Saturday, October 24, 2020

Implementing a Framework for Border Tax Adjustments in US Greenhouse Gas Tax Legislation and

Many proposals for greenhouse gas (GHG) tax legislation in the United States call for border tax adjustments (BTAs)—export rebates and import charges—to defend against GHG leakage and unfair competition in international trade caused by less stringent GHG policies in other nations. For similar reasons, the European Union also is seeking to establish a border tax on imports as it strengthens its GHG policies.

Without such border adjustments, key domestic constituencies in the United States and elsewhere—including labor, business, and communities where affected industries play a major role in regional economies—would oppose the GHG tax. However, trading partners, especially those major developing nations that would be disadvantaged by such a tax, could pose serious challenges, especially if BTAs violate World Trade Organization (WTO) obligations.

Publisher: Resources for the Future
Author: RFF Visiting Fellow Brian Flannery summarizes two of his recent coauthored reports that outline how policymakers should approach the development of border tax adjustments which also comply with US obligations under the World Trade Organization as part of greenhouse gas tax legislation
Twitter: @ResourcesMag
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Final regulations – U.S.

Since 2018, the buyers, sellers, and partnerships engaging in secondary and other transactions involving partnership interest transfers have been navigating complicated U.S. tax and related withholding obligations that apply when a non-U.S. partner transfers an interest in a partnership that is engaged in a U.S. trade or business.

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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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US ELECTIONS: Political polarization creating regulatory 'ping-pong effect' for US energy

Natural gas storage in the US Northeast, which serves as the heart of dry production in the Lower 48...

The Henry Hub 2021 forward curve is trading at its highest in more than four years as supply-demand...

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Market Movers Americas, Oct 19-23: US midstream watching election runup, COVID resurgence threatens gasoline demand

New York — As the US political climate has grown more polarized, the energy sector has faced increasingly significant shifts on the regulatory front every four to eight years, and the industry may have to ready itself for another pendulum swing after the November presidential election.

Date: 2020-10-23T15:56:00
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The Politics of Election-Year Financial Planning | Kiplinger

Planning for the next presidential administration is driving the financial advisory industry to hyperbolic extremes right now. Most discussions center on the impact of an immediate rescission of the 2017 Tax Cuts and Jobs Act (TCJA) effective retroactively on Jan. 1, 2021. While it is true that the Biden campaign platform clearly includes rolling back much of the TCJA, Joe Biden also promises not to raise income taxes on the middle class.

Publisher: Kiplinger
Twitter: @Kiplinger
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Not to change the topic here:

IRS Issues Partnership Interest Transfer Regulations

The US Department of the Treasury and Internal Revenue Service (IRS) recently issued final regulations under section 1446(f) , a provision enacted as part of the Tax Cuts and Jobs Act of 2017 (TCJA) that generally imposes a withholding obligation on transfers of certain partnership interests (Note: All references to "section" are to the Internal Revenue Code of 1986, as amended (the "Code") unless otherwise indicated).

Section 864(c)(8) generally provides that gain or loss derived by a nonresident individual or foreign corporation from the sale or exchange (or other disposition) of an interest in a partnership engaged in a US trade or business is treated as effectively connected income (ECI) to the same extent as such partner's portion of distributive share of gain or loss that would have been ECI if the partnership had sold all of its assets at their fair market value as of the date of the partner's sale

Publisher: The National Law Review
Date: 5493B547C0AB527FF4CF8C4D0127302A
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Trade, regulations and taxes on farmers’ minds this election year - Jacksonville

Farmers are monitoring the political climate to see if a changing dynamic could shift key issues for them such as trade, taxes and environmental regulations.

As trade relations with China remain in an uncertain place, farmers and farm advocates ask elected officials to recognize how crucial trade relationships are for their bottom line.

“Those markets are integral to my price,” “Hadden said “In this particular area we’re very blessed that we have the river terminals and those markets go into export markets.”

Publisher: Jacksonville Journal-Courier
Date: 2020-10-24T09:13:00Z
Author: Marco Cartolano marco cartolano myjournalcourier com
Twitter: @journalcourier
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Tax & Accounting Update - The CPA Journal

The IRS has issued temporary regulations for reconciling advance payments of refundable employment tax credits provided under the Families First Coronavirus Response Act and the Coronavirus Aid, Relief, and Economic Security (CARES) Act, and recapturing the benefit of the credits when necessary. The determination of any amount of credits erroneously refunded must take into account any credit amounts advanced to an employer under the process established by the IRS.

The IRS has said that recording information about third parties appointed under a power of attorney into its Centralized Authorization File (CAF) is currently taking about 15 business days, rather than five business days, due to COVID-19. The IRS has established a CAF into which information regarding the authority of persons appointed under a power of attorney is recorded. The IRS says that taxpayers should consider the additional time and plan accordingly.

Publisher: The CPA Journal
Twitter: @thecpajournal
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In Times of Economic Uncertainty, R&D Tax Credits Provide Much Needed Cash Boost
Twitter: @tax
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