This week we look at disaster relief payments to employees; claiming tax losses following market volatility; private equity and corporate debt; Chinese limited risk companies' transfer pricing issues; "trade or business" income requirement; vertically integrated transfer pricing; country of origin planning; and climate change tax measures. We'll hear from:
President Trump's national emergency declaration on March 13 triggered tax code Section 139, which allows employers to exclude disaster assistance payments from employees' income. David Fuller of McDermott, WIll & Emery explains how it works and what employee expenses are reimbursable. Read: Disaster Relief Payments—Tax-Efficient Assistance to Employees Impacted by Covid-19
This may worth something:
No Tax for You: Why Crypto Traders and Miners Might Head to Portugal
Existing outside of the realm of traditional finance and with no central point of authority, digital assets have posed several challenges to governments worldwide. Many nations have struggled with how to define and regulate cryptocurrencies, and there is no uniformity because each country has developed its own unique approach.
Data and transparency seem to be some of the best tools on the road to regulatory certainty and institutional demand. While some countries like the United States and the United Kingdom are taking advantage of this to build a better tax and regulatory framework, others don’t deal with crypto quite as well. India, for example, just recently decided to lift its crypto ban and engage with the sector.
Summit County asks Gov.
Last week, before the most drastic restrictions were instituted, Park City and Summit County elected officials said they were taking stock of their respective financial situations and working to come up with options to help businesses through these uncertain times.
The Summit County Council crafted a letter Wednesday asking Gov. Gary Herbert for emergency relief from regulations limiting how county tax revenue can be spent.
While the federal stimulus works its way through Congress and an unprecedented number of workers apply for unemployment benefits, some communities have offered stopgap spending to aid local workers and business owners.
K Street contemplates the next coronavirus bill - POLITICO
HELP HUNGRY NEIGHBORS DURING COVID-19: Layoffs, school cancellations, health risks: imagine facing all of this while hungry. For neighbors who aren't sure where their next meal will come from, the anxiety we all feel right now is even higher. You can help . From grab-and-go dinners for kids to boxes of groceries for seniors, your financial support will help provide tens of millions of meals for people in the D.C. community in these challenging times and beyond.
— The trade group lobbied House and Senate leadership and pressed members of the Senate Commerce Committee's aviation subcommittee to help get the words "ticket agents" in the bill. "Our members also sent more than 28,000 grassroots messages to Congress and the Administration," Strand wrote.
Many things are taking place:
MEDIA ALERT – $2.2 Trillion Coronavirus Economic Stimulus and Relief Legislation Enacted;
Today, the US Congress passed its third and by far the largest piece of legislation in response to the Coronavirus COVID-19 pandemic, and the President has signed it into law. The "Coronavirus Aid, Relief, and Economic Security Act" (CARES Act) includes relief and economic stimulus for individuals and businesses and is the most expensive piece of legislation ever enacted by Congress.
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One of the key provisions for individuals is recovery rebate checks of up to $1,200 for individuals and $2,400 for joint filers, plus $500 for each child under age 17. These are advances on a tax credit that can be claimed on the 2020 tax return but based on the 2018 or 2019 tax return. The recovery rebate checks start to phase-out with adjusted gross income (AGI) of $75,000 for single taxpayers, $112,500 for head of household taxpayers, and $150,000 for joint filers.
Columnist Richard Fein: Presidential decisions: Put a tax on carbon?
This briefing is about one method of fighting climate change, namely putting a price on carbon emissions. We will refer to that price as a "tax," although many carbon pricing advocates refer to it as a "fee." The tax would be imposed on fossil fuels like coal and natural gas, and fluorinated greenhouse gases. The challenge for you is this: Do you want to make a carbon tax your priority method for fighting change?
The theory behind the tax is that it will make fossil fuels more expensive. Therefore factories, gas purification plants and electric power generating plants will have a financial incentive to use less of these fuels. As a consequence, carbon emissions will be reduced. In addition, a carbon tax could accelerate efforts to develop lower emissions technologies and benefit companies that reduce their carbon emissions faster than their competitors.
$2 Trillion Coronavirus Stimulus Bill: What Does It Cover?
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The law appropriates $349 billion to be used to support small businesses to maintain their payroll and some overhead expenses through the period of emergency. The stated goal is to keep workers paid and employed during the period of the emergency.
The stimulus plan extends both the eligibility and the benefit amounts for unemployment related to the current emergency.
The plan dramatically expands eligibility for unemployment benefits just as new unemployment claims are skyrocketing. Nearly everyone but remote online workers and those already on paid leave will be eligible.
Guest Column: State lawmakers must act now to mitigate crisis | Opinion | delcotimes.com
A barricade blocks the road to a new home construction site in Zelienople, Pa., as enforcement of Pennsylvania Gov. Tom Wolf's order to close non-essential businesses, including building and highway construction, was set to begin Monday, March 23, 2020 in efforts to slow the spread of the coronavirus.
In the wake of the coronavirus pandemic, Pennsylvania workers, health care providers, and students and families are faced with unprecedented obstacles that demand action from Harrisburg.
Happening on Twitter
Under Armour is stepping up the COVID-19 relief efforts. They will produce upwards of 500K masks, 1K face shields a… https://t.co/jJEdf13DQa JGolden5 (from Englewood Cliffs, NJ) Fri Mar 27 20:39:34 +0000 2020
Join @NRAEF and @GuyFieri to support the millions of restaurant employees affected by COVID-19 who need financial s… https://t.co/z6KFTzVe8f WeRRestaurants (from Washington, DC) Fri Mar 27 23:13:02 +0000 2020
We're proud to partner with @GuyFieri + @NRAEF to support the Restaurant Employee Relief Fund + Restaurant Ready wi… https://t.co/NewpiDV0ej PepsiCo (from Purchase, NY) Fri Mar 27 19:57:49 +0000 2020
The @MGMResortsIntl Emergency Relief Fund provides employees and their immediate families with short-term relief in… https://t.co/v8Op5jp6nA MGMCareers (from Las Vegas, NV) Fri Mar 27 17:41:22 +0000 2020
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