1031 Exchange Lowdown Guide

A 1031 exchange or Like kind exchange is defined by section 1031 of the Internal Revenue Code or the IRC. According to IRC if an asset, most often some form of real estate such as land or building is sold and the proceeds of the sale are re-invested in a similar asset then there is no gain or loss and the deferment of the capital gains taxes is permitted.

Inter-state Business Tax Bill Goes Through House Committee

The United States House Judiciary Committee approved legislation which aims to simplify the collection of business taxes across state lines.

1031 Exchange Tips Guide

Section 1031 of the Internal Revenue Code (IRC) defines the 1031 exchange. 1031 exchange also known as Like kind exchange specifies that if an asset that is most often a land or a building, is sold and the proceeds of the sale are then reinvested in a similar type of asset then there is no gain or loss and the capital gains taxes are deferred.

More on IRA Beneficiary Designation Planning

IRS adds new planning consideration for IRA beneficiary designations.

1031 Exchange Odds and Ends

Delay capital gains taxes by exercising your right to use a 1031 Exchange.

IRS Issues Tax Credit Amounts For GM Trucks

As 2006 rolls along, the IRS is in the process of issuing tax credit amounts to particular hybrid vehicles. The agency has just issued the amounts for a number of GM vehicles.

Republican Leaders Speak Out Against Global Taxes

Republican leaders in the U.S. Senate have pledged their support of legislation which would withhold funding from the UN and the OECD should they attempt to impose taxes at an international level.

Senators Urge for Tax Loophole Block

Senate Finance Committee Chairman Charles Grassley (R-Iowa) and the committee's ranking Democrat, Montana's Max Baucus, urged President Bush to help close a tax loophole involving the charity tax code.

Treasury Department Report Supports Permanent Tax Relief

According to a new analysis of the Bush's tax cuts by the Treasury Department, making certain cuts permanent will boost America's economy for the long-term.

IRS Makes Life Easier For People That Can't Pay Their Taxes

Most people go into panic mode when they realize they don’t have enough money to pay the taxes they owe. The IRS offers fairly painless solutions and is making them easier to access.

New Jersey's Tax Exempt Property

Today, the property tax exemption battle continues. Should your church be able to build a large building to lease to a For Profit Day Care Center and with the rent money pay off the building's mortgage? Does a private school need a golf course for golfers who are not students when school is out so as to defray the expense of the golf course? These are the questions that local tax assessors, the courts and the government in Trenton struggles with daily.

Three Property Tax Policy Options For New Jersey

Here are three property tax policy options for New Jersey citizens and government leaders to consider. They are presented in an easy to read format; namely the statement of a problem that property taxpayer's face in New Jersey, followed by a policy option and its principal pro and con argument. Counting the number of tax lien foreclosure collections on residential properties, particularly those of senior citizens and disabled, could be used to argue for a moritorium on homeowner property tax foreclosure. Permit, through a voter referendum process, the local voters of a school district, to replace real property taxes imposed for school purposes with a local tax on the income of individuals, estates, trusts, corporations and unincorporated businesses. requiring each municipal tax collector to include in the annual mailing of individual tax bills each year tax year a statement containing a tabulation in a columnar format with explanatory information of the effect of State aid on local tax rates by purpose of tax based on a report sent to each tax collector by the State Treasurer.

Income Tax Burdens For the Non-Spouse Beneficiary: Perils of Failing to Roll a 401k into an IRA

With proper planning you can put in place the mechanisms to stretch taxable distributions from an inherited IRA. The distribution rules that come into play at the death of the retirement plan owner are usually found in a plan document that few employees or advisors ever read.

New Jersey's Tax Exemption And Abatement Laws

A fifteen year old long term tax exemption law and a fifteen year old five-year tax abatement law have served to promote the construction and rehabilitation of residential, commercial and industrial structures in areas threatened with economic and social decline. The State authority given to municipalities to grant these partial tax subsidies is a powerful force in the New Jersey economy, creating thousands of jobs and generating millions of dollars in wages and tax revenues each year. P.L.1991, c.431 with final retroactive amendments effective August 5, 1992 consolidated, into one more flexible law, the various long term tax exemption laws under which municipalities may agree with private entities to undertake redevelopment projects in return for tax exemptions. P.L.1991, c.441, effective for the first full tax year commencing after its January 18, 1992 enactment, consolidated the various five-year tax abatement and exemption laws into one, more standardized law to govern all tax abatements and exemption regardless of the type of structure.

Tax Revenues Lowering Estimated Size of 2006 Federal Deficit

The Congressional Budget Office has lowered the estimated size of the US federal deficit for fiscal year 2006. The decrease in the expected deficit is largely a result of high tax revenues.