More than 80 percent of the benefits of a tax change tucked into the coronavirus relief package Congress passed last month will go to those who earn more than $1 million annually, according to a report by a nonpartisan congressional body expected to be released Tuesday.
The provision, inserted into the legislation by Senate Republicans, temporarily suspends a limitation on how much owners of businesses formed as "pass-through" entities can deduct against their nonbusiness income, such as capital gains, to reduce their tax liability. The limitation was created as part of the 2017 Republican tax law to offset other tax cuts to firms in that legislation.
Many things are taking place:
Washington Labor and Industries Department Issues Emergency Regulations on Clean Energy Projects
The Washington Department of Labor and Industries April 15 issued emergency regulations on sales and use tax exemptions available for clean energy projects. The exemptions are available to developers of projects who purchase machinery and equipment for certain projects certified by the department as compliant with specific labor standard requirements when the machinery and equipment is installed on or after Jan. 1 and completed by Dec. 31, 2029.
Yolo County supervisors to vote on cannabis tax rates – Daily Democrat
On Tuesday, the Yolo County Board of Supervisors will consider adopting a resolution to set the cannabis tax rate on gross receipts at the rate of 4% on commercial cannabis cultivation and 5% on all other cannabis businesses for fiscal year 2020-21.
In June 2018, Yolo County voters overwhelmingly supported Measure K which authorized a local ordinance “imposing a tax on cannabis businesses in the unincorporated areas of the county at a rate of between 1% and 15% of gross receipts, with initial rates of 4% for cultivation and 5% for all other cannabis businesses,” according to a staff report submitted to the board.
Freeze carbon tax, delay new climate regs during virus crisis, oil lobby asks -
OTTAWA – Canada’s oil and gas producers have asked the federal government to freeze the carbon tax and delay new climate change regulations while the industry weathers the storm of COVID-19.
The combination of plummeting demand and a production war between Saudi Arabia and Russia pushed prices down all over the world. In Western Canada, heavy crude prices fell below $5 a barrel again this week, less than a tenth of what it traded for a year ago.
Not to change the topic here:
Chile: Tax modernisation bill introduces changes on transfer pricing compliance | International
In February 2020, the law that is set to modernise Chilean tax law was published in the Chilean Official Gazette. Among other changes, the updated laws will introduce certain modifications to the Chilean transfer pricing (TP) regulations as of January 1 2020.
IRS T.D.: Hybrid Arrangement Final Regulations (IRC §245A)
Rules aimed at curbing hybrid mismatch arrangements, in which companies exploit differences between two countries' rules to avoid taxes, the IRS stated in final regulations released April 7. The regulations also relate to dual consolidated losses and entity classifications to prevent the same deduction from being claimed under the tax laws of both the United States and a foreign jurisdiction.
Tax Relief Actions Among the COVID-19 Pandemic
This article provides a high-level summary of the key individual and business tax provisions contained in the CARES Act. Like any tax legislation, there are many questions that must be addressed in the regulations that will be issued by the Treasury Department.
Tax Rebates to Individuals : The CARES Act provides tax rebate payments to individuals in the form of direct payments of $1,200 per individual ($2,400 for married couples), plus $500 per child, subject to phase-outs for high income individuals and families. Treasury Secretary Mnuchin has publicly stated that these funds, which are technically advance refunds of a 2020 tax credit, will be distributed within the next three weeks via direct deposit where possible.
Relevant Tax Summary of the CARES Act
The U.S. Congress has enacted several significant pieces of legislation over the last few weeks. First, the Coronavirus Preparedness and Response Supplemental Appropriations Act was signed into law by President Trump on March 6, 2020. Second, the Families First Coronavirus Act, was signed into law on March 18, 2020. The Polsinelli Tax Team recently summarized the tax impact of these two laws.
Most recently, on March 25, 2020, the Senate unanimously passed "phase III" of the relief program, which is known as the Coronavirus Aid, Relief and Economic Security Act ("CARES Act"). The bill was passed in the House the morning March 27, 2020, and was quickly signed by President Trump in the afternoon of March 27, 2020. The CARES Act is estimated to cost $2.2 trillion dollars and contains numerous tax provisions aimed to benefit both individuals and businesses.
Happening on Twitter
Vast majority of tax provision in coronavirus law goes to millionaires, JCT finds - The Washington Post https://t.co/iQWHnOAKv1 DonnaDeegan (from Atlantic Beach, Florida) Wed Apr 15 23:17:57 +0000 2020
No comments:
Post a Comment