- 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.
- On Jan. 24, 2014, the IRS issued Revenue Procedure 2014-16, which allows banks to automatically change their accounting method from capitalizing to currently deducting certain costs of acquiring and holding other real estate owned (OREO).
- The Internal Revenue Service Office of Chief Counsel recently issued a chief counsel advice (CCA) memorandum, updating a previous memo on biodiesel blender excise credits.
- Recent ruling affects how Illinois businesses allocate local sales tax.
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