With the growth of Airbnbs and web-based lodging platforms, Mount Dora and Lake County are both looking at common sense solutions to bring regulations up-to-date regarding B&B operations and tax collections. As this Orlando Sentinel article indicates, millions of dollars in tourist development taxes (as much as $7 million each year) have been going uncollected from online rentals. Expect the County to adopt a system to make sure all web-based tax revenues are taken in.
Many things are taking place:
Two Dozen New Bills Go Into Effect Jan. 1, New Year’s Day – NBC 5 Dallas-Fort Worth
The New Year brings new laws to Texas. There are two dozen new laws that go into effect Jan. 1 — they range from bingo regulations to property taxes.
On New Year's Day, two dozen bills went into effect that were passed by the 86th Legislature in 2019. In addition to those bills, there were 14 other bills with sections going into effect on Jan. 1.
The new laws were passed during the 86 th legislative session in 2019. Three in particular touch on property taxes and mortgages, including Senate Bill 2060. It requires appraisal district officials to provide explanations of exemptions someone may be eligible for when they receive their appraisal notice.
OECD Pillars • Opportunity Zones • Amorphous Goodwill
This week we look at what to expect in 2020 from the deductibility of local property tax to a possible global minimum tax. We'll hear from:
The OECD had a busy year in 2020 proposing policies intended to reform the international tax system through the Inclusive Framework on Base Erosion and Profit Shifting (BEPS). Jeff VanderWolk of Squire Patton Boggs reviews the parts of the plan known as "Pillar One" and "Pillar Two," and looks at what international tax professionals could see in the coming year. Read: What to Expect in 2020 From the OECD on Pillars One and Two
Top International Tax Regulations Of 2019 - Law360
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IRS Proposed Foreign Tax Credit Regulations
The Treasury Department and the IRS have issued highly anticipated guidance in the area of stewardship expenses and R&D expenses. The 2019 Proposed Regulations also provide extensive guidance on allocating and apportioning foreign taxes, including base and timing differences rules and somewhat surprising rules on allocating taxes related to disregarded payments.
On December 2, 2019, the Treasury Department (Treasury) and the Internal Revenue Service (IRS) issued proposed foreign tax credit regulations (the "2019 Proposed Regulations") that address, among other items, the allocation and apportionment of deductions and creditable foreign taxes.
Welcome to 2020 – and to some new laws in Washington | The Spokesman-Review
Although most new Washington laws passed by the Legislature take effect 90 days after a session ends, some are always delayed until Jan. 1 or later to give residents, businesses and state agencies a bit more time to prepare. Some taxes went up, some new regulations started, some programs ended.
Some of the new laws affect a large chunk of the populace; others are specific to a person's age, occupation or activities. Some, like new guidelines for child restraints in cars and a new age limit for buying cigarettes and vaping products, have received extensive coverage. Others, not so much. Here's a quick look:
Idaho lawmakers talk taxes, ballot initiatives and hemp
BOISE — Idaho Gov. Brad Little said Friday he's already sent a message about making the state's ballot initiative process tougher by vetoing a bill last year, but fellow Republican and House Speaker Scott Bedke said he'll be surprised if new legislation isn't introduced this year.
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Bedke said if citizens are going to act as a legislative body, then the laws they propose should have a statement of purpose and a fiscal impact process.
"This is not about making it, quote, harder," he said. "This is about when it gets here, it has to fit."
INSIGHT: Opportunity Zones—Final Regulations and Outlook for 2020
The opportunity zone program—enacted in the Tax Cuts and Jobs Act at the end of 2017—has led to tens of billions of dollars of investment and development in low-income communities over the past two years. Libin Zhang of Fried Frank walks through some practical considerations and the 2020 outlook for opportunity funds and their investors, in light of the final regulations that were released on Dec. 19, 2019.
The opportunity zone tax benefit is divided into three parts: (1) deferral of any capital gains invested in a qualified opportunity fund (QOF) generally until 2026, (2) exclusion of up to 15% (or more) of the deferred gains from gross income, and (3) tax-free gain for a QOF interest sold or exchanged after 10 years (through 2047).
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