Thursday, February 27, 2020

Proposed Section 162(m) Regulations Affect REIT Compensation Arrangements | Pepper Hamilton LLP -

Recently proposed IRS regulations reverse the reasoning of several past IRS private letter rulings regarding the application of the $1 million compensation cap of Section 162(m) to UPREIT structures in publicly traded REITs and other similarly structured businesses.

Proposed Treasury Regulation § 1.162-33(c)(3)(ii) provides that the allocated distributive share of the deduction attributable to compensation paid to a covered employee of a publicly held corporation by an affiliated partnership is subject to Section 162(m).

Publisher: JD Supra
Twitter: @jdsupra
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Proposed Tulsa Short-Term Rental Regulations: No Special Approvals, $375 Annual Fee | Public

A proposed short-term rental ordinance in Tulsa would require operators to pay $375 a year for a license, but none would need special approval.

The bulk of those fees would go toward a code enforcement officer dedicated to short-term rental issues and a contract with a compliance monitoring firm. The ordinance includes a "three strikes" provision for revoking operator's licenses.

Licenses could also be revoked if a rental is operated in violation of state or federal law, or if the required local contact fails to respond to the city. Revocations could be appealed to the city council.

Date: 2020-02-27
Author: Matt Trotter
Twitter: @KWGSNEWS
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IRS Issues Anticipated Guidance on Section 45Q Carbon Capture Credits | Pillsbury Winthrop Shaw

On February 19, 2020, the Internal Revenue Service issued long anticipated guidance to help businesses understand how legislation passed in 2018 impacts those claiming carbon capture credits pursuant to Section 45Q. The guidance addresses the definition of “beginning of construction” and provides a safe harbor for partnership allocations of the credit. This guidance takes a first step toward accelerating slow-moving projects, with more detailed rules to come.

Background
Carbon capture technology is designed to remove carbon dioxide, which traps heat, from exhaust, ambient air or other gas streams, thus reducing net emissions. Many oil-and-gas companies also inject carbon dioxide into the ground to help release additional oil, a process known as enhanced oil recovery. The tax credit is based on each metric ton of carbon oxide captured for the first 12 years of the operation of the carbon capture equipment.

Publisher: JD Supra
Twitter: @jdsupra
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IRS proposes new rules for deducting meals and entertainment | Accounting Today

The Tax Cuts and Jobs Act got rid of the deduction for any expenses related to activities typically considered to be for entertainment, amusement or recreation. It also restricted the deduction for expenses related to food and beverages offered by employers to workers.

The regulations proposed Monday by the IRS aim to address the elimination of the deduction for expenditures related to entertainment, amusement or recreation activities and give guidance to figure out whether an activity is considered to be entertainment. The proposed rules also deal with the limitation on the deduction of food and beverage expenses.

Publisher: Accounting Today
Date: 2020-02-24T17:21:41.416
Author: https www accountingtoday com author michael cohn
Twitter: @AccountingToday
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Review of IR35 is in: Quelle surprise, UK.gov will forge ahead with controversial tax reforms in

In a move that will surprise absolutely no one, Her Majesty's Revenue & Customs (HMRC) will push ahead with controversial IR35 tax reforms to the disappointment of contractors that hoped the regulation would be halted.

The government's eagerly awaited review, published this morning (PDF), admitted the regulation had not been "fully effective", but would nonetheless be implemented despite heavy criticism from contract workers.

"While there remains some opposition to this change, the Government believes it is right to address the fundamental unfairness of the non-compliance with the existing rules. The reform will therefore go ahead on 6 April 2020," the document stated.

Twitter: @TheRegister
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#RSAC: How to Hack Society - Infosecurity Magazine

The method, procedures, and practices used by cybersecurity professionals have relevance beyond just the technology sphere; they can also be used to hack society.

That's the view espoused by Bruce Schneier, security technologist, researcher, and lecturer at the Harvard Kennedy School , during a keynote session at the  RSA Conference  in San Francisco.

"This is the big idea: we here in our community have developed some very effective techniques to deal with code and technology," Schneier said. "Can our expertise in IT security transfer to broader social systems like the tax code, or the systems we use to choose our elected officials or the market economy?"

Publisher: Infosecurity Magazine
Date: 2020-02-27T22:54:00
Author: Sean Michael Kerner
Twitter: @InfosecurityMag
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New interpretative rule set to clarify foreign investment tax laws in Brazil | International Tax

Even if some of the questions remain not entirely clarified, the interpretative rule is a positive development for the discussion, given that it avoids diverging interpretations among the tax inspectors and brings more certainty to the tax treatment of foreign investment in the Brazilian financial and capital markets. 

Publisher: International Tax Review
Twitter: @intltaxreview
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Bed Bath & Beyond Inc.

UNION, N.J. , Feb. 27, 2020 /PRNewswire/ -- Bed Bath & Beyond Inc. (Nasdaq: BBBY) today announced a strategic restructuring program as part of the next phase of its work to rebuild the foundation of the business and create a sustainable, durable business model.  The restructuring program includes a reorganization and simplification of its field operations, significant reduction in management positions across the business, and outsourcing of several functions.

This is a major pivot in the Company's plan to realize several hundred million dollars of cost saving opportunities over the long-term.  The overall restructuring program is expected to reduce annual SG&A expense by approximately $85 million , as part of a strategic realignment to create greater focus on the Company's core business and initiatives designed to enhance the customer experience, drive sales, and position the Company for long-term success.

Date: A9862C0E6E1BE95BCE0BF3D0298FD58B
Twitter: @YahooFinance
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