In the News
May 24, 2018
The congressional Joint Economic Committee (JEC) recently held a hearing to consider the potential positive impacts that Opportunity Zones tax incentives, enacted in the Tax Cuts and Jobs Act of 2017, could have for low-income communities. The Opportunity Zone program is intended to spur investment...
Feature
April 27, 2018
A private letter ruling (PLR) is a written response issued by the IRS to an owner or taxpayer when the owner asks a question about the tax effects of its acts or transactions. The questions posed by site owners usually entail uncertainty about how to handle a situation and the need for guidance on...
Compliance
April 27, 2018
If you violate the federal tax credit law and don’t promptly correct the noncompliance, the owner may lose tax credits. Item 11 on IRS Form 8823 (Low-Income Housing Credit Agencies Report of Noncompliance or Building Disposition), which is the form the state housing agency uses to report...
Dealing with the IRS
April 27, 2018
The Tax Cut and Jobs Act of 2017 passed late last year includes a provision to allow states to designate “Opportunity Zones” in low-income areas. Investors who develop real estate or fund businesses in these zones are eligible for tax breaks. Governors have been working with mayors,...
In the News
April 27, 2018
Revenue Procedure 2017-58, released in October 2017, provided the annual inflation adjustments for more than 50 tax provisions, including the tax rate schedules and other tax amounts for 2018, as adjusted for inflation for 2018. But a few months later, Congress passed the new tax law with the Tax...
