Friday, December 25, 2020

Top State & Local Tax Regulations Of 2020 - Law360

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Author: https www law360 com tax authority articles 1328819 top state local tax regulations of 2020
Twitter: @law360
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In case you are keeping track:

Checks, tax breaks and airline aid: Here's what's in the virus relief bill

The House and Senate on Monday evening, Dec. 21, approved $900 billion in pandemic relief aimed at shoring up the U.S. economic recovery into the early spring, combined with $1.4 trillion to fund regular government operations for the rest of the fiscal year.

The measure now goes to President Donald Trump for his signature. The massive legislation runs 5,593 pages and includes other tax, energy and national security provisions that lawmakers agreed to pass before the end of the year.

Publisher: Crain's Cleveland Business
Date: 2020-12-21T16:58:50-0500
Author: BLOOMBERG
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Final Regulations Issued on Deductions for Executives' Compensation | Levenfeld Pearlstein, LLC -

The Act materially broadened the reach of the limitation on the deduction of executive compensation in excess of $1 million by expanding the class of covered employees, publicly held companies, and applicable employee remuneration affected by the deduction limits. Although there is grandfathering of compensation under written agreements dating back to November 2, 2017, a material change in an agreement causes a loss of protections.

The Regulation provides clarity, although not in all cases, of the kind taxpayers were looking for:

Publisher: JD Supra
Twitter: @jdsupra
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IRS Finalizes Book-Tax Conformity Regulations - Lexology

In 2017, Congress amended Section 451(b) of the tax code to require accrual method taxpayers to include certain amounts in income no later than the time those amounts are reflected on applicable financial statements. On December 21, 2020, the IRS issued final regulations under Section 451(b).

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This may worth something:

Tech Firms and Titans Leave California for Texas. Does It Matter? | KQED

The recent news that Oracle, the second largest software maker in the world, plans to move its corporate headquarters from Silicon Valley to Austin has resurrected familiar headlines suggesting that California is finally going to pay for its so-called hostility to business.

Coming on the heels of the recent announcement by Hewlett Packard Enterprise, another Silicon Valley marquee company, to move its headquarters to Texas, along with Tesla founder Elon Musk's exodus to the Lone Star State, Oracle’s decision has shaken some Bay Area business leaders.

Publisher: KQED
Twitter: @kqed
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Today's Business: Year-end tax planning for a different kind of year

Every year at about this time, I write about the latest year-end strategies to help minimize taxes. As with everything else, this year is different.

Due to the pandemic and legislation designed to offset some of its resulting economic impact, there are a number of issues that need consideration, both when reviewing options for year-end tax planning as well as options for 2021.

One of the most significant new laws is the Coronavirus Aid, Relief, and Economic Security Act. This law, coupled with related legislation, is likely to impact individuals’ tax liability in some way.

Publisher: New Haven Register
Date: 2020-12-25 12:00:00
Author: By Russell L Abrahms
Twitter: @nhregister
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IRS fails to realize certain income recognition issues in final section 451 regulations |

Just in time to add to your holiday reading list, the Department of the Treasury (Treasury) and Internal Revenue Service (IRS) released final regulations under sections 451(b) and 451(c) of the Code addressing income recognition and the treatment of advance payments (Final Regulations). 1

Under the Tax Cuts and Jobs Act 2  (TCJA), Congress amended section 451(b) and added section 451(c) to the Internal Revenue Code, dramatically altering the historic standard of income recognition, 3  and also codified a longstanding method of accounting allowing income deferral for advance payments. 4  Nearly two years later, on September 9, 2019, the IRS issued proposed regulations under section 451(b) and section 451(c) (Proposed Regulations).

Publisher: JD Supra
Twitter: @jdsupra
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UK/EU Updates on Structured Finance

Certain rules and regulations put in place to help businesses cope with the economic impacts caused by COVID-19 are approaching their expiration dates, and it's unclear whether they will be extended. For example, a moratorium to prevent companies from being pushed into an insolvency process unless its creditors had reasonable grounds to believe that COVID-19 had no financial impact of that company, i.e.

A UK tax regime was introduced in 2005 to address the adverse effect that the introduction of International Accounting Standards had on the taxation of UK securitization vehicles. The introduction of IAS 32 and IAS 39 resulted in potentially large annual fluctuations in securitization companies' accounting profits, which in turn led to fluctuations in tax liabilities year on year, as accounting profits are the basis for the computation of taxable profits.

Publisher: The National Law Review
Date: 5493B547C0AB527FF4CF8C4D0127302A
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