For many workers, their offices are now located anywhere with an internet connection, even if that means being in a different state. That accessibility, however, may come with a price for some at tax time.
Six states have what is known as convenience rules, which allow companies located in their jurisdictions to issue an income tax on their employees even if they don't reside in the state.
The problem is that while some neighboring states have agreements that provide tax relief, telecommuters who went elsewhere because of the pandemic may be hit with extra income taxes from the state where their company is based.
Quite a lot has been going on:
Biden Rule Freeze Begins Days After Treasury Wraps Tax Law Rules
Treasury has finished all major rules stemming from the 2017 tax law, checking off a milestone in time for President Joe Biden's administration to begin a review of guidance across the government.
Many tax rules are within the timeframe to be challenged under the Congressional Review Act, a law that allows Congress to nullify regulations through a resolution of disapproval, which can be considered under expedited floor procedures.
The CRA gives Congress 60 legislative working days to disapprove of a federal agency's final rule by introducing a special joint resolution. The law also allows a new incoming Congress to review the last 60 days of rules issued during the previous Congress.
Weekly IRS Roundup January 11 – January 15, 2021 | McDermott Will & Emery - JDSupra
Presented below is our summary of significant Internal Revenue Service (IRS) guidance and relevant tax matters for the week of January 11, 2021 – January 15, 2021. Additionally, for continuing updates on the tax impact of COVID-19, please visit our resource page here .
January 11, 2021: The IRS released TD 9948 containing final regulations relating to the excise taxes imposed on certain amounts paid for transportation of persons and property by air.
Treasury Finalizes Carbon Capture Tax Credit Regulations - Lexology
The US Treasury Department and the IRS provided practical administrative rules for the carbon capture and sequestration tax credit.
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The IRS finalized the third set of rules in a series of regulatory guidance intended to propel the
On January 6, 2021, the IRS finalized the long-awaited third piece of carbon capture and sequestration
(CCS) tax credit guidance in the form of final Treasury Regulations (Final Regulations). This guidance
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U.K. Tax Authority and DAC6—Looking to the Future
The U.K. tax authority has announced that it will significantly reduce reporting under DAC6 following the conclusion of the free trade agreement with the EU. The U.K. government also intends to consult on introducing specific OECD mandatory disclosure rules in the coming year, which will then most likely replace the Hallmark D disclosure requirements, as Gary Ashford of Harbottle & Lewis discusses.
On December 31, 2020, and with the U.K./EU Brexit transition period coming to an end, HM Revenue & Customs (HMRC), on behalf of the U.K. government, announced that they would significantly reduce their reporting under the EU Council Directive 2011/16/EU on administrative co-operation (DAC) 6. As a result of this announcement the U.K. will restrict reporting to matters falling within Hallmark D only.
Final Tax-Exempt Organization Executive Compensation Regulations—What Changed?
Last week Treasury and the IRS issued final regulations under Section 4960, which imposes an excise tax of 21% on salaries exceeding $1 million paid to certain employees of nonprofit organizations. Mary Samsa of Akerman summarizes what changed from the proposed regulations.
On Jan. 11, 2021, the Department of the Treasury and the Internal Revenue Service issued final regulations pertaining to the implementation of tax code Section 4960, which imposes an excise tax of 21% on salaries exceeding $1 million paid to covered employees of nonprofit organization.
Final Regulations Issued Regarding Section 45Q Tax Credits Carbon Oxide Sequestration | Perkins
The U.S. Department of the Treasury and the Internal Revenue Service on January 6, 2021, issued Treasury Decision 9944 , providing final regulations relating to Section 45Q tax credits (Regulations). The Regulations provide guidance on the Section 45Q tax credits accrued for certain qualified carbon oxide sequestration activities using qualified equipment.
The Regulations—in tandem with a two-year extension of the deadline for the commencement of construction of qualifying carbon capture projects (pursuant to the second COVID-19 stimulus legislation signed by President Trump on December 27, 2020 )—were anticipated by those working on or planning on investments in various carbon capture, utilization, and storage developments.
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