The U.S. Department of the Treasury and the Internal Revenue Service have issued final regulations updating the federal income tax withholding rules for certain periodic retirement and annuity payments made after Dec. 31.
Prior to the Tax Cuts and Jobs Act, if no withholding certificate was in effect for a taxpayer's periodic payments, the amount to be withheld from the payments was determined by treating the taxpayer as a married individual claiming three withholding exemptions.
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The Stock Market's Leaders Appear Most Vulnerable to Biden's Tax Plan - WSJ
Major U.S. technology stocks look vulnerable to a corporate-tax increase that might result from a Democratic sweep in November, potentially undermining one of the strongest drivers of the market's recovery this year.
Together, the tax proposals would reduce expected earnings among companies in the S&P 500 by 9.2%, according to estimates from BofA Global Research. And the pain would be more acute in some sectors than others.
Mr. Biden's tax plan would lead to estimated double-digit percentage declines in profits for the information-technology, communication-services and consumer-discretionary sectors, BofA's analysis found. Those groups, which are leading the charge in the S&P 500 this year, are home to Apple Inc., Microsoft Corp. , Google parent Alphabet Inc., Facebook Inc. and Amazon.com Inc.
Op-ed: It's time to fix New York's dysfunctional construction regulations
New York ’ s unique policies and laws present additional problems. Local construction and building codes have failed to keep pace with modern construction methods and innovations, and they drive up construction costs, which are among the highest of major global cities. State law caps a building ’ s floor-area ratio—which limits the building ’ s height and density arbitrarily.
Another example is the Scaffold Law, which holds contractors fully liable for all gravity-related workplace injuries, a requirement that is out of step with all other states and that results in higher insurance premiums.
Governor hopefuls differ on plans for economic recovery | Politics | ...
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IRS Provides Final Regulations on Income Tax Withholding on Certain Periodic Retirement and
Prior to the Tax Cuts and Jobs Act (TCJA), if no withholding certificate was in effect for a taxpayer’s periodic payments, the amount to be withheld from the payments was determined by treating the taxpayer as a married individual claiming three withholding exemptions.
The TCJA amended this rule to provide that the rate of withholding on periodic payments when no withholding certificate is in effect (the default rate of withholding) would instead be determined under rules prescribed by the Secretary of the Treasury.
INSIGHT: Overview of Proposed Carried Interest Regulations
New laws take effect Oct. 1 in Maryland, D.C., Virginia - The Washington Post
The state's anti-discrimination law is expanded to include hair texture as an element of racial identity, an attempt to bar discrimination against Black hairstyles by employers and others. It follows a national wave of legislation prompted by the story of a New Jersey high school wrestler who in 2018 was forced to cut his dreadlocks to compete.
In D.C., Oct. 1 marks the first day of several tax revisions pushed by D.C. lawmakers after the coronavirus pandemic caused a steep drop in city revenue. The most wide-reaching is a 10-cent-per-gallon hike in the gas tax, which brings the District's fuel tax to a similar level as Maryland and Virginia. Other changes apply to wealthy estates and tax breaks for companies.
IRS finalizes regulations for ABLE accounts | Accounting Today
ABLE accounts aim to help people with disabilities and their families save and pay for disability-related expenses. While the contributions aren't deductible, distributions such as earnings are tax-free to the designated beneficiary if they're used to pay for qualified disability expenses.
Eligible individuals can now put more money into their ABLE account and roll money from their qualified tuition programs (529 plans) into their ABLE accounts. In addition, some contributions made to ABLE accounts by low- and moderate-income workers can now qualify for the Saver's Credit.
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Because it's so easy to miss good news --> @NYGovCuomo Announces Final Regulations Requiring Insurers to Provide Fa… https://t.co/JCdcQAp474 kennethcolereal (from NYC) Fri Oct 02 16:41:54 +0000 2020
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