related to investment in Qualified Opportunity Zones and Qualified Opportunity Funds (544 pages). These highly anticipated regulations
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Retailers Not Eligible for 100% Leasehold Improvement Write-Off Due to Legislative Glitch
The 2017 Tax Cuts and Jobs Act provided a 100% first year write-off for many types of capital expenditures. Congressional tax writers intended this benefit to be available for leasehold
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In the Zone: GT Qualified Opportunity Zone News – July and August 2019
Welcome to In the Zone: GT Qualified Opportunity Zone News. Our monthly digest of the latest federal and state developments in Qualified Opportunity Zones and Qualified Opportunity Funds and
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IRS Clarifies U.S. Tax Treatment of Cross-Border Cloud and Other Online Transactions in Proposed Regulations
On Aug. 9, 2019, the IRS issued proposed regulations (Proposed Regulations) addressing the U.S. federal income tax treatment of cross-border cloud transactions. The Proposed Regulations will not become effective until
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Effect of Kaestner on Non-California Trusts With California Beneficiaries
On June 21, 2019, in a unanimous decision, the U.S. Supreme Court held as unconstitutional a North Carolina statute that had been interpreted by North Carolina to mean that a
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