This article provides an overview of some of the main rules that are new, some that have changed, and those that have stayed the same.
Many of the baseline requirements and benefits have stayed the same, given that they are based in the statute rather than left to regulatory discretion.
For example, although the Treasury and the IRS received numerous requests to extend or modify the timing of the program to enable more investors to take advantage of the tax benefits, they did not do so, noting that December 31, 2026, deadline is provided by statute. This means that investors looking to invest eligible gains now may certainly do so, but such gain will be included in their income before the second basis step up (5 percent) could be applied to the investment in year seven.
Other things to check out:
Vernon advances short-term rental tax - News - New Jersey Herald - Newton, NJ
VERNON — The Vernon Township Council tabled its ordinance to regulate short-term, Airbnb-type of properties, while moving forward with its ordinance to tax this type of rental up to 3 percent.
After an intense two-hour period during the council’s more than 3 1/2-hour meeting Monday night, council members voted unanimously to table the regulation ordinance, with the intention to hold a public workshop on the topic before the council takes a final vote.
New short-term rental regulations coming to College Station
COLLEGE STATION, TX — New rules are coming to those who own a short-term rental in College Station.
Amid record-breaking growth, the city is looking at Waco and other Texas communities to see what works and what doesn't.
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"It's our responsibility as hosts to consider our neighbors and make sure we are renting to good people. and I don't think that's something the city should try to regulate," Ashley Burnham, short term rental owner, said.
Industry experts weigh in on new panel recommendations for Canadian content rules, implementing
The Broadcasting and Telecommunications Legislative Review (BTLR) Panel released its recommendations for Canada's communications industry, including imposing a sales tax equally on all media services and new Canadian content regulations.
Among the 97 recommendations, the panel said one immediate call for action is to "end the competitive disadvantage facing Canadian companies" by applying the GST/HST.
"It is more appropriate to establish a regime that requires such online streaming services that benefit from operating in Canada to invest in Canadian programming that they believe will attract and appeal to Canadians," the report said
Quite a lot has been going on:
California Tax Increase Only Helps The Illicit Market
In California where illicit sellers already outnumber regulated ones by almost 3-to-1, the recent ... [+] tax hikes have dealt a serious blow to the legal cannabis market.
Cannabis consumers in California — whether using the plant for medical or recreational purposes — are having to reach deeper into their pockets this month following a major tax hike. The California Department of Tax and Fee Administration (CDTFA) raised the tax rate on wholesale cannabis from 60% to 80%, in addition to adjusting the state's cultivation tax up more than 4%.
DAC 6 tax disclosures: final regulations published | ICAEW
31 January 2020: the final regulations for applying the EU directive commonly known as DAC 6 have been published. While HMRC amendments have been welcomed, there are still concerns about the level of reporting obligations and the lack of official guidance.
The International Tax Enforcement (Disclosable Arrangements) Regulations 2020 No 25 come into force on 1 July 2020 and are designed to enable EU tax authorities to share information about cross-border tax arrangements.
LIBOR Transition To Alternative Rates – Tax Treatment Under Proposed Regulations
On October 8, 2019, the U.S. Treasury Department and IRS issued proposed regulations confirming that transitions from LIBOR and other interbank offered rates (IBORs) to alternative reference rates in debt instruments and derivatives will not be taxable events, provided that the fair market value of the modified contract is substantially equivalent to the fair market value of the unmodified contract (fair market value test).
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
INSIGHT: U.K. Final Regulations for Disclosure of Cross-Border Tax Arrangements
The U.K. government has published the final regulations to implement DAC 6. Catherine Robins of Pinsent Masons takes a look at the provisions in the regulations and their implications for business.
The U.K.'s final regulations to implement the EU directive known as "DAC 6," designed to enable EU tax authorities to share information about cross-border tax schemes, have now been published and include some helpful changes.
The rules will now only apply where there is an EU tax advantage and the penalty regime has been changed so as not to unduly penalize genuine mistakes.
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