WASHINGTON — White House officials have explored whether President Trump has the power to sidestep Congress and unilaterally cut a broad swath of taxes as the president looks for ways to inject fuel into a slumping economy , according to a senior administration official.
While such a move is not imminent, Mr. Trump's advisers have sought legal guidance from White House lawyers about whether the president has the authority to eliminate certain taxes, including income and business taxes, without the approval of Congress.
Quite a lot has been going on:
Business Lobby Raises Concerns Over Trump Payroll Tax Break | Voice of America - English
WASHINGTON - The nation's leading business group on Wednesday raised serious concerns about President Donald Trump's move to defer Social Security payroll taxes for American workers, warning that the plan for a shot of economic relief during the coronavirus pandemic could prove unworkable.
The U.S. Chamber of Commerce, a White House ally in battles to cut federal regulations and taxes, said in a letter to Treasury Secretary Steven Mnuchin that Trump's directive is "surrounded by uncertainty as to its application and implementation" and "only exacerbates the challenges" for companies trying to quickly put his action in place.
US Treasury Carried Interest & Promotes Tax Treatment Regulations
On July 31, 2020, the U.S. Department of Treasury published proposed regulations providing guidance under Section 1061 of the Internal Revenue Code of 1986 ("Code"), relating to taxation of so-called "carried interest" or "promote." Code Section 1061 was added by the 2017 Tax Cuts and Jobs Act (the "TCJA") and sets forth special three-year holding period rules that apply to certain types of carried interest and profits interests.
Overall, the proposed regulations are consistent with taxpayer and practitioner expectations. However, certain aspects of these proposed regulations set forth rules for applying Code Section 1061 that are more stringent than anticipated.
INSIGHT: Opportunity Zone Houses Require Substantial Improvement
The IRS concludes that a personal-use house located in a qualified opportunity zone, to be renovated by its buyer into a store, restaurant, or professional office,will require substantial improvement by the buyer in order to constitute qualified opportunity zone business property, writes Alan Lederman of Gunster, Yoakley & Stewart, P.A.
The most common type of building in the U.S. is the single-family house. Accordingly, a frequent question concerning the qualified opportunity fund (QOF) program, and perhaps the most frequent question among smaller businesses seeking to use the QOF program, is: Can a single family house located in a qualified opportunity zone (QOZ), which house is purchased and then converted to business use without substantial rehabilitation, constitute qualified opportunity zone business property (QOZBP)?
In case you are keeping track:
INSIGHT: Online Gaming—Play with VAT Carefully
Nimish Goel and Parth Sharma, of WTS Dhruva Consultants, discuss how the e-gaming industry works and what the implications and challenges are from a value-added tax perspective, with a focus on the United Arab Emirates.
The world is going through an upsetting and unprecedented situation, with all of us being impacted by Covid-19 pandemic. The lockdowns and self-isolation have led to a significant increase in consumer engagement with online games. People are spending more time gaming than ever, and the gaming market has seen unprecedented levels of engagement in the first half of 2020.
CARES 2 legislation stalls; President Trump signs executive order deferring payroll taxes |
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Proposed Regulations that Impact Environmental Enforcement Aim to Clarify 2017 Tax Act - Lexology
With respect to the establishment requirement, the proposed regulations require the taxpayer to substantiate with documentary evidence, "the taxpayer's legal obligation, pursuant to the order or agreement, to pay the amount identified as restitution, remediation, or to come into compliance with a law, the amount paid, and the date the amount was paid or incurred." Among the documents identified to meet this requirement are the following:
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New IRS Regs May Quash Popular SALT Cap Workaround - Law360
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Happening on Twitter
U.S. stimulus talks have faltered, and President Trump's advisers said they would recommend that he bypass Congress… https://t.co/bIlaMKNOgc nytimes (from New York City) Fri Aug 07 21:15:09 +0000 2020
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