Americans are still digesting the $2.2 trillion CARES Act (H.R. 748), which passed last week as the largest financial support package in U.S. history. The law runs more than 800 pages and contains hundreds of provisions designed to dispense relief to individuals and businesses in the wake of the ongoing public health crisis. While many Americans are becoming more familiar with the rebate portion of the bill, the legislation also supports small businesses and independent contractors.
This may worth something:
Considering a Temporary Deferral on a Tax-Exempt Obligation?
Under the Internal Revenue Code and applicable Treasury Regulations, a modification of a debt instrument, if “significant,” results in a reissuance of the obligation. Thus, the obligor is treated as having replaced the instrument with a new one for tax purposes. On the tax-exempt side, this results in the prior, unmodified obligation being deemed refunded by the modified obligation.
The obligation as modified must be retested for compliance with the tax-exempt bond rules under sections 103 and 141 to 150 of the Internal Revenue Code, and certain steps must be taken to ensure the obligation remains tax-exempt. Failure to do so results in the obligation losing its status as tax-exempt – a result that should be avoided at all costs!
Americans taxpayers are primed to bail out airlines, hotels and other corporations.
When airline executives realized a few years ago that they could charge passengers extra fees for just about anything — meals, checking bags, even choosing seats — their businesses seemed bulletproof.
Yet many of these companies behaved in ways before the current economic crisis that are making a bailout tough to swallow, labor advocates and some economists say.
As Congress debated the details of the bailout this week, lawmakers wrestled with how far they should go to help another set of American corporate titans two years after tax reform and less than a dozen years after the bank and auto industry bailouts of the Great Recession.
Hartford Mayor Implements More COVID-19 Regulations – NBC Connecticut
As Hartford announces a rapid spike in the number of cases in the capital city, the mayor speaks about his plan of action to slow the spread.
Hartford Mayor Luke Bronin announced several new ways the city is adjusting, trying to further prevent the spread of COVID-19. This after announcing a spike in Hartford cases.
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The city is taking further action to limit the spread, including scaling back "in-person" city services. To see the city clerk an appointment must be made and confirmed with two-day notice.
Not to change the topic here:
A Hard Lesson About Taxes: New tax hits smaller health-care providers hard during a crisis
Starting Wednesday, April 1 smaller health-care providers – including skilled-nursing facilities – will start paying higher business taxes.
This means that all the nursing homes and independent doctors who are currently fighting on the front lines against COVID-19 will see the cost of business increase at a time when they are struggling to provide care, find personal protective equipment, and stop the spread of this virus.
US issues final tax regulations on covered asset acquistions–MNE Tax
The regulations finalize proposed regulations (REG-129128-14) under 901(m) and 704 and published on December 7, 2016. The section 901(m) regulations were modified in the final version; the section 704 proposed regulations were adopted without change.
In response to comments, the Treasury Department and IRS added an exemption to section 901(m) for covered asset acquisitions that applies in some cases where gains and losses with respect to the relevant foreign assets are recognized by members of the US-parented group that includes the section 901(m) payor.
INSIGHT: Uruguay's Tax System and Residence Rules—Tax Planning Opportunities
Uruguay is becoming an increasingly popular jurisdiction for tax residence, as Guzmán Ramírez of Bergstein Abogados explains, looking at the opportunities and requirements for individuals seeking to become tax resident there.
In times of increasing taxation and uncertainty, individuals tend to look for alternative locations for their tax residence. Because of its democratic tradition, historical political stability and peace, independent judicial system and legal certainty, absence of exchange controls, and free inflow and outflow of foreign currency (among other reasons), Uruguay serves as an attractive jurisdiction for foreign (most notably Latin American) business persons seeking to move their tax residence.
Michigan congressman calls for federal tax holiday for health care staff, first responders | KEYE
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