Wednesday, September 16, 2020

IRS finalizes regulations for rehabilitation tax credit | Accounting Today

The TJCA amended the rehabilitation credit so taxpayers can now claim the rehabilitation credit over a five-year period. The TCJA amendments generally apply to a taxpayer's qualified rehabilitation expenditures that are paid or incurred after Dec. 31, 2017.

Taxpayers, however, can claim the credit all in one year under pre-TCJA rules for projects that qualify under a transition rule from the IRS.

The transition rule enables taxpayers to use the prior law if the project meets the following conditions:

Publisher: Accounting Today
Date: 2020-09-15T20:57:21.693
Author: https www accountingtoday com author michael cohn
Twitter: @AccountingToday
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INSIGHT: Introduction of Digital VAT in Indonesia and Practical Implications
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Final regs. govern eligible terminated S corporation rules

The IRS on Tuesday issued final regulations ( T.D. 9914 ) under Secs. 481(d) and 1371(f) regarding the treatment of "eligible terminated S corporations" (ETSCs). The regulations provide guidance on the definition of an ETSC and rules relating to distributions of money by such a corporation after its post-termination transition period. They also amend the regulations under Sec.

To make it easier for S corporations to revoke their S elections, Congress, as part of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, enacted Sec. 481(d)(1), which permits a corporation that qualifies as an ETSC to take into account any Sec. 481 adjustments that are attributable to the revocation of an S election over the Sec. 481(d) inclusion period — the six-tax-year period beginning with the year of change to an S corporation.

Publisher: The Tax Adviser
Date: 2020-09-15T16:57:09.000-04:00
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Business Shifts From Resistance to Action on Climate - WSJ

When Congress last pushed for comprehensive climate legislation a decade ago, much of corporate America was either neutral or hostile.

Publisher: WSJ
Date: 2020-09-16T05:21:00.000Z
Author: Greg Ip
Twitter: @WSJ
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Pequea Valley school board extends tax due date to Dec. 31, 2020 | Regional | lancasteronline.com

What happened: The board adopted a resolution to extend the school district's due date for 2020 real estate taxes to Dec. 31, with no penalty for delayed payments.

Tax extension: In accordance with a new state law, many school districts across the state have passed tax relief legislation to aid property owners. Last week, chief of finance and operations John Bowden proposed that the district extend its own tax deadline, in an attempt to lessen the economic impact of the coronavirus pandemic.

Publisher: LancasterOnline
Date: 2B99F54CA617112F75CE495FAAFCA280
Author: KYLE KUTZ For LNP LancasterOnline
Twitter: @lancasteronline
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FASB Income Tax Disclosure Framework: A Disclosure Framework — Part 2
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Say hello to the BEAT waiver: Final regulations adopt and clarify prior proposed regulations |

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

Publisher: JD Supra
Twitter: @jdsupra
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IRS Guidance on SECURE Act and Miners Act Retirement Plan Issues - Lexology

Beginning January 1, 2020, “qualified birth or adoption distributions” (QBADs) are permitted from a retirement plan or IRA. QBADs are:

The Guidance provides further clarity on a number of questions related to QBADs, including the definition of an “eligible adoptee,” the calculation of permitted amounts, and certain recontribution requirements.

* * *

For plan years beginning after December 31, 2020, part-time employees must be eligible to make elective deferrals after attaining age 21 if they have completed at least 500 hours of service during three consecutive 12-month periods, unless they are in a collective-bargaining unit. Each 12-month period for which the employee has at least 500 hours of service must be treated as a year of service for vesting purposes, and not as a one-year break in service.

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