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Cost Segregation – Self Storage Very Popular Property Type

Bruce Johnson

Self-storage has been a very popular property type for cost segregation for many years. It ties closely to the boom in multifamily property development we have seen over the last decade or so. Most self-storage properties fall in the $1M-$5M basis range, but basis can stretch into the 10s of millions depending upon property size, location, and unique features.

There are certain features that make a self-storage facility a strong candidate for cost segregation.   For instance, does the subject property have climate-controlled lockers?  These specialty lockers are eligible for accelerated depreciation.  How are the interior walls between the lockers constructed?  If they are demountable and therefore movable, then there is a possibility that the walls themselves may be considered a personal property asset, and therefore be depreciated at a greater rate.

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TaxConnections Launches Innovations During Virtual Tax Summit

https://www.taxconnections.com/membership/sign-up

It is an exciting day to see an explorer and innovator launch into space; therefore, we congratulate Amazon’s Jeff Bezos on this remarkable achievement. We also want to congratulate the tax community on the innovations we see in the profession.

On Thursday, October 21, 2021 TaxConnections is hosting a Virtual Tax Summit to showcase the expertise of the tax community and launch our innovation that helps tax professionals sell their services  to multiple buyers of their specialty expertise. There is an extraordinary pool of talented tax, financial and legal expertise we will spotlight during our Virtual Tax Summit as we launch our new innovation on the market that sells tax expertise while you sleep.

If you are interested in participating in the Virtual Tax Summit as a Speaker Sponsor, please contact kat@taxconnections.com.

If you are interested in receiving a Complimentary VIP Ticket to TaxConnections Virtual Tax Summit on October 21, 2021, please become a TaxConnections Member today.

John McAfee Indictment For Tax Evasion: What Now?

U.S. Department of Justice
This is a post from the US Department of Justice…your commentary is appreciated.
Allegedly Hid Cryptocurrency, a Yacht, Real Estate and Other Properties in Nominee Names to Evade Taxes

An indictment was unsealed today charging John David McAfee with tax evasion and willful failure to file tax returns, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division and U.S. Attorney D. Michael Dunavant for the Western District of Tennessee. The June 15, 2020 indictment was unsealed following McAfee’s arrest in Spain where he is pending extradition.

According to the indictment, John McAfee earned millions in income from promoting cryptocurrencies, consulting work, speaking engagements, and selling the rights to his life story for a documentary. From 2014 to 2018, McAfee allegedly failed to file tax returns, despite receiving considerable income from these sources. The indictment does not allege that during these years McAfee received any income or had any connection with the anti-virus company bearing his name.
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Eight Motivational And Inspirational Thoughts For The Day

Eight Motivational And Inspirational Thoughts For The Day
  • Believe In Yourself. Believe You Can And You Will!
  • Stay Strong, Dream, Believe, Achieve.
  • Never Give Up. A Little Progress Each Day Adds Up To Big Results.
  • Be Grateful. A Grateful Heart Is A Magnet For Miracles.
  • Work Hard. Good Things Come To Those That Hustle.
  • Stay Humble. Work Hard In Silence, Let Success Make The Noise.
  • Be Kind. Kindness Makes You The Most Beautiful.
  • Keep Smiling. Because Your Smile Makes Life More Beautiful.

Author Unknown

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Biden Administration’s FY2022 Budget Tax Proposals

Biden Administration's FY2022 Budget Tax Proposals

The U.S. Department of the Treasury released a key document that explains the Administration’s revenue proposals included in the Budget – the General Explanations of the Administration’s FY2022 Revenue Proposals, or “Greenbook.” The Greenbook further describes revenue measures previously announced by President Biden, including:

AMERICAN JOBS PLAN
Reform Corporate Taxation
  • Raise the Corporate Income Tax Rate to 28 Percent
  • Revise the Global Minimum Tax Regime, Disallow Deductions Attributable to Exempt Income, and Limit Inversions
  • Reform Taxation of Foreign Fossil Fuel Income
  • Repeal the Deduction for Foreign-Derived Intangible Income (FDII)
  • Replace the Base Erosion Anti-Abuse Tax (BEAT) with the Stopping Harmful Inversions and Ending Low-Tax Developments (SHIELD) Rule
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TaxConnections Virtual Conference Announcement (Sponsor Alert)

TaxConnections Virtual Tax Summit

TaxConnections has set a date for its upcoming Virtual Tax Summit Conference on October 12th 2021. All TaxConnections Members will be provided a complimentary pass to the event which will cover three main topic categories: International Tax, Federal Tax, State and Local Taxes. CPE will be available with selected presentations.

International Tax Topics
1)Bi-Lateral Tax Treaties Between United States, Europe and China 2) Expatriate Taxation
3) Transfer Pricing

Federal Tax Topics
1) Tax Implications of Crypto Currency
2) Rise Of The IRS
3) Lowering Tax Rates With Tax Credits & Incentives

State And Local Tax Tax Topics
1)Wayfair Tax Compliance
2)State Income And Franchise
3)Sales And Use Tax
4)Property Tax

If you would like to participate as a Sponsor of Virtual Tax Summit, we offer 4 levels of Sponsorship:

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The American Families Plan Big Tax Increase

American Families Plan

According to Wikipedia, The American Families Plan is a proposal by U.S. President Joe Biden to significantly increase federal spending in areas related to childcare, paid leave, pre-kindergarten, community college and healthcare, funded by increased taxes on high-income Americans. It is the third part of Biden’s three-part “Build Back Better” agenda, with the first being the American Rescue Plan and the second the American Jobs Plan. It was unveiled on April 28, 2021.

It would be at least partially funded by a number of tax hikes on high-income Americans and investors, including restoring the top marginal income tax rate to its pre-2017 level of 39.6% and nearly doubling the capital gains tax for people earning more than $1 million, as well as eliminating a provision in the tax code that reduces capital gains on some inherited assets, like vacation homes. It would also raise revenue by boosting the budget of the Internal Revenue Service by $80 billion (distributed over ten years), which the White House estimates could raise over $700 billion in revenue that otherwise would have been lost to tax evasion.

(We ask the tax professional community and taxpayers to comment on this proposal for increased tax hikes. What do you think?)

Written Testimony Of Charles P. Rettig, Commissioner Internal Revenue Service

Charles Rettig IRS Commissioner

Written Testimony of Charles P. Rettig, Commissioner Internal Revenue Service before the Senate Finance Committee on the IRS Budget

June 8, 2021

Introduction

Chairman Wyden, Ranking Member Crapo and Members of the Committee, thank you for the opportunity to discuss the IRS budget and provide you with an update on IRS operations.

I am pleased to report the 2021 filing season, which was extended to May 17, went smoothly in terms of tax return processing and the operation of our information technology (IT) systems. Through May 28, the IRS received more than 149.6 million individual federal tax returns and issued more than 101.2 million refunds totaling more than $281.4 billion. In 2021, we have had had more than 1.4 billion visits to IRS.gov and have received more than 150 million taxpayer phone calls (more than 300 percent of normal; at one point we were receiving calls at the rate of 1,500 per second) and have answered more than 37 million calls through our automated systems and live phone assistors. Although the filing deadline has passed, I would note that the work of the filing season goes on well beyond the deadline – IRS employees continue to process tax returns, including amended returns and returns for which taxpayers had requested an extension beyond May 17.

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Inspirational Quotes To Motivate And Inspire You

Client Acquisition For Tax Professionals

Tell me and I forget, teach me and I may remember, involve me and I learn. ~Benjamin Franklin, American Statesman, Author, Inventor, Scientist, Diplomat, Founding Father (1706-1790)

You can do anything you set your mind to. ~ Benjamin Franklin

An investment in knowledge always pays the best interest. ~ Benjamin Franklin

Speak ill of no man, but speak all the good of everyone you know.~Benjamin Franklin

When you are finished changing, you are finished. ~ Benjamin Franklin

We must all hang together, or assurdedly we shall all hang separately. ~ Benjamin Franklin

We invite you to join us as we promote tax expertise to our visitors searching for tax expertise online.

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NEW JOB: Director, Transfer Pricing (San Diego, CA)

NEW JOB: Director, Transfer Pricing (San Diego, CA)

Our client is a technology company located in San Diego, CA and seeks a Transfer Pricing Director to support the Global Head of Tax in developing and implementing operational and tax and transfer pricing strategies. This role supports the company’s operational model in a way that is consistent with legal and regulatory requirements around the world. A key objective of the Transfer Pricing Director is to understand the changing transfer pricing environment and manage transfer pricing risks globally. This includes managing questions raised by tax administrations, evaluating risks and opportunities, formulating and implementing transfer pricing policies around the world that meet the challenges of a highly complex and rapidly changing legal and regulatory environment.

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Taxable Values: Don’t Be Afraid To Appeal

Taxable Values: Don’t Be Afraid to Appeal

Taxable Values Overview

Every year companies must file business personal property returns to the various local taxing authorities where they hold assets. These returns determine the taxable values that those authorities use to calculate your annual business property tax. Most jurisdictions, upon receipt of the return, calculate an assessment or taxable value and generate a notice that they mail to the various businesses. This amount is then applied to the authority’s tax rate to give you your tax amount for the year. It is vital for a business to know and understand how that amount is determined so they are not being over or under assessed on their property taxes. No one wants to overpay if they don’t have to, and I can’t imagine any business would like to be audited and get charged penalties and interest because they weren’t aware that their amounts were being calculated incorrectly.

Receiving Your Assessment Notice

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Motivational Quotes To Inspire You Today And Always

250+ Motivational Quotes eBook

“In truth, the only difference between those who have failed and those who have succeeded lies in the difference of their habits.”
~ Og Mandino, Motivational American Author

” Always do your best. What you plant now, you will harvest later.” ~ Og Mandino

“And so long as I can laugh, I will never be poor.” ~ Og Mandino

“Always render more and better service than is expected of you, no matter what your task may be.” ~ Og Mandino

“Your only limitations are those you set up in your mind, or permit others to set up for you.” ~ Og Mandino

“I will greet this day with love in my heart for this is the greatest secret of success in all ventures.” ~ Og Mandino

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