On March 5, 2021, the Massachusetts Department of Revenue (DOR) codified final regulations to extend Massachusetts income tax withholding to non-residents formerly commuting to Massachusetts but now telecommuting due to the COVID-19 pandemic. The regulations extend such income tax withholding through 90 days after the date on which the Governor of the Commonwealth gives notice that the Massachusetts COVID-19 state of emergency is no longer in effect.
Under the final regulations, all compensation received for services performed by a non-resident who, immediately prior to the Massachusetts COVID-19 state of emergency, was an employee engaged in performing such services in Massachusetts, and who is performing services from a location outside Massachusetts due to a Pandemic-Related Circumstances, will continue to be treated as Massachusetts source income subject to personal income tax and personal income tax withholding.
In case you are keeping track:
Novogradac Partner, Others Address Treasury Concerning Proposed Average Income Test Regulations |
On February 26, Novogradac updated its Terms of Use and Terms of Sale . You should review these updated Terms before continuing to use our site. By continuing to use our site, you agree to these Terms.
The proposed regulations will be among the topics at the Novogradac 2021 Affordable Housing Virtual Conference , April 29-30.
India: What are the Implications of AIF Units Becoming Securities?
The Government of India, through the Finance Bill, 2021, has proposed to amend the definition of 'securities' in the Securities Contracts (Regulation) Act, 1956 ("SCRA"), to include the units of Alternative Investment Funds ("AIFs") within the ambit of the said term ("the Proposed Amendment").1 This Hotline decodes the far-reaching consequences of this move on the AIF industry and its interface with other regulatory and tax legislations in place.
The AIF industry in India has been evolving at a rapid pace and has invested over ₹1.8 lakh crores across ventures as of December 31, 2020.2 While introducing the regulatory regime for AIFs in India, the Securities and Exchange Board of India ("SEBI") allowed AIFs to act as private pools of the capital of institutional and/or sophisticated investors and recognised it as a distinct asset class apart from Mutual Funds ("MF") or Collective Investment Scheme ("CIS").3 Accordingly, the SEBI
Robinhood Trader May Face $800,000 Tax Bill
A Robinhood newbie is facing a potential tax bill of $800,000 despite only making $45,000 in net ... [+] trading profits. The case should serve as a loud warning for the new crop of do-it-yourself investors.
"This poor soul traded all of the popular stocks you see in the media consistently all year long. . . [but] he never knew anything about the wash sale rules" wrote Wruk. "He booked a profit but was disallowed all the losses because he never once waited the 30 days on those stocks to book the loss," added Wruk.
While you're here, how about this:
Big Tech's outsized influence draws state-level pushback - StarTribune.com
New York state Sen. Michael Gianaris was ecstatic when Amazon named Long Island City in 2018 as a front-runner for its new headquarters, a project that would bring 25,000 jobs and $2.5 billion in construction spending to his district in Queens.
But his support faded quickly when he learned that state and city leaders had promised one of the world's richest companies tax breaks worth $3 billion in secretive negotiations. A public backlash led Amazon to cancel the investment altogether, but to Gianaris the episode still illuminated the massive power of tech companies that dominate their industries, overwhelm traditional businesses and use that leverage to expand their reach even further.
UK Proposes Securitization Tax Reform | Cadwalader, Wickersham & Taft LLP - JDSupra
On March 23, 2021, the UK Government announced a public consultation focused on the clarification and reform of the UK’s tax regime for securitization companies.
Special corporation tax rules for securitization companies have existed since January 2005, with a “permanent regime” being introduced with effect from January 2007 under rules known as The Taxation of Securitisation Companies Regulations (the Regulations). The Regulations apply to companies involved in the securitization of financial assets and, in the years since 2007, have proved effective in facilitating a wide range of securitization transactions in the UK.
Robert Andres Bonta Selected as California Attorney General | Jones Day - JDSupra
The business community can expect Bonta to promote employee and union rights, enforce consumer protection statutes, and police climate regulations. He is also expected to devote attention to criminal justice reform.
California Governor Gavin Newsom selected Robert Andres Bonta as his next Attorney General on March 24, 2021. Bonta is to replace Xavier Becerra, who was confirmed by the Senate earlier in March as President Biden's pick for Secretary of Health and Human Services. If confirmed, Bonta would serve out the remainder of Becerra's term, which expires in January 2023.
Oil Lobby Backs Carbon Fee as Substitute for Regulation | Transport Topics
The blueprint reflects the industry's attempt to reconcile the clamor for zero-emission energy sources with its core business selling fossil fuels. The industry needs to pare emissions while providing more energy to the world, said API President Mike Sommers.
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Even before the pandemic, DHL's Larry S. Onge and Jim Monkmeyer set up strategies and implemented technology in order to respond to disruptions. Now, they know exactly how to get the vaccine from point A to point B — and, better, how to do it at a global scale. Hear a snippet, above, and get the full program by going to RoadSigns.TTNews.com .
Happening on Twitter
ODU Commencement Update: We are pleased to share an update on your commencement ceremonies at Old Dominion Universi… https://t.co/E3uC6qpCFM ODU (from Norfolk, Virginia USA) Mon Mar 22 21:52:20 +0000 2021
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