Treasury is having a busy week! This afternoon, the U.S. Department of Treasury released proposed regulations under Code Section 45Q. Code Section 45Q provides for a U.S.
The proposed regulations provide crucial guidance for contractual terms intended to ensure that carbon oxides are effectively sequestered and, therefore, that the credit becomes available. In addition, the proposed regulations include several other useful provisions:
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Elizabeth Crouse is an associate in the tax group of the Seattle office. She provides business-focused solutions for U.S. federal, state, and international tax matters pertinent to mergers and acquisitions, corporate divestitures, internal reorganizations, cross-border transactions, private equity and venture capital fund creation and investments, and start-up companies.
This may worth something:
Final regs. address reporting by tax-exempt organizations - Journal of Accountancy
To comply with the notice and comment requirement of the Administrative Procedure Act, the IRS issued proposed regulations last year (REG-102508-16) that were finalized in T.D. 9898. Among the requirements being finalized without change, the IRS is exempting tax-exempt organizations with gross receipts that do not exceed $50,000 from filing Form 990. They still do have to file Form 990-N, called an e-postcard, annually. (This requirement was already in place under Rev. Proc. 2011-15.)
NCFC asks Treasury, OMB to to withdraw 'grain glitch' tax rules | TheFencePost.com
The executive council of the National Council of Farmer Cooperatives on Thursday asked the Treasury Department and the White House Office of Management and Budget to withdraw a proposal would implement Section 199A(g) of the new tax code.
NCFC noted that these provisions were passed by Congress to fix the so-called "grain glitch" in the 2018 tax act and that the Treasury Department recently sent them to OMB's Office of Information and Regulatory Affairs (OIRA).
'Dark money' groups dodge reporting requirement in new regulations - POLITICO
The rules, which have been in the works for several years, will affect groups organized under 501(c)(4) of the tax code.
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Those organizations have no legal obligation to publicly disclose their donors' identities, but they previously had to give the IRS the names and addresses of donors who gave them more than $5,000. Under the new regulations, the groups won't have to provide the information to the IRS at all.
Supporters of the move say the IRS doesn't need the information and that requiring it posed privacy risks, even though the agency kept the information confidential. But opponents say it will make political activity by tax-exempt groups even more opaque and open the door to donations from foreigners.
While you're here, how about this:
Herbalife Nutrition Announces Closing of $600 Million Senior Note Offering - Odessa American:
Herbalife Nutrition Announces Closing of $600 Million Senior Note Offering Associated Press |
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Herbalife Nutrition Ltd. (NYSE: HLF) (the "Company"), a global nutrition company, today announced the closing of the previously announced offering of $600 million aggregate principal amount of senior notes due 2025 (the "Notes").
The Notes have a fixed annual interest rate of 7.875%, which will be paid semi-annually on March 1 and September 1 of each year, commencing on March 1, 2021. The notes are guaranteed on a senior unsecured basis by each of the Company's existing and future subsidiaries that is a domestic borrower or guarantor of the obligations of any domestic borrower under the Company's senior secured credit facility.
Oregon DOR Proposes Regulations on Corporate Activity Tax Concerning Financial Institutions,
The Oregon Department of Revenue May 28 proposed regulations on corporate activity tax concerning financial institutions, wholesale food sales, out-of-state sales, and agricultural cooperatives.
Gov. Inslee extends 23 waivers of rules due to COVID-19 pandemic | KOMO
Treasury and IRS Finalize Section 385 Regulations - Lexology
On May 13, 2020, the Department of the Treasury and the Internal Revenue Service (“IRS”) issued final regulations under Section 385 of the Internal Revenue Code (“Code”), T.D. 9897 (“Final Regulations”), which address the classification of certain related party debt as stock or equity for U.S. Federal income tax purposes.
The IRS initially issued proposed regulations under Section 385 of the Code in 2016 out of concern for certain earnings-stripping and tax-avoidance transactions. After numerous comments about the expansive reach of the regulations, the IRS issued the Proposed Regulations and T.D.
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