Under prior law, UBTI was the gross income of all unrelated trades or businesses less the allowed deductions from all unrelated trades or businesses. Effective for tax years beginning after Dec. 31, 2017, the loss from one trade or business, including any net operating loss (NOL) deduction, may not offset the income from a separate trade or business.
Once the businesses are broken into separate silos, the organization must determine how to allocate expenses that may apply to more than one activity to each silo. Until the IRS issues further guidance on the issue, the expenses may be allocated using any reasonable method.
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Dan Fagan: Taxes and trial lawyers won't save Louisiana's economy from collapse | Coronavirus |
UAE Economic Substance Rules and Regulations | Hogan Lovells - JDSupra
Economic substance regulations have been circulating in various forms across several jurisdictions during the last couple of years. They are being introduced across the globe in countries with low or no corporate taxation in order to comply with directives from major regulators based in the European Union, the United States and internationally, which are targeted at so-called 'tax havens'.
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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.
FAQs: COVID-19 – Federal and State Tax Updates (Updated #2) | BakerHostetler - JDSupra
Both the House and Senate passed CARES Act legislation the week of March 23, 2020, and President Trump signed the Act into law on March 27, 2020. View our alert President to Sign $2 Trillion CARES Act With Significant Tax and Workforce Relief for Businesses and Individuals for more information.
A: Yes. As specified in Notice 2020-18 (which superseded Notice 2020-17) and Notice 2020-23, any corporation, partnership, individual, trust, estate or association that is affected by the COVID-19 emergency may postpone until July 15, 2020, payment of all U.S. federal income taxes (including payments of tax on self-employment income) otherwise due on or after April 1, 2020, and before July 15, 2020, in respect of the 2019 taxable year, including all U.S.
Quite a lot has been going on:
The State of the Cannabis Industry Amid the Pandemic | Inc.com
As a business coach , I've worked with dozens of cannabis businesses on growth strategy and business operations. I also run a podcast focused on the cannabis industry and have interviewed over a hundred leaders in the space. With the COVID-19 pandemic in full swing, every industry is feeling pain; however, the cannabis industry has a unique set of challenges as well as opportunities in this current crisis. Here's what you need to know about the current state of the industry:
Out of pandemic crisis, what could a new New Deal look like?
WASHINGTON -- The New Deal was really a series of new deals, spread out over more than six years during the Great Depression -- a menu of nationally scaled projects that were one part make-work and many parts lasting impact. They delivered a broad-shouldered expression of presidential authority whose overall benefits were both economic and psychological.
Men were hired to plant trees in Oklahoma after the Dust Bowl and to build roads, bridges and schools. Writers and artists were dispatched to chronicle the hardship, employing authors like Saul Bellow and Ralph Ellison. In most every state, you can still see murals or read local histories or walk into enduring projects like LaGuardia Airport and Dealey Plaza in Dallas.
State government needs to step up to help. Here are four ways it can. - Hartford Courant
Yes, weak economic growth often harms the poor disproportionately — but this downturn will be even worse because of the circumstances. While 62% of high-income workers are able to work from home and retain wages, only 9% of low-income workers can likely do so, according to the Bureau of Labor Statistics . That partially explains why four out of five jobs lost in March were in lower-wage industries, according to Indeed .com.
In order to help struggling families during this time, I know our community and charitable organizations will continue to shine. I've seen it myself in my part of the state — Greenwich, Stamford and New Canaan — where volunteers and donors have stepped up in droves to give out free food, make deliveries to the elderly, distribute masks to front-line workers and much more.
Trump's Rollback of Regulations Has Helped Low-Income Americans.
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