Page 48 - Internal Revenue Code Section News Today

The Latest: COBRA Subsidies and New COBRA Election Rights COBRA subsidy – Similar to legislation adopted in 2009 in response to the Great Recession, ARPA includes provisions that provide for a 100% subsidy of COBRA group health plan premiums (including premiums for continuation coverage under state "mini-COBRA" statutes) for "assistance eligible individuals" (AEIs). AEIs are qualified beneficiaries who experience a COBRA election right in connection with an involuntary termination of employme...

Share: SANDRIDGE PERMIAN TRUST (OTC:PERS) today announced a quarterly distribution for the three-month period ended March 31, 2021 of approximately $1.5 million, or $0.028 per unit. This distribution relates in part to oil and gas production attributable to the Trusts royalty interests from December 1, 2020 to February 28, 2021, as well as to (1) a reimbursement by Montare Resources I, LLC ("Montare") of a portion of property taxes attributable to assets sold by Avalon Energy, LLC ("Avalon") to...

Monday, April 26, 2021 On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (“ARPA”).  ARPA is the latest COVID-19-related stimulus legislation passed by Congress, but, unlike prior legislation, ARPA provides expansive funding rule changes and significant financial assistance to deeply underfunded multiemployer pension plans, including a one-time payment to certain plans from the Pension Benefit Guaranty Corporation (“PBGC”) without any repayment obl...

To embed, copy and paste the code into your website or blog: To many in the cannabis industry, REIT is not a common acronym. Yet, as cannabis businesses seek ways to access additional capital, REITs are coming up in more and more conversations.   What is a REIT? “REIT” stands for Real Estate Investment Trust. Typically, a REIT is a corporation that has elected to be taxed as a REIT (which provides several tax advantages, including the ability to deduct dividends from taxable income). REITs...

To embed, copy and paste the code into your website or blog: On March 11, 2021, President Biden signed the American Rescue Plan Act of 2021 (“ARPA”).  ARPA is the latest COVID-19-related stimulus legislation passed by Congress, but, unlike prior legislation, ARPA provides expansive funding rule changes and significant financial assistance to deeply underfunded multiemployer pension plans, including a one-time payment to certain plans from the Pension Benefit Guaranty Corporation (“PBGC�...

Dr. Yifat Aran is a visiting scholar at the Technion, Israel Institute of Technology, and an incoming Assistant Professor in Haifa University Faculty of Law. She earned her JSD from Stanford Law School where her dissertation focused on equity-based compensation in Silicon Valley startups. Imagine that you get a job offer at your dream company. You start to negotiate the contract and everything sounds great except for one detail — your future employer refuses to say in what currency your sa...

Taxpayers that have engaged in cryptocurrency transactions should be aware that the IRS is seeking customer records from cryptocurrency exchanges. DOJ recently filed petitions asking to allow the IRS to serve John Doe summonses on two cryptocurrency exchanges.

To embed, copy and paste the code into your website or blog: State and local taxes impact almost every taxpayer, and developments in any one jurisdiction can be frequent and sometimes confusing. In this newsletter edition, we will briefly summarize certain SALT developments in several states which may be important to you. Alabama – Updates Reported Extension to May 17: On March 18, 2021, the Alabama Department of Revenue (Department) issued guidance with respect to the income tax filing deadl...

An overview of potential changes and tax planning actions for clients to consider. There’s been a lot of coverage of President Joe Biden’s proposed changes to the tax laws, including reducing the federal estate tax exemption and eliminating the step-up income tax basis rules. But recently, some senators have come out with bills that seek to make drastic changes to the tax laws, including the estate tax. Reviewing some of these potential tax law changes can help practitioners better eq...

Many policyowners and advisors ignore cost basis to their own detriment.