Wednesday, November 11, 2020

Helping Employers Navigate New Payroll Tax and Fringe Benefits Regulations

Content will focus on Federal tax laws, as well as state specific updates for Illinois , Indiana and Missouri , corresponding with AAIM's and Insight CPAs' combined business service areas. Professionals who attend the program are eligible for credits including HRCI 6.5 credits; SHRM 6.5 credits; and CPE 7.5 credits.

"The co-presented program will offer additional expertise and perspectives to help employers make sense of recent legislative changes due to COVID-19," said Phil Brandt , president and CEO of AAIM, a 120-year-old organization that helps employers streamline HR systems and payroll capabilities and optimize talent. "While this will be AAIM's 34 th annual Payroll Tax Update program, it will be one of the most important for employers and we're pleased to be partnering with Insight CPAs."

Date: 9D28F7743C790DD88F2D9C7375EF7ED5
Author: AAIM Employers Association
Twitter: @PRNewswire
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Many things are taking place:

IRS Endorses State and Local Tax Deduction Workaround

On Nov. 9, the IRS may have endorsed a workaround to the $10,000 cap on state and local taxes when it comes to state and local taxes paid by passthrough entities. The Tax Cuts and Jobs Act of 2017 capped state and local tax (SALT) deductions at $10,000. This cap only applied to SALT deductions paid by individuals, not by corporations.

Several states sought workarounds to this SALT deductions cap. Some states tried an individual state tax credit for charitable contributions to a state fund. Some tried a payroll tax credit . The IRS put an end to the charitable deduction credit with a regulation , and the payroll tax credit has not gotten much traction with businesses.

Publisher: The National Law Review
Date: 5493B547C0AB527FF4CF8C4D0127302A
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New luxury tax regulations are a relevant part of NBA's revised CBA for Sixers | RSN

The NBA's salary cap and luxury tax levels are staying flat at $109.140 million and $132.627 million, respectively, under the league's amended collective bargaining agreement . While that's unsurprising in light of COVID-19-related financial difficulties, there's a luxury tax development that's relevant for the Sixers.

Typically, the luxury tax threshold staying the same wouldn't be positive for a team like the Sixers set to pay the tax. The salaries of the Sixers' starting five on opening night last season add up to about $132.8 million for the 2020-21 season , and those players obviously aren't the only ones with guaranteed contracts. There is, however, a form of relief for taxpaying teams.

Publisher: RSN
Date: 2020-11-10T10:34:26-05:00
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Vietnam accuses Netflix and Apple of skirting tax responsibilities

Vietnam's information minister on Tuesday accused foreign streaming companies like Netflix and Apple of skirting their tax responsibilities, saying it would create unfair competition for domestic firms.

"Domestic companies have to abide by tax and content regulations while foreign firms do not, which is unfair competition," the minister, Nguyen Manh Hung, told a government meeting.

Vietnam introduced a cybersecurity law two years ago that requires all foreign businesses earning income from online activities in Vietnam to store their data in the country.

Publisher: CNBC
Date: 2020-11-11T05:56:32 0000
Author: https www facebook com CNBC
Twitter: @CNBC
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This may worth something:

U.S. GAO - Financial Audit: IRS's FY 2020 and FY 2019 Financial Statements

In FY20, the IRS collected over $3.5 trillion in taxes, which makes up most of the federal government's revenues. Accordingly, the IRS's financial management is important to Congress and taxpayers.

We audit the IRS's financial statements each year and issue an opinion on them, as well as on the effectiveness of the IRS's internal controls (e.g., its ability to ensure that transactions are properly authorized and recorded).

Date: 2020/11/10
Author: In FY20 the IRS collected over 3 5 trillion in taxes which makes up most of the federal government
Twitter: @USGAO
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Treasury blesses workaround to SALT deduction cap for business owners | TheHill

The guidance could help some business owners get around the cap, which has been among the most controversial provisions in the law.

Several states have enacted legislation under which noncorporate businesses can pay state income taxes at the entity level, rather than at the individual level on their owners' returns as would be typical. The state actions were intended to help business owners get around the $10,000 limit, because the 2017 legislation only capped the SALT deduction at the individual level.

Publisher: TheHill
Date: 2020-11-09T20:22:27-05:00
Author: Naomi Jagoda
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NJ lawmakers begin rulemaking for legal weed| NJ Spotlight News

New Jersey's economy has been bruised by the coronavirus pandemic, but last week's vote to legalize recreational marijuana use for adults has the potential to provide some much-needed help.

However, before any new tax revenue from legal marijuana sales can begin flowing into the state's coffers, lawmakers first have to draw up the regulations that will govern New Jersey's cannabis market.

* * *

"I don't think it's going to be any time before the end of next year, realistically," said Charles Messina, who co-chairs the cannabis industry group at the Newark-based Genova Burns law firm.

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Publisher: NJ Spotlight News
Date: 2020-11-10T05:01:30 00:00
Twitter: @njspotlight
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IRS guidance permits choice of bonus depreciation rules

When the IRS issued final bonus depreciation regulations in September (T.D. 9916), it said it planned to issue procedures allowing taxpayers to choose to apply the final regulations in prior tax years or to rely on the proposed regulations issued in September 2019.

In Rev. Proc. 2020-50 , the IRS provided guidance for taxpayers wishing to apply the final or proposed regulations under Sec. 168(k) for:

The revenue procedure provides detailed rules for applying the final or proposed regulations as well as revoking or making late bonus depreciation elections.

Publisher: Journal of Accountancy
Date: 2020-11-09T13:48:10.000-05:00
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