The Final Regulations became effective January 19, 2021, but they will apply only for tax years that start after December 31, 2021. Until then:
Taxpayers may rely on the interim guidance under Notice 2019-09 or the Proposed Regulations, or the Final Regulations, but only if they apply the rules in their entirety; and
The IRS will continue to allow a reasonable, good faith interpretation of the statute, if interpretation takes into account the legislative history. The Notice and the Proposed Regulations include a list of positions that the IRS considers to be an unreasonable (not good faith) interpretation of the statute.
Many things are taking place:
West Virginia House of Delegates Leaders Focus on Regulations, Taxes, Education | News, Sports,
Photo by Perry Bennett, W.Va. Legislative Photography House of Delegates Speaker Roger Hanshaw, R-Clay, presides over a session Jan. 13 at the Capitol in Charleston.
CHARLESTON — Republican and Democratic leaders in the West Virginia House of Delegates laid out their top agenda items Wednesday during the second day of the West Virginia Press Association’s annual Legislative Lookahead.
Members of the press heard from House Speaker Roger Hanshaw, R-Clay; House Majority Leader Amy Summers, R-Taylor; and House Majority Whip Paul Espinosa, R-Jefferson. The House Democratic Caucus was represented by House Minority Leader Doug Skaff, D-Kanawha; and House Minority Leader Pro Tempore Sean Hornbuckle, D-Cabell.
New Year, New Rules: A Look at Recent and Critical Tax Changes for Nonprofits and IRS Enforcement
U.S. Treasury Names Biden International Tax Team | Tax Foundation
Grinberg has also been critical of the European Union's approach to the taxes paid by U.S. digital companies. He argued in 2016 for the U.S. to use Section 891 in retaliation to European Commission state aid investigations that involve U.S. companies. Section 891 allows the U.S. to double the rate of tax on citizens and companies of countries engaging in discriminatory actions.
In September, the Biden campaign released a plan to change U.S. tax rules for multinationals in several ways. The proposals include increasing the tax rate on GILTI to 21 percent (from the current minimum of 10.5 percent), removing a deduction for qualified business asset investment (QBAI), and taxing GILTI on a country-by-country basis. The campaign also proposed a new 10 percent surtax on certain offshore activities of U.S. companies.
Other things to check out:
Maryland's Proposed Digital Advertising Gross Revenues Tax Should Not Be Enacted
In March 2020 the Maryland General Assembly passed the Digital Advertising Gross Revenues Tax (MDAGRT). Governor Larry Hogan subsequently vetoed the bill on May 7, 2020. The General Assembly may consider overriding the veto. Michael J. Semes, a professor at the Charles Widger School of Law at Villanova University and of counsel at BakerHostetler, explains why they shouldn't override the veto and identifies some of the legal and economic problems with the legislation.
The pandemic riddled 2020 with uncertainty, and only time will tell how much havoc it may wreak on 2021. When, if ever, will we return to the office? Will our kids go to school virtually or in person … and does it depend on the week or day of the week? Will our favorite restaurant survive? Will more than 12 friends be permitted to attend our daughter's wedding? When will we hang out with extended family and friends?
New York Slice: 2020 Year-in-Review (Part Two)
Michael Hilkin and Chelsea Marmor of Eversheds Sutherland review some of 2020's most noteworthy New York administrative and judicial decisions in Part Two of a review of 2020 developments in New York.
Part One of our 2020 review of state and local tax developments in New York focused on legislative and regulatory developments. In Part Two, we review some of 2020's most noteworthy New York administrative and judicial decisions.
In an important defeat of retroactive tax legislation, the New York State Tax Appeals Tribunal held that a taxpayer's due process rights were violated when the New York State Department of Taxation and Finance retroactively applied a law change. Matter of Franklin C. Lewis .
Debunking common tax myths | | indexjournal.com
As you look ahead to doing your taxes this year, there are a number of myths you may think are true for the 2020 tax year. If so, you are not alone — tax myths and misinformation are more common than you might think. And unfortunately, these myths can be costly if they lead to mistakes on your taxes.
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Myth 1: Anyone working at home can deduct their home office expenses. Just because you're working from home — as many taxpayers are now — doesn't mean you can deduct the cost and expenses of the space used for your home office. In fact, this deduction only applies to people who are self-employed.
Indian Red Carpet Welcome For Foreign Investors
The India 2021 budget announced this week includes several provisions intended to increase foreign investment. Sunil Gidwani of Nangia Andersen LLP walks through several of the provisions and explains what they mean for those seeking to invest or increase their investment in India.
Several pathbreaking and speedy changes to the framework for the International Financial Services Center (IFSC) in the state of Gujarat made in the last two years have already improved the IFSC's rankings among global fund jurisdictions. Several sweeping changes are now proposed by the finance minister to provide another booster shot to make the IFSC more attractive to foreign investors.
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