Repeal of the Personal Property Like-kind Exchange (… or, the Swap of §1031 for Increased Bonus Depreciation and Expensing)
One of the lessor discussed items in the recently enacted Tax Cuts and Jobs Act (“TCJA”) has been the change to Section 1031, limiting the like-kind exchange provisions to exchanges of real property only. Section 1031 of the Internal Revenue Code provides an exception to the general gain…
Tax Practitioners May Use Return Information to Market to their Return Preparation Clients, But Some Use and Disclosures Require Written Consent Beforehand
Accounting firms have specific rights and duties that come into play when they market to their clients using data gleaned from the return preparation process. The general rule is that returns and return information cannot be disclosed without consent. For example, on the government side Section…
I-630 Widening/National Environmental Policy Act: U.S. District Court Order Denying Motion for Temporary Restraining Order
As noted in the previous post (see post here), five individuals filed a lawsuit in the United States District Court for the Eastern District of Arkansas on July 18th addressing what they describe as construction involving the widening of Interstate Highway 630 (“I-630 Project”) within the City of…
Used Oil/Hazardous Waste Enforcement: U.S. Environmental Protection Agency and South Lyon, Michigan Metal Heat Treating Facility Enter into Consent Agreement
The United States Environmental Protection Agency (“EPA”) and Sun Steel Treating (“Sun”) entered into a June 21st Consent Agreement and Final Order (“CAFO”) addressing alleged violations of Resource Conservation and Recovery Act (“RCRA”) regulations. See Docket No. RCRA-05-2018-0014. The CAFO…
Missouri Soil and Water Districts Commission: Actions Announced to Address Drought
The Missouri Soil and Water Districts Commission (“Commission”) issued a July 30th news release stating it had approved five actions intended to assist the agricultural community affected by drought. The Commission states that the five actions are in response to Missouri Governor Parson’s Executive…