- 2013 is the first tax year for which limited and general partners in investment funds will have to contend with the 3.8 percent tax on net investment income (NII). The final regulations for section 1411, released Nov. 26, 2013, made significant changes in the treatment of investment income, gains, and losses realized by investor and trader funds.
- As a result of Baker Tilly recommendations, the client recognized more than $1,000,000 of tax savings over a two-year period.
- The new 3.8 percent surtax may or may not be something that triggers change in trust administration, and consideration should always be given to the non-tax motives and desires of the trust creator as articulated in the trust document’s directives and powers.
- On Feb. 26, 2014, the House Ways and Means Committee Chairman David Camp released the Tax Reform Act of 2014 (the proposal). The proposal repeals 228 sections of the existing tax code and, if enacted, would represent the most sweeping change to the income tax code since the Tax Reform Act of 1986.
- The magnitude of these requirements on HTC projects has many developers, tax advisors, attorneys, and CPAs rethinking their effect on historic rehabilitation projects currently in planning and development. Investors may insist safe harbors be adopted and followed in order for them to be satisfied they will be properly allocated HTCs.
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