Instead, President-elect Biden may make greater use of regulatory changes to modify how tax law is interpreted and administered. There are several areas where a Biden Treasury Department, likely led by former Federal Reserve Chair Janet Yellen , may focus.
For example, rules related to Global Intangible Low Taxed Income (GILTI), which the Treasury Department finalized this year, may be examined and modified to provide a less generous high-tax exception, which currently allows corporations to opt out of paying GILTI if they pay sufficiently high tax rates on certain income sources from abroad. Additionally, there may be interest in reconsidering certain rules related to the tax treatment of carried interest and the estate tax .
Not to change the topic here:
Treasury Department and IRS Issue Final Regulations Regarding Section 1031 Like-Kind Exchanges of
The 2017 Tax Cuts and Jobs Act (TCJA) limited like-kind exchange treatment to exchanges of real property. As of January 1, 2018, exchanges of personal or intangible property such as vehicles, artwork, collectibles, patents, and other intellectual property generally do not qualify for nonrecognition of gain as like-kind exchanges. Also, like-kind exchange treatment applies only to exchanges of real property held for use in a trade or business or for investment.
Under the final regulations, real property includes land and generally anything permanently built on or attached to land. In general, real property also includes property that is characterized as real property under applicable State or local law. In addition, certain intangible property, such as leaseholds or easements, qualifies as real property under section 1031. Property not eligible for like-kind exchange treatment prior to enactment of the TCJA remains ineligible.
State and Local Tax Cap Workaround Gets Green Light From IRS
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Before the Tax Cuts and Jobs Act, the Schedule A deduction for state and local taxes (SALT) was unlimited. These taxes include:
Ever since the Tax Cuts and Jobs Act was enacted, high-tax states have looked for ways to help taxpayers get around the $10,000 cap. In 2019, for example, New York, New Jersey, and Connecticut proposed legislation that would have allowed residents to give money to a state charitable fund in place of taxes—and then deduct the payments as charitable contributions on their federal tax returns. The IRS and Treasury ultimately blocked the strategy.
Fullerton Adopts Short-Term Rentals Regulations, Tightening Restrictions Like Several OC
Fullerton will require all short-term rentals to obtain a city permit starting in December and has set the number of whole houses that could be rented at a maximum of 325.
As of August, Fullerton had about 260 whole-house rentals, which make up 79% of the lodgings, the city plans on placing a limit on that number by collecting initial permit fees from operators and implementing a transient occupancy tax or bed tax beginning Dec. 2, according to a city staff report . The City Council's 4 to 1 vote in October to regulate short-term rentals came after multiple other Orange County cities have passed similar restrictions, including Newport Beach and Buena Park.
While you're here, how about this:
San Francisco to Impose Tax on Companies with Disproportionate Executive Pay | Morgan Lewis - ML
San Francisco voters on November 3 approved Proposition L, which imposes an additional tax on businesses whose highest paid executive makes 100 times or more than the median salary of the business’s employees based in San Francisco.
Proposition L . Proposition L amends the San Francisco Business and Tax Regulations Code by adding a new Article 33 (titled Overpaid Executive Gross Receipts Tax).
Application to San Francisco Businesses. It is noteworthy that the tax applies to any company doing business in San Francisco, not just businesses headquartered in San Francisco.
South Korean government to delay crypto tax rules by three months
The South Korean National Assembly is planning to delay the implementation of new income tax laws on cryptocurrency gains following appeals from industry bodies.
According to a Nov. 25 report on Korean-language news site DongA, the 20% tax, originally due to be imposed from October 2021, will now not come into force until Jan. 1, 2022.
The delay is intended to give digital currency exchanges time to implement the changes required to incorporate the new tax infrastructure.
Final rules coordinate Sec. 245A and Sec. 951A - Journal of Accountancy
The IRS on Friday issued final regulations that coordinate the Sec. 245A extraordinary disposition rule with the Sec. 951A disqualified basis and disqualified payment rules ( T.D. 9934 ). The regulations also contain rules under Sec. 6038 on information reporting. The regulations finalize rules that were proposed in August (REG-124737-19) and about which the IRS received only one comment.
Sec. 245A, which was added to the Code by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, was enacted on Dec. 22, 2017, and provides a 100% deduction to domestic corporations for certain dividends received from foreign corporations after Dec. 31, 2017.
Investing in foreign stocks? Here are the income tax rules
Gains arising from sale of stocks held outside India ought to be taxable as capital gains in the hands of the resident taxpayer. The taxability of such capital gains depends upon the period of holding such stocks.
Happening on Twitter
Your daily reminder that Trump is still the first president elected since Nixon to refuse to release his tax return… https://t.co/vdt3SMFKaG CREWcrew (from Washington, D.C.) Wed Nov 25 00:01:29 +0000 2020
potential prosecution for possible state or federal tax and related financial crimes, which would predate Trump's p… https://t.co/neGBpWvuzA JRubinBlogger (from Washington DC) Tue Nov 24 19:44:07 +0000 2020
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