November 2019 Archives

IRS Posts FAQs Regarding Rental Real Estate in Context of QBI Deduction

On November 20, 2019, the IRS posted a series of Frequently Asked Questions (FAQs) which includes much needed guidance regarding rental real estate in the context of the Qualified Business Income (QBI) deduction under Internal Revenue Code (IRC) §199A.1 A few of the particularly noteworthy FAQs include: (1) when rental real estate is treated as a trade or business; (2) when a rental real estate enterprise is eligible to rely upon the Revenue Procedure 2019-38 safe harbor; and (3) whether the income, gain, deduction and losses are from the rental QBI if the real estate is rented to a C corporation.

DOJ captures tax fugitive, discusses penalties for tax crimes

On November 6, 2019, the United States Department of Justice (DOJ) announced the capture of a tax fugitive.1 According to the DOL announcement, the fugitive was a tax fraud promoter who had been on the run since the date he was supposed to start serving a 10-year prison sentence. The agency labeled him a fugitive after he failed to report for his prison sentence in March 2019.

Can President Trump change residence for tax purposes?

President Donald Trump recently stated in a Tweet that he was changing his residence to Florida. According to the tweet, the move was the result of poor treatment by politicians in New York even though he "pays millions of dollars in city, state and local taxes each year."

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