Opportunity Virginia Program Officially Launched

In 2017, Congress passed the Tax Cuts and Jobs Act,[1] which included the Opportunity Zone tax incentives designed to spur investments in low-income census tracts. On October 22, 2019, Virginia Governor Ralph Northam announced the official launch of Opportunity Virginia.[2] Opportunity Virginia’s mission is specifically:

to encourage and enable investments with positive impacts in communities by ensuring fair and equitable access to resources and facilitating productive connections ...

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Tax Basics: A Guide to How Tax Laws Work

Virginia Tax Basics Guide

Lawmakers who constitute the U.S. Congress formulate the nation’s tax laws and establish how taxes should be collected, how tax laws must be enforced and how tax refunds, rebates, and credits should be issued. The government collects income taxes, sales taxes, payroll taxes and property taxes from individuals and corporations. The government then uses this money in a number of areas from national defense and social services to education and infrastructure.

The Internal Revenue Service (IRS)...

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Here’s What You Need to Know About Offer In Compromise

How Offer in Compromise Works
Offer in Compromise refers to a program the Internal Revenue Service offers to taxpayers, which allows them to settle tax debts for less than the actual amount that is owed. Those who have the ability to pay the taxes they owe through an installment agreement or by some other means typically will not qualify under this program in a majority of cases. In order to qualify for an Offer in Compromise or OIC, the taxpayer must be current on all tax returns, must have made all required estimated ta...
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