In case you are keeping track:
Cryptocurrency Earned From Carrying Out Microtasks Is Taxable, Says IRS Memo
Cryptocurrency earned from carrying out small tasks valued as low as $1 is taxable, the U.S. Internal Revenue Service (IRS) said in a memo Friday.
Nags Head Planning Board recommends hotel and fill regulation changes - The Coastland Times | The
Nags Head Planning Board members at their August 18 meeting voted to recommend approval of two unrelated action items.
The first issue focused on legacy structures, those establishments or locations with a nostalgic or historical part of Nags Head’s past.
When Nags Head updated its Unified Development Ordinance – the regulations covering land use and zoning – hotels were removed as a permitted use in the oceanfront district north of Whalebone. While the change was not intended to eliminate hotels and instead recognize a need to adapt to an increased intensity of storm events and flooding potential, it did make them non-conforming structure. A move that limited what modifications would be allowed.
Clough Global Equity Fund Section 19(a) Notice
DENVER , Aug. 31, 2020 /PRNewswire/ -- On August 31, 2020 , the Clough Global Equity Fund (NYSE MKT: GLQ) (the "Fund"), a closed-end fund, paid a monthly distribution on its common stock of $0.1104 per share to shareholders of record at the close of business on August 21, 2020 .
The following table sets forth the estimated amount of the sources of distribution for purposes of Section 19 of the Investment Company Act of 1940, as amended, and the related rules adopted thereunder.
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INSIGHT: Paycheck Protection Program Forgiveness Uncertainty Stymies Deal-Making
IRS Issues Proposed Regulations Intended to Clarify Carried Interest Rules - Lexology
The Internal Revenue Service (IRS) recently issued proposed regulations under section 1061, a provision enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA) that recharacterizes certain net long-term capital gain with respect to “applicable partnership interests” as short-term capital gain (Note: All references to “section” are to the Internal Revenue Code of 1986, as amended (the “Code”), unless otherwise indicated).
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An API is any interest in a partnership which, directly or indirectly, is transferred to (or is held by) a taxpayer (an “API Holder”) in connection with the performance of substantial services by that taxpayer, or any other related person, in any applicable trade or business (ATB).
Trump's push to defer payroll taxes could lead to smaller paychecks for workers in early 2021,
Millions of workers could see smaller paychecks in the first few months of 2021 after the Treasury Department on Friday told employers they would be on the hook for the payroll taxes deferred under President Trump's recent order.
The new guidance paints a sharply different picture from what White House officials have said for several weeks in response to Trump's directive, which set in motion a plan to defer payroll taxes starting in September through the end of the year.
Partnership Tax: The Future Of The Proposed Carried Interest Regulations
In this episode of Willis Weighs In , Benjamin M. Willis, Tax Notes Federal contributing editor, discusses carried interests with partnership tax expert Monte A. Jackel. Monte and Ben speculate on what the new regulations are expected to look like and provide their opinions on potential IRS overreaches likely to be overturned if potentially tenuous arguments are brought to court.
Section 1061 was enacted as part of the Tax Cuts and Jobs Act to scale back the tax benefits obtained on carried interests provided for services to fund managers of large private equity funds: long-term capital gain rates as low as 15 to 20 percent. Under section 1061, future partnership profits afforded through applicable partnership interests are subject to a three-year holding period if the taxpayer provides substantial services for an applicable trade or business.
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