Section 45Q, enacted in 2008 and expanded by the Bipartisan Budget Act of 2018, seeks to incentivize the reduction of carbon oxide emissions and the efficient use of carbon oxide, including for purposes of enhanced oil recovery.
Section 45Q does not define carbon capture equipment. The Proposed Regulations generally provided that carbon capture equipment includes all components of property that are used to capture or process carbon oxide until the carbon oxide is transported for disposal, injection or utilization. They also listed items included in, and excluded from, the definition of carbon capture equipment.
Not to change the topic here:
Employee Retention Credit Under COVID-19 Relief
The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 is a $900 billion relief package to deliver a second round of economic stimulus for individuals, families, and businesses. This legislation provides relief through multiple measures and expands many of the provisions already put into place under the CARES Act.
Here is a recap of the Employee Retention Credit under the CARES Act and the higher-impact modifications under the latest COVID-19 Relief Package.
Final Treasury Regulations Clarify Limitations on Deductibility of Certain Payments to
Exception for restitution and amounts paid or incurred to come into compliance with the law. The Final Regulations provide additional guidance on this exception, adopting several suggestions made by commenters with respect to the Establishment Requirement and the Identification Requirement, among other items.
Government as a private party. Section 162(f)(3) provides that the general rule disallowing a deduction does not apply to amounts paid in proceedings in which no government or governmental entity is a party. Commenters on the Proposed Regulations suggested that Treasury and the IRS clarify that Section 162(f) does not apply to amounts paid in connection with proceedings in which a government or governmental entity enforces its rights as a private party (e.g.
IRS Form: Foreign Tax Credit Tax Form Instructions Revised (IRC §901)
Final instructions to Form 1118, Foreign Tax Credit – Corporations, released January 20 to reflect changes mostly from the final foreign tax credits regulations, T.D. 9882 and T.D. 9886, that were issued in 2019 and 2020.
Other things to check out:
Tax Reductions for Real Estate Transactions in Saudi Arabia | Dentons - JDSupra
From 4 October 2020, a new taxation regime applies to real estate transactions in Saudi Arabia. The new regime is set out in:
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The new taxation regime will reduce the cost of certain real estate transactions, making this an opportune time for benefiting transactions to proceed. Before implementing any transaction, we would recommend that tax advice be obtained (e.g. from a specialist or consultant in tax matters) in order that the exact consequences (and availability of any cost reduction) can be established in advance.
Getting sales tax ready for 2021: Simplifying sales tax compliance for retail companies | Retail
As the world adjusts to the new challenges brought by COVID-19, companies across the globe are forced to accelerate digital transformation in order to thrive. In this environment, retail companies are scrambling for ways to future-proof their businesses and find strategic ways to meet the heightened expectations of existing and new customers alike. Many of these expectations constitute the new norm for retail and are expected to stick around for the foreseeable future.
One major shift is in consumer shopping behavior. For instance, Shopify recently reported that during the pandemic, nearly 150 million new shoppers came online for the first time. This means there are a number of net new shoppers who are now more comfortable with making purchases online. In addition, the apparel industry recorded a 49% increase in online orders at the start of the pandemic, which speaks again to more consumers being comfortable with making purchases online.
IRS Releases Final Carried Interest Regulations - Tax - United States
Asset managers should be aware that on January 7, 2021, the IRS released final regulations (the " Final Regulations ") implementing section 1061 of the Code, which governs the character of carried interest gains allocated to or derived by a service partner in an investment fund. Very generally, the statute denies access to the 20% rate for long-term capital gains attributable to a carried interest unless the holder of the asset has a holding period of more than three years.
The Final Regulations provide many welcome clarifications to the proposed regulations published on August 14, 2020 (the " Proposed Regulations "). Among other changes, the Final Regulations provide a more flexible definition of a capital interest, to which the three-year holding period requirement of section 1061 does not apply. Funds should review and possibly amend their partnership agreements in order to ensure they are eligible for the capital interest exception.
Thailand's new TP law: Assessing the risks for taxpayers | International Tax Review
The new transfer pricing (TP) legislation in Thailand signals a tougher approach on TP, with the next step being its enforcement through tax audits.
Happening on Twitter
President Trump signed an executive order prohibiting career bureaucrats—rather than presidential appointees—from a… https://t.co/sRK86zqYaM EpochTimes (from New York, USA) Tue Jan 19 15:25:01 +0000 2021
These five lawsuits challenge attempts to undermine science, hinder progress on clean air and energy conservation,… https://t.co/UE5oQrNgWL NewYorkStateAG (from New York) Tue Jan 19 21:17:59 +0000 2021
On the final full day of Donald Trump's presidency, a federal appeals court struck down one of his administration's… https://t.co/P438Z4IIxG KTVU (from Oakland, CA) Tue Jan 19 21:50:01 +0000 2021
We're tracking the Trump administration's rush to implement policy changes in its final days. New updates include:… https://t.co/6DMoOLNc7K propublica (from New York, NY) Mon Jan 18 12:42:52 +0000 2021
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