Page 490 - Code Section News Today

To embed, copy and paste the code into your website or blog: The Internal Revenue Service (IRS) recently issued Rev. Rul. 2020-24 and Rev. Proc. 2020-46 to provide direction with respect to qualified plan distributions paid to a state unclaimed property fund ( i.e., an escheatment of the amount to the state), which occurs most commonly for missing participants in a terminating plan with small balances. Specifically, the guidance addresses (i) the tax reporting and withholding treatment for such...

To embed, copy and paste the code into your website or blog: One fallout of the COVID-19 pandemic is that some, already struggling skilled nursing facilities may now be becoming financially unviable. As a result, owners and operators of such facilities may be actively seeking to transfer facility operations to a separate entity as an alternative to closure. But when a Georgia hospital authority, for whatever reason, is transferring the operations of a facility that participates in the Medicaid ...

To embed, copy and paste the code into your website or blog: Carbon capture and storage could play a major role in a Biden Administration eager to rejoin the Paris Agreement. Our Federal Tax Group provides a brief overview of the 45Q credit and key takeaways from the IRS’s new final regulations. Section 45Q provides a tax credit for captured carbon oxide Final regs favor taxpayers and provide much-needed clarity 5 key takeaways On January 6, the IRS issued much anticipated final regulations f...

State statute governing election appeals being challenged on constitutional grounds (Source: Pexels) By Anthony Warren | January 18, 2021 at 12:02 PM CST - Updated January 18 at 1:17 PM JACKSON, Miss. (WLBT) - A former Hinds County supervisor’s efforts to overturn the 2019 Democratic primary results on the grounds of residency could lead to a state election law being changed. Darrel McQuirter is challenging District Two Supervisor David Archie in court, saying Archie shouldn’t have b...

On January 5, 2021, the IRS issued a revised Form 1024-A, which is the application that Code Section 501(c)(4) social welfare organizations use to apply to the IRS for recognition of...

Tuesday, January 12, 2021 Section 2206 of the CARES Act allowed an exclusion of up to $5,250 from an employee’s gross income, if an employer paid principal or interest on an employee’s “Qualified Education Loan”. Section 2206 of the CARES Act was only designed to be in effect for calendar year 2020. However, The Consolidated Appropriations Act, 2021 (the “CAA”) extends this provision of the law through December 31, 2025. This provision of the CAA is in Section 120 of Divis...

Expanded definition of “covered employee”; predecessor entities. The definition of a “covered employee” was expanded and now includes: Any individual who serves as the principal executive officer (PEO) or the principal financial officer (PFO) of the publicly held corporation serving at any time during the corporation’s tax year, including individuals acting in either such capacity. The three highest compensated executive officers of the publicly held corporation (other than the PEO or...

Sunday, January 10, 2021 Amid the headline-grabbing events of 6 January 2021, the U.S. Department of Treasury released final regulations under Code 1 Section 45Q. Code Section 45Q provides for a U.S. federal income tax credit at varying rates to taxpayers that participate in various aspects of the process of sequestering carbon oxide and disposing of it in secure geologic storage, use it as a tertiary injectant in a qualified enhanced oil or natural gas recovery project, or utilize i...

The continuing saga of Congress’ attempt to help small businesses impacted by the COVID-19 shutdowns in various states, including Nevada. The “Employee Retention Credit” is up to of 50% of certain wages paid per employee...

Monday, January 11, 2021 Besides the COVID-19 pandemic, 2020 has also had its share of other disasters, including hurricanes, floods and fires. The Consolidated Appropriations Act, 2021 (the “CAA”) has provisions that are designed to provide tax relief for individuals and employers who have been adversely affected by one of the numerous federally declared “Qualified Disasters”. These provisions of the CAA are found in Sections 301 through 306 of Title III, of Division EE, whic...