As of November 9, 2020, owners of partnerships and S corporations in those states allowing pass-through entities to pay state tax at the entity level can deduct those taxes on their federal returns with the U.S. Department of the Treasury’s blessing.
Under the Tax Cuts and Jobs Act of 2017, Congress limited an individual’s state and local tax deduction on the federal income tax return to $10,000 per year. Corporations, however, are not subject to the SALT deduction limit. States attempted several creative workarounds, and the Treasury quickly shut down the most egregious.
And here's another article:
Digital Tax Talks Deadline Puts Pressure on Biden Treasury (1)
The Basics of Establishing and Operating a Charitable Organization—Part 2—Categories of
Short-term rental regulations under consideration in Sullivan County
Sullivan County legislators are considering writing a local law to license short-term rentals such as Airbnbs, to ensure they're up to code, while expanding the rentals subject to the county's occupancy 5 percent tax.
In 2016, Sullivan County struck an agreement with Airbnb to notify property owners using its platform that they too must pay the 5 percent occupancy tax that hotels and motels have long remitted to the county.
But a long list of other short-term rentals that have grown popular in recent years are not currently subject to the occupancy tax. Among them are treehouse rentals, recreational vehicles such as campers that owners rent out and property owners who regularly set up camping tents on their properties.
Many things are taking place:
Commentary: How the federal excise tax is shaping American transportation in 2020 - FreightWaves
The views expressed here are solely those of the author and do not necessarily represent the views of FreightWaves or its affiliates.
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By 1924, the economy was booming, and Congress repealed most wartime taxes to include the FET. 1932 and the Great Depression brought decreased federal revenues so Congress reinstituted the tax at a 2% rate. World War II would see the rate increased to 5%, the Korean War to 8%, the Federal Interstate System of the 1950s to 10% and finally, in 1982, to the 12% we see today. The original 1975 tax bill that voted for a repeal made it through the Senate but not the full Congress.
A Biden administration will provide significant tax-planning opportunities
Vietnam Issues Penalties for Violations in Tax and Invoicing: Decree 125
The Vietnamese government issued Decree 125/2020/ND-CP (Decree 125) on October 19 listing several penalties and administrative fines for breaches in tax and invoicing regulations. The Decree will come into effect on December 5, 2020.
Any violation that is committed prior to such effective date will continue to be implemented by Decree No 129/2013/ND-CP , Decree 109/2013/ND-CP , and Decree 49/2016/ND-CP .
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Banks will be subject to fines which is equal to the tax amount that is owed, including penalties and interest if they fail to withhold tax from a taxpayer's account and remit to the State Budget as requested by the tax authority. We assume that this requirement is based on the Law on Tax Administration 2019 which guides banks to withhold tax on behalf of overseas e-commerce suppliers.
Treasury Announces Pass-Through Entities Will Not Be Subject to SALT Deduction Cap | Ballard
In a surprising—but taxpayer-friendly—development, Treasury announced in Notice 2020-75 ( available here ) that it will be issuing proposed regulations that allow partnerships and S corporations to deduct certain state and local taxes at the entity level.
As an effort to mitigate the negative effect of the federal SALT deduction cap, some states began imposing entity-level taxes on pass-through entities and providing credits to owners of such entities. States with such an entity-level tax include New Jersey, Connecticut, Oklahoma, Louisiana, and Maryland (although the Maryland tax is treated as an entity-level tax only with respect to Maryland resident owners).
Happening on Twitter
#BeratAlbayrak, #Erdoğan's son-in-law and #Turkey's minister of treasury and finance since July 2018, announces his… https://t.co/GFGOxDJqIm aykan_erdemir (from Washington, DC) Sun Nov 08 16:35:52 +0000 2020
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