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Monthly Archive:: July 2021

AMT & Disposition of Business Or Rental Property

TweetShareSharePin0 SharesIn our last article we talked about the alternative minimum tax item, resulting from depreciation of business or rental property. A direct corollary of that issue is the AMT item that results from any subsequent sale or other disposition of such property. Critical to minimizing a taxpayer’s AMT is an understanding of the relationship

Technology

TweetShareSharePin0 Shares This is slightly older technology, but it is still used, and does the job well. This is part of the sound board at my church. I am not real smart when it comes to that type of technology, so I have no idea what each of the buttons and dials do, I just

Infrastructure Investment Revenue Options | Tax Foundation

TweetShareSharePin0 Shares Policymakers broadly agree that investments by the federal government in highways, mass transit, and other modes of transportation are crucial to facilitate the nation’s economic activity, but they can’t seem to agree on how to fund such investments. The current debate is over corporate income taxes, and therein lies the problem. The standard

State Gas Tax Rates | State Gas Tax Rankings, July 2021

TweetShareSharePin11 Shares This map shows state gas tax rates as of July 2021, using recently released data from the American Petroleum Institute. States levy gas taxes in a variety of ways, including per-gallon excise taxes collected at the pump, excise taxes imposed on wholesalers (which are passed along to consumers in the form of higher prices), and sales taxes

Tax Court Announcement re Premature Assessments

TweetShareSharePin11 Shares The Tax Court has finally publicly acknowledged the problem it is having processing new petitions.  On Friday, July 23, 2021, it issued the following notice: The United States Tax Court has received a significantly higher number of petitions this year. The total number filed in a typical year is between 23,000 and 26,000.
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