Section 4960 of the Internal Revenue Code (the Code), which was added to the Code as part of the Tax Cuts and Jobs Act of 2017, generally provides that an applicable tax-exempt organization is subject to a 21 percent excise tax for payment of compensation to a covered employee that is above $1 million during a taxable year or that is based on the employee’s separation from service and in excess of three times the employee’s average annual compensation over the past five years (or
Not to change the topic here:
Future of Carbon Capture Looks Bright After Treasury Proposes Long-Awaited Regulations | Latham &
The Treasury Department and the IRS provided practical administrative rules for the carbon capture and sequestration tax credit.
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..These rules are the third in a series of regulatory guidance issued by the IRS and are intended to propel the growth of the carbon capture and sequestration industry in the US.
..The guidance, issued in proposed form, covers topics of great importance to the industry, including how to comply with the secure geological storage requirement, how to transfer the tax credits from the capturing party to the sequestering party, and the scope of potential tax credit recapture in the event of a leak of carbon oxide.
Code Section 4960 Excise Tax on Excessive Compensation to Employees of Tax-Exempt Entities |
The proposed regulations offer relief in three areas that address IPB's concerns. As expected, however, the IRS doubled down on its view that officers of a tax-exempt entity are automatically considered employees that could trigger the tax.
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Nonexempt Funds Exception . The IRS' original approach under Notice 2019-09 would have imposed excise tax on a company whose employees volunteered as officers of a related tax-exempt entity (such as a company foundation), even if no compensation was paid from the tax-exempt entity to the officers.
DNP Select Income Fund Announces Dividends and Sources of Distribution | News |
CHICAGO , June 11, 2020 /PRNewswire/ -- The Board of Directors of DNP Select Income Fund Inc. (NYSE: DNP), a closed-end fund advised by Duff & Phelps Investment Management Co., today authorized the payment of dividends on its common stock as follows:
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The Fund adopted a Managed Distribution Plan (the "Plan") in 2007 to maintain its current 6.5 cent per share distribution rate. Under the Plan, the Fund will distribute all available investment income to its shareholders, consistent with the Fund's primary objective.
And here's another article:
RMR Real Estate Income Fund Announces Regular Quarterly Distribution to Common Shareholders |
The following table provides RIF's estimated distribution sources for the distribution declared today on common shares for the quarter ending June 30, 2020 from the sources indicated pursuant to Section 19(a) of the Investment Company Act of 1940, as amended or the 1940 Act.
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RIF's net investment income is based on an estimate of the excess of cash distributions received from its investments less its operating expenses, interest expense and distributions to preferred shareholders for the periods presented. RIF has substantial investments in real estate investment trusts, or REITs, which generally will characterize distributions to their shareholders, including RIF, as ordinary income, net capital gain or return of capital.
Ease of tax filing and payment during community quarantine | BusinessWorld
The COVID-19 crisis has been sweeping the globe, affecting Filipinos everywhere. To finance public initiatives and to control the pandemic, the government is increasing its efforts to raise revenue despite the difficulties brought about by quarantine restrictions.
For taxpayers using the calendar year, April 15 of every year marks the deadline for filing the Annual Income Tax Return (AITR) and paying the corresponding tax. However, in March, due to the state of public health emergency, the government declared certain areas under various types of community quarantine. The declaration required many citizens to stay at home, and travel was restricted to within affected areas.
IRS Issues Final Regulations on Nonprofit Donor Disclosure Requirements | Proskauer - Not for
The Final Regulations largely adhere to the proposed regulations issued in September 2019 (the “Proposed Regulations”) and provide that tax-exempt organizations other than section 501(c)(3) charitable organizations, such as section 501(c)(4) social welfare organizations and section 501(c)(6) trade associations, are no longer required to annually disclose the names and addresses of “substantial contributors” (those contributing $5,000 or more) on Schedule B of their
Rule-Writing Scrutiny Pushes Tax Officials to Explain Themselves
Key court decisions and greater White House oversight have spurred the change, driving Treasury to explain its decisions more fully and prove it has complied with rulemaking requirements, tax professionals and academics said.
The department's explanations not only give taxpayers and their advisers insight into Treasury's thinking, but can also strengthen Treasury's defenses if rules are challenged in court.
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"It's a real recognition that litigants are going to attack regulations on procedural grounds and that courts are going to look carefully at whether the IRS is engaging with significant comments," said Leslie Book, a law professor at the University of Villanova and author of a treatise on tax procedure and administration.
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