In the last days of the legislative session, the Georgia General Assembly passed key legislation, including conformity to the federal tax law, a new rideshare fee, changes to interest payments on direct pay permit holder’s refund claims, and amendments to the film tax credit. However, bills limiting tax credits and exemptions, eliminating or reducing administrative deference at the Tax Tribunal, legalizing online sports betting, and facilitating contingency fees failed to pass.
While you're here, how about this:
Is the South Carolina Department of Revenue's Administrative Interpretation of Tax Laws Entitled
In disputed tax cases in South Carolina, the South Carolina Department of Revenue (SCDOR, DOR, or Department) will often argue that our courts should defer to SCDOR’s own interpretation of the tax laws at issue in the case. Whether SCDOR’s administrative views are entitled to any weight and, if so, to what extent, are for our courts to decide. In the recent decision of Synovus Bank v. South Carolina Department of Revenue , Docket No.
The Synovus case has been proceeding through the SCALC for a number of years, and involved the issue of whether the bank could deduct net operating loss (NOL) carryforwards when computing its South Carolina bank tax liability. The ALC issued a Final Order in the case on April 17, 2020, and the bank then filed a motion for reconsideration on May 12, 2020. The ALC withdrew its prior Final Order to address the issues raised in the bank’s motion for reconsideration.
Does substantial authority provide penalty protection?
This discussion explores a question prompted by language in IRS Chief Counsel Field Service Advice (FSA) 200009002: Does substantial authority protect against a penalty for a return position that is contrary to a regulation? While FSA 200009002 is ambiguous on that point, the existence of substantial authority will not necessarily protect a taxpayer from a penalty for an undisclosed return position that is contrary to a regulation.
Sec. 6662 imposes an accuracy-related penalty equal to 20% of the portion of an underpayment of tax attributable to, among other things:
AICPA tax comment letters include pandemic-related advocacy
The IRS provided guidance on taking coronavirus-related distributions and announced rollover relief for required minimum distributions (RMDs) from retirement accounts that were waived under the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136, in Notice 2020-50 and Notice 2020-51 . The rollover relief came one week after the AICPA recommended the IRS allow taxpayers who already withdrew RMDs in 2020 (including from inherited IRAs) to return the RMD into the account.
And here's another article:
Czech Republic Gazettes Law Amending Tax Code
The Czech Official Gazette June 26 published Law No. 283, amending the tax code.
New Regulations to Curb Youth Nicotine Use Begins on July 1
This past November 79.67% of voters approved the additional tax on ESD/vaping product. An implementation ordinance (Ordinance No. 8376) was adopted by City Council in early 2020 which set the tax rate at 40% and imposed the tax on sales of ESDs in the city as of July 1, 2020.
Sales of ESDs are subject to both the regular city sales and use tax rate of 3.86% -- remitted on the regular city sales and use tax return – and the additional city sales and use tax rate of 40% on ESDs – remitted on the ESD city sales and use tax return. ESDs are also subject to all state-collected sales taxes at the point of sale.
INSIGHT: Tax Incentives for Vietnam's Agriculture Sector
Nguyen Hung Du and Nguyen Tan Tai, of Grant Thornton Vietnam, discuss the tax incentives for business owners and investors who are looking to invest in the agricultural business in Vietnam.
The Vietnam government has introduced many tax policies for the agriculture sector in the last few decades. Compared to other industries in Vietnam, the number of tax incentives are at the highest level. They are designed to attract investment to the agriculture sector, sustain long-term development and improve the income of individual farmers who make up a large proportion of Vietnam's labor force.
"Passthrough Deduction" Regulations for RICs Finalized with No Major Changes | Proskauer - Tax
RICs are corporations for U.S. tax purposes and, thus, not themselves eligible for the benefits of Section 199A. However, a RIC often functions as a financial conduit. A RIC is typically managed so as to not pay entity-level tax – instead, it pays out all (or nearly all) of its income to its shareholders in the form of qualifying dividends and is eligible to deduct those dividends from its own income.
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As was the case in the Proposed Regulations, the Final Regulations generally allow RICs to pass through to a non-corporate shareholder qualified REIT dividends eligible for the passthrough deduction.
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