The final regulations under Sec. 451(c) address how taxpayers treat income from advance payments under book-tax conformity rules, specifically the timing of inclusion under Sec. 451(c) of advance payments for goods, services, and other items.
The final regulations under Sec. 451(b) provide guidance regarding the AFS income inclusion rule, under which taxpayers that use the accrual method and have an applicable financial statement (AFS) are required to recognize income when the all-events test is met or when the item of income is included in revenue in the taxpayer's AFS.
Not to change the topic here:
RUSS LATINO — Income tax one more thing Mississippi should leave behind | Feature | djournal.com
Americans have been drowning in a sea of COVID-19, social unrest, and election turmoil. The waves have not yet calmed, but shore is in sight. A day is approaching when vaccines will be distributed, election contests cease, and we can take stock of frayed lines across the country.
Leadership can come from unlikely places. Mississippi has a moment to prove it. The state's problems are well documented. But in recent months, Mississippi leaders have also shown flashes of vision.
COVID-19 Stimulus Is the Top Regulatory Issue Facing Businesses in 2021
#4 Workplace Safety/OSHA. Over the past nine months, President-elect Biden has repeatedly advocated for the creation and enforcement of an "Emergency Temporary Standard" regarding COVID-19. Current OSHA language on COVID-19 violations is not specific and enforcement has varied considerably across the country.
#5 Future of Work. The COVID-19 pandemic brought telework opportunities and challenges to the forefront for many businesses, as many employees moved quickly to remote work settings. As employers consider integrating work from home policies on a more permanent basis, they must examine any compliance challenges to these arrangements. Tax compliance if an employee's home is in a different location than the employer's place of business is one such example.
Final Carbon Capture Tax Credit Rules Near Public Release
Final IRS rules for an expanded tax credit for removing carbon from the air moved closer to public release, as the White House finished its review of the regulations.
The credit, under tax code Section 45Q , was expanded by an early-2018 budget law, and the deadline for developers to qualify was pushed back two years by the new Covid relief law.
Were you following this:
The Year Ahead in International Tax
The current Treasury will likely try to finalize certain international regulations stemming from the Tax Cuts and Jobs Act regulations before Jan. 20 to avoid having them pulled by the new administration, writes Doug Poms of KPMG.
With a surreal and challenging year coming to a close, and a new administration taking the reins in January, it is an interesting vantage point from which to write about the year ahead in international tax.
Section 864(f) , which provides for elective worldwide affiliated group interest expense allocation and apportionment, was last visited as part of the TCJA discussions and is set to take effect on Jan. 1. On that basis, Treasury and the IRS added a regulatory project for implementing these new rules in the 2020-21 priority guidance plan. Such guidance will surely be needed quickly once the statutory provision goes into effect.
7 New Laws Take Effect in Chicago for 2021.
Chicago officials are hoping to inform residents about a number of new laws "they should be aware of" in the city for 2021.
The new laws include everything from a minimum wage hike to new restrictions for speeding tickets.
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On July 1, 2021, as part of an ordinance passed in 2019, Chicago's minimum wage will increase to $15 an hour at large businesses and $14.50 an hour for workers at businesses with 20 or fewer employees. Also on July 1, the minimum wage for tipped workers will increase to $9.00 an hour, with employees required to make up the difference if base wage plus tips do not equal $15.00 an hour.
DAC 6: Post-Brexit Reduction In UK Tax Reporting Obligations | Vinson & Elkins LLP - JDSupra
In a surprise end-of-year gift to UK taxpayers and tax advisors, the UK will no longer be fully implementing the EU’s Mandatory Disclosure Regime (DAC 6) reporting requirements. Under the Free Trade Agreement between the UK and EU signed 30 December 2020, the UK will, following a consultation process, implement legislation to apply the OECD mandatory disclosure rules (MDR) instead of DAC 6, marking a significant reduction in UK tax reporting requirements.
With effect from 25 June 2018, DAC 6 is an EU directive requiring certain “intermediaries” and/or taxpayers with a connection to EU member states to disclose cross-border arrangements which meet certain “hallmarks”. Despite having voted to leave the EU, the UK had previously introduced regulations to bring the DAC 6 requirements into effect in full. Under the Free Trade Agreement, however, the UK will now apply the MDR rules instead.
Input VAT incurred in the provisions of "meals" that do not constitute "employee benefits" -
Regulation 15A of the Value Added Tax Regulations, 1976 (the “ VAT Regulations ”) stipulates that input VAT that employers that have incurred due to their employees cannot be deducted by the employer, unless it was proven to the VAT director that the input VAT was sold or provided as a service to the employee and such sale or provision of service is liable in VAT at the hands of the employer .
Regulation 15A of the VAT Regulations further provides that input VAT due to an employee, is an asset or a service, such as a meal , housing, gift or entertainment, intended for the enjoyment, benefit or welfare of the employee or his family member.
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