What is the 50% Test? The 50% Test is required for every project that receives 4% credits by financing acquisition and construction costs with volume cap tax-exempt bonds. The test is to verify that 50% or more of the tax-exempt […]
Tax Strategies
The IRS began accepting 2021 individual tax returns on January 24, 2022. Here are a few tips to help speed the processing and avoid unnecessary hassles. Tip 1: Gather all documents needed to prepare an accurate return In addition to […]
The sale of an asset, especially a large asset such as real estate, can trigger a substantial tax obligation. Finding ways to reduce the tax burden is time well spent, as prudent tax planning can result in significant savings. One […]
In response to the continuing presence of the COVID-19 pandemic, the IRS has again issued a notice that extends certain deadlines for low-income housing projects. Notice 2022-5 extended relief for the following deadlines and operational waivers: Deadline Relief • 10-percent […]
Payroll tax, federal income tax, state income tax, property tax, sales tax, gas tax…. you get the idea; we pay a lot of taxes. So why all the excitement surrounding Minnesota’s new pass-through entity (PTE) tax? In short, the PTE […]
Cryptocurrency has made a lot of headlines since its inception in 2009 and, regardless of your opinion of it, there’s no denying its recent surge in popularity. According to a Gemini crypto report issued in April 2021, approximately 21.2 million […]
Everyone knows we are supposed to save for retirement, but what is the most effective way to do it? For employees, determining what kind of retirement plan to use is easy: simply use what the employer provides. For the self-employed, […]
Passive Activity Rule Limitations The Low-Income Housing Tax Credit is generated from a passive rental real estate activity. Accordingly, individual taxpayers may be limited or prevented from claiming Low Income Housing Tax Credits under the passive activity rules unless one […]
Passive Activity Rule Limitations The Historic Rehabilitation Tax Credit (HTC) is most often generated from a passive rental real estate activity. Accordingly, individual taxpayers may be limited or prevented from claiming HTC under the passive activity rules unless one of […]
With the passage of the Tax Cuts and Jobs Act of 2017 came the Qualified Opportunity Zone tax incentive. The Qualified Opportunity Zone tax incentives are designed to encourage long-term investments and economic development while creating jobs in economically distressed […]
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