Page 49 - Internal Revenue Code Section News Today

Sam Slade Two recent pieces of pandemic relief legislation intended to provide employees with financial relief from the effects of COVID-19 offer employers additional flexibility to make changes to dependent care flexible spending accounts (FSA). Employers should decide whether and to what extent they wish to amend their plans to incorporate these changes and communicate the new options to employees quickly to allow employees to realize the greatest benefit. Changes Under the Consolidated Appr...

To print this article, all you need is to be registered or login on Mondaq.com. Added to federal tax law by the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) and since expanded, the Employee Retention Tax Credit (ERTC) can significantly reduce an employers federal employment (payroll) taxes. What is the Employee Retention Credit? Employers can use the ERTC to offset dollar-for-dollar employer payroll taxes they otherwise must deposit with the IRS. The ER...

Earlier this week, Tesla Inc (NASDAQ: TSLA) announced that customers could now buy a Tesla with Bitcoin (CRYPTO: BTC), but Ark Invests Cathie Wood isn’t so sure investors should use it as a means of payment. What Happened: In a webcast hosted by CBOE, Wood said that those that... Read More...

ADVERTISEMENT IRS Asks Justices To Not Revive Pot Cos. $1.9M Tax Fight Law360 (April 1, 2021, 1:40 PM EDT) -- The IRS urged the U.S. Supreme Court to affirm a lower courts finding that cannabis companies lost their chance to challenge a $1.9 million tax bill because their petitions were received a day late and werent subject to equitable tolling. Organic Cannabis Foundation LLC and Northern California Small Business Assistants Inc. shouldnt be able to challenge their tax bills because they wer...

New COVID Relief Act Provides COBRA Premium Subsidies and Increased Exclusion for Employer-Provided Dependent Care Assistance Programs Monday, March 15, 2021 On March 11, 2021, President Biden signed into law the American Rescue Plan Act of 2021 (the “Act”). As part of the almost $2 trillion in relief, the Act contains provisions creating a temporary subsidy for premium payments for extended health care coverage under the Consolidated Omnibus Budget Reconciliation Act of 1985 (�...

Puerto Rico - Entire territory Wyoming - Entire state The LITC Program is a federal grant program administered by the Office of the Taxpayer Advocate at the IRS, led by National Taxpayer Advocate Erin M. Collins. The LITC Program awards matching grants of up to $100,000 per year to qualifying organizations to develop, expand or continue low income taxpayer clinics. The LITC Program funds organizations to represent low-income taxpayers who have a tax controversy with the IRS and to educate ESL t...

The IRS has released final regulations on the newly revised carbon capture tax credit, which provides for a tax credit of up to $50 per metric ton of carbon captured in qualified facilities, but practitioners still have some unanswered questions about it. Here, Law360 takes a closer look at areas where clarity is still needed.

To embed, copy and paste the code into your website or blog: The IRS recently issued Notice 2021-15 to provide guidance on certain provisions of the Consolidated Appropriations Act of 2020 (the "CAA") affecting the administration of flexible spending accounts ("FSAs").  The CAA changes are intended to address the reality that many participants were not able to incur a sufficient amount of health care or dependent care expenses in 2020 to zero out their FSAs by the end of the 2020 plan year, an...

Press release content from Business Wire. The AP news staff was not involved in its creation.

To embed, copy and paste the code into your website or blog: Despite the market disruption caused by the COVID-19 pandemic, sovereign wealth funds continued to make significant capital commitments to private funds during 2020, on a global basis. As the world emerges from the pandemic, a similar or greater level of investment activity by sovereign wealth fund investors is expected for 2021 and beyond. When committing to invest in a private fund, a non-US investor must consider a series of tax-re...