For five years, educational technology specialist Loree Sullivan commuted from her home in Salem, New Hampshire, to her job at a private school in Andover, Massachusetts, driving about half an hour each way.
Because she was working in Massachusetts, she had to pay that state’s income tax for every day she worked there. She loves her job, but commuting out of state was a financial hit, since New Hampshire doesn’t have an income tax.
Sullivan objects, noting, “I’m not using the roads, I’m not taking up space” in Massachusetts, and “I have no representation there.”
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New laws in DC, Virginia, Maryland go into effect on October 1 | wusa9.com
WASHINGTON — Starting Thursday, October 1, dozens of new laws are going into effect in D.C., Maryland, and Virginia. Here are some of the highlights:
In D.C., Oct. 1 marks the first day of several tax rate changes introduced by D.C. lawmakers after the coronavirus pandemic – which caused a significant drop in the District's revenue.
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New laws are also taking effect in Maryland, as several bills signed into law include everything from changes that will protect individuals from discrimination, return driving privileges to thousands, to even changes when it comes to your food takeout experience. Here's a breakdown:
INSIGHT: Wealth and Marriage—Does it Pay to Say, "I Do?"
Employers get guidance on income tax withholding from wages - Journal of Accountancy
The IRS issued guidance to employers on Thursday regarding the amount of federal income tax to withhold from employees' wages. The guidance comes in final regulations ( T.D. 9924 ) the IRS posted to its website, which implement changes enacted in the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, and reflect the redesigned Form W-4, Employee's Withholding Certificate , the IRS has already issued and updated guidance in other IRS publications.
Among other changes, the TCJA modified the wage withholding rules found in Sec. 3402(a)(2) and replaced the former concept of "withholding exemptions" with a "withholding allowance, prorated to the payroll period." A withholding allowance is determined based on the factors listed in Sec. 3402(f)(1).
In case you are keeping track:
Alert—2020 Federal Gift and Estate Tax Planning, Part I | New York Law Journal
Low-income New Yorkers' access to the Bankruptcy Courts, oddly, hangs in the balance of an upcoming luxury condo dispute.
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Bradford Edwards & Varlack counts the first Black partner at Davis Polk & Wardwell as a founding member, and also includes the former CFO at Orrick and Baker & Hostetler as part of the team.
Inslee: Boeing 'turning its back' on Washington with Dreamliner move to South Carolina
OLYMPIA, Wash. — Gov. Jay Inslee said Boeing would be "turning its back" on the state of Washington if the corporation moves 787 Dreamliner production to South Carolina.
Boeing announced Thursday it will consolidate all 787 production at its facility in North Charleston days after the Wall Street Journal reported the move.
Inslee signed a bill in 2013 to extend tax breaks for commercial airplane production from 2024 to 2040. The tax breaks were established in 2003 as an incentive to build the Dreamliner in Everett.
Foreign tax credit allocation and apportionment rules finalized - Journal of Accountancy
Taxpayers received guidance Tuesday on how to allocate and apportion deductions and creditable foreign taxes and on other issues relating to foreign tax and the foreign tax credit in final regulations posted by the IRS ( T.D. 9922 ). The IRS also posted wide-ranging proposed regulations regarding the foreign tax credit ( REG-101657-20 ).
In addition to discussing the allocation and apportionment of deductions under Secs. 861 through 865 and creditable foreign taxes, the regulations cover:
Final regulations - Foreign partner's U.S.
Given the overall development of the secondaries market and the increasing volume and size of secondary funds, the U.S. tax and withholding regime that applies to a foreign partner transferring an interest in a partnership that is engaged in a U.S. trade or business, enacted as part of 2017 U.S. tax reform, has become an important consideration in structuring and negotiating secondary transactions, even those transactions that do not involve U.S. investments.
Recently, the U.S. Internal Revenue Service (IRS) issued final regulations under IRC Section 864(c)(8) that address the U.S. tax liability imposed on the transferring partner. At a future date, final regulations under IRC Section 1446(f) are expected to be issued addressing the buyer/transferee's obligation to deduct and withhold tax arising from the transfer and making effective a secondary withholding tax obligation imposed on the partnership that is currently suspended.
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