To date UIC UHP has graduated more than 5000 URMs into the health professions. The University of Illinois at Chicago Urban Health Program (UIC UHP) is a MHPEP designed to support the recruitment, retention and graduation of URMs into the health professions and was put into action by the development of a legislative mandate organized in response to community protests over the lack of adequate health care services to the poor and underprivileged. Addressing the workforce concerns included providing strategies for the incumbent health care professional shortages and reviewing the rate at which change is impacting the rapidly growing ethnically diverse population. Some of the most pervasive cases for change faced by the Obama administration in developing the health reform law included addressing the issue of health disparities from an access, cost and quality perspective while ensuring a plan to address sustainability of the health care workforce. Reductions in governmental programs such as Title VII and anti-Affirmative Action in education perpetuated environmental chaos and inverted much of the progress made in graduating increased numbers of underrepresented minority health workers. A historical review of policy and funding efforts concludes variation in strategies to address minority health issues. Improving the number of graduating underrepresented minorities (URM) into the health professions has been noted a key strategy for eliminating health disparities. Either way, the notice is very welcome and takes a logical approach to the taxation of NFTs, without rushing to judgement on open issues, but rather, seeking public comment.Minority health professions enrichment programs (MHPEP) have improved the viability of the healthcare workforce in promoting health equity. It remains an open question whether a piece of digital art can constitute a 'work of art' or whether it need to be tangible. "If an asset, including an NFT, constitutes a collectible for tax (e.g., work of art, metal, gem, stamp 'or other tangible personal property' specified by the IRS), then (i) the long-term capital gains rate for that asset rises from 20% to 28% and (ii) the asset is not suitable to be held in an IRA or other qualified retirement account, among other tax effects. "The notice states that the Service will look to see what the NFT actually represents (i.e., its rights and benefits), to determine its characterization – a result that most tax practitioners practicing in the digital asset space had been pushing for," said Tony Tuths, digital asset practice leader and a principal in alternative investments in the tax practice at KPMG LLP, in an email. While the IRS is planning to issue further guidance on NFTs, at least one tax expert sees the IRS's preliminary guidance as helpful. However, after the failure of Silicon Valley Bank and Signature Bank a little over a week ago, NFT trading volume has plunged once again, according to CoinDesk, with the lowest number of active NFT traders since November 2021. The notice comes at a time when the NFT market has been seeing a bit of a resurgence after a sharp plunge last year. DappRadar reported that NFT trading volumes increased to $2 billion in February, the highest amount since the crash of several prominent crypto tokens in May 2022. The notice also describes how the IRS intends to determine whether an NFT constitutes a Section 408(m) collectible, pending the issuance of that guidance, and requests comments generally on the treatment of NFTs as Section 408(m) collectibles, as well as comments on specific questions listed in the notice. The tax treatment is also relevant for other tax purposes, including the long-term capital gains tax rate under Section 1(h). The Treasury Department and the IRS are soliciting comments on any aspect of NFTs that might affect their treatment as collectibles, as well as certain comments specifically set out in the notice. The guidance released Tuesday also requests comments on the treatment of NFTs as collectibles. Typically, collectibles also don't have capital-gains tax treatment that is as advantageous as other capital assets. Acquisition of a collectible by an individual retirement account or individually directed account of a qualified plan is treated as a distribution from the account equal to the cost to the account of the collectible. Section 408(m)(2) of the Tax Code includes a specific list of items that constitute collectibles for certain purposes.
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