The bill adds even more relief to craft breweries across the country as it relates to the Craft Beverage Modernization and Tax Reform Act (CBMTRA).
Current regulations tax $3.50 per barrel of beer on the first 60,000 barrels produced by breweries. The tax jumps to $16 for every barrel beyond 60,000.
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"That's huge. I can't even imagine if that actually wasn't extending and suddenly we had to pay four times as much in federal excise tax," CEO of Redemption Rock Brewing Co. Dani Babineau said.
This may worth something:
Executive compensation regulations finalized - Journal of Accountancy
The IRS issued final regulations ( T.D. 9932 ) on Sec. 162(m), which disallows a deduction by any publicly held corporation for employee remuneration paid to any covered employee to the extent that the employee's remuneration for the tax year exceeds $1 million. The rules finalized proposed regulations (REG-122180-18) issued last December.
Sec. 162(m) was amended in 2017 by the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. The amendments changed the definition of covered employees, broadened which publicly held corporations are subject to the law, and eliminated the exception from the $1 million limit for remuneration payable on a commission basis and qualified performance-based compensation. The amendments generally apply to tax years beginning after Dec.
Congress gave tax breaks to industry and special interests in massive stimulus bill - The
But tucked in the bill was over $110 billion in tax breaks that strayed far from the way the bill was marketed to many Americans. These giveaways include big tax cuts for liquor producers, the motorsports entertainment sector and manufacturers of electric motorcycles.
These measures, added onto the broader spending bill, are known as "tax extenders" — tax breaks targeted at specific, sometimes niche industries. And routinely extending these "temporary" measures has become something of a year-end tradition, despite loud complaints from some lawmakers who allege the votes largely benefit special-interest groups who stand to gain financially from the outcome.
Treasury Issues Final Regulations Under Section 163(j) | New York Law Journal
Fifteen years after their article, "Self Help Evictions: The Neglected Commercial Remedy," Adam Leitman Bailey and John Desiderio address and update the law on the self-help remedy that enables commercial landlords to regain possession of leased premises from tenants in material breach of one or more lease covenants.
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The decision is a welcome relief to the mortgage servicing industry that anxiously awaited the Appellate Division's interpretation of RPAPL 1302-a.
Other things to check out:
Gibson Dunn | UK Tax Quarterly Update - December 2020
The UK, and the international economy, have faced momentous challenges in the past year. The UK economy shrank 11 per cent – the largest drop in over 300 years – and, according to last month's figures from the UK's Office for Budget Responsibility, its debt level is set to balloon to £394 billion in 2020 – the highest recorded level of borrowing in the UK since 1944 and equivalent to 19% of GDP.
In the meantime, however, there have been plenty of incremental proposed (and actual) changes to the UK, and the international, tax landscape. Following a positive reception to an initial consultation on the UK asset holding company ("AHC") regime, the UK government recently launched a second stage consultation on more detailed design features of a new AHC regime (including targeted changes to the UK real estate investment trust regime).
U.S. Supreme Court Update, January 2021 - Tax - United States
On October 29, 2020, the State of New Hampshire brought an action before the Court against the Commonwealth of Massachusetts seeking to enjoin Massachusetts from enforcing its new telecommuting regulation against New Hampshire residents, in New Hampshire v. Commonwealth of Massachusetts . Under this regulation, income earned for work performed within New Hampshire is taxed by Massachusetts as Massachusetts source income.
The Court also denied two petitions for certiorari discussed in last month's article. Finally, we continue to await the issuance of the Special Master's Reports in the MoneyGram cases: Delaware v. Pennsylvania , 220145 and Arkansas et al. v. Delaware , 220146. These cases involve a dispute between Delaware and several other states concerning which states have priority rights to claim abandoned, uncashed MoneyGram official checks.
Final Unrelated Business Taxable Income "Silo" Regulations Released - Lexology
The Proposed Regulations required organizations to identify and group their unrelated trades or businesses other than specifically defined “investment activities” using the North American Industry Classification System (“NAICS”), and generally required organizations to separate their activities into the 20 NAICS sectors defined by two-digit codes. The Final Regulations retain the use of NAICS two-digit codes.
The Final Regulations also remove the restriction in the Proposed Regulations that would have prohibited an organization from changing its NAICS two-digit code unless it showed that (a) the code chosen was due to unintentional error and (b) another code more accurately described the unrelated trade or business.
Circular 230 update planned for 2021 - Journal of Accountancy
Treasury intends to update the Circular 230 rules governing practice before the IRS, and external stakeholder groups are invited to submit suggested changes and revisions to the IRS's Office of Professional Responsibility (OPR).
OPR plans to send Treasury "basically a redline of Circular 230," said OPR Director Sharyn Fisk, speaking at a virtual meeting of the AICPA Tax Practice Responsibilities Committee on Dec. 17. Fisk said that OPR's proposed updates to the practice rules will carry more weight if she can show that they also represent what the AICPA and other stakeholder organizations believe is needed to better govern the profession.
Happening on Twitter
Because Congress didn't include state & local aid in the stimulus: —Kansas cut mental health programs —Wyoming cut… https://t.co/geDTsqFPjS RBReich (from Berkeley, CA) Wed Dec 23 00:47:01 +0000 2020
Hotwire aka NEW MAGIC is finally here: An alternative approach to building modern web applications without using mu… https://t.co/xY7FUfaR3G dhh Tue Dec 22 16:27:39 +0000 2020
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