On May 13, 2020, the Department of the Treasury (Treasury) and the Internal Revenue Service (the Service) released regulations finalizing previously proposed regulations under Internal Revenue Code Section 385 regarding the treatment of certain interests in corporations as stock or indebtedness for U.S. federal tax purposes (the 2020 Final Regulations).
Section 385 authorizes the secretary of the treasury to issue rules to determine whether an instrument is equity or debt for purposes of the Code.
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Tax Strategies for Specified Service Businesses | WTOP
The Tax Cuts and Jobs Act of 2017 created the qualified business income, or QBI, deduction, which allows owners of eligible businesses to deduct up to 20% of qualified business income.
It’s a great benefit for those who qualify. The trouble is, not every business qualifies. According to Internal Revenue Code 199A, a specified service trade or business (SSTB) may not qualify for all or any of the QBI deduction .
QBI deductions begin to phase out at $326,600 for joint filers and $163,300 for single filers in 2020.
Eleventh Circuit Gives Developers a Mulligan: Golf Courses Eligible for Conservation Easement Tax
In a lengthy opinion discussing the true value of protecting sixty-one threatened bird species, the elusive denseflower knotweed and the regionally declining southern fox squirrel, a panel of judges sitting on the federal 11th Circuit handed developers a win. In Champions Retreat Golf Founders, LLC v. Commissioner of IRS , No. 18-14817 (11th Cir.
The Internal Revenue Service (“IRS”) recognizes these conservation easement deductions as provided in Section 170(h) of the Code and tax regulations at 26 C.F.R. § 1.170A-14. At their core, conservation easement donations qualify as charitable deductions based upon the donation of the easement to a qualifying entity which protects the land from future development in perpetuity.
Illinois Proposes Regulations for Marketplace Facilitator Law - Lexology
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Norbord Announces Renewal of Committed Revolving Bank Lines
TORONTO , May 20, 2020 /CNW/ - Norbord Inc. (TSX and NYSE: OSB) announced today that, consistent with its standard practice, the Company has renewed its committed revolving bank lines (Revolvers) on substantially the same terms and conditions. The maturity date has been extended to May 2022 and, to further strengthen liquidity, the aggregate commitment has been increased by $55 million to $300 million .
"In this environment of economic uncertainty from the COVID-19 pandemic, safety and flexibility are paramount," said Peter Wijnbergen, Norbord's President & CEO. "Our current operating configuration gives us the flexibility to adjust our production volume up and down to match production with customer demand. The renewal of our Revolvers augments our existing strong liquidity and further protects Norbord's balance sheet flexibility."
Might as Well Face It… Your Annual Retirement Plan Audit is Not a Clean Bill of Health | Holland
With calendar year-end Form 5500s due on July 31,or October 15 with an extension (and still no COVID-19 filing relief as of the date this blog was published), it’s that time of year where plan sponsors begin thinking about their annual retirement plan independent audits. However, these are not the only audits companies should be thinking about.
Both the Internal Revenue Service (IRS) and the Department of Labor (DOL) routinely select qualified retirement plans for examination. In the event of an audit by either agency, a plan’s records, procedures and processes will be examined. If errors or deficiencies are found, at a minimum, corrections will be required, and in some instances, fines or sanctions will be levied.
New CRS And FATCA Legislation: A Real Change? - Tax - Luxembourg
In our November 2019 ATOZ blog (Upcoming FATCA - CRS Issues: What the Alternative Fund Industry Needs to Know), we noted that the Luxembourg tax authorities more frequently controlled the correct application of the FATCA (Foreign Account Tax Compliance Act) and CRS (Common Reporting Standards) rules and financially sanctioned proven breaches with increasingly dissuasive fines, whether for delays or for absence of FATCA and CRS reporting (including «zero-reports» under FATCA).
In our aforementioned previous blog, we insisted on the fact that compliance with these rules is, both from a reputational and a financial point of view, a major issue for the financial sector, especially for the alternative investment fund sector. We also noted with regret that, despite the years that have elapsed since the implementation of these rules, today they still present some technical or educational challenges for clients and their investors.
Carbon tax would drive renewable energy, reward lower-emissions fuel like nukes (Your letters) -
The recent exchange of commentaries between Don Siegel and Chris Carrick raise important points about the need for realism in our discussions around achieving a stable climate ( "We can't make enough renewable energy to avert climate disruption," April 22, 2020; "Renewable energy is doable, and necessary," May 4, 2020; "Wishful thinking won't replace fossil fuels," May 13 2020).
Environmentalists often object to these technologies usually for reasons unrelated to their global warming mitigation potential, however. For example, waste disposal and public safety issues are often raised as objections by climate advocates to nuclear energy projects, and, similarly, the local environmental impacts of hydrofracking for natural gas are also raised by opponents.
Happening on Twitter
Millions will get their Economic Impact Payment as prepaid debit cards. These cards are secure and easy to use. The… https://t.co/5Tiwf79e0B IRSnews (from Washington, D.C.) Tue May 19 16:55:06 +0000 2020
The Obama-Biden IRS targeted conservatives before the 2012 election. It now looks like the Obama-Biden Treasury D… https://t.co/7WUxpxvQ37 JudiciaryGOP (from Washington, D.C.) Wed May 20 17:18:35 +0000 2020
This week @USTreasury and #IRS are starting to send nearly 4 million Economic Impact Payments by prepaid debit card… https://t.co/DRhE3vzq4t stevenmnuchin1 (from Washington, DC) Mon May 18 22:12:43 +0000 2020
CORONAVIRUS STIMULUS PREPAID DEBIT CARD: The IRS and the U.S. Treasury Department will begin sending economic stimu… https://t.co/NlTO5uqHp7 FOXLA (from Los Angeles, CA) Tue May 19 15:41:22 +0000 2020
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