Page 52 - Revenue Code News Today

On January 20, 2021, the Puerto Rico Department of the Treasury ( Departamento de Hacienda, commonly known as “Hacienda”) issued Administrative Determination No. 21-01 (AD 21-01), which provides that lump-sum distributions from the retirement plan for Puerto Rico government employees are eligible for direct and indirect rollovers into Puerto Rico–qualified retirement plans maintained by private-sector employers. In practice, however, this determination is unlikely to have much of an impac...

For further information, please contact Brendan Murphy, Treasurer, United Utilities Group PLC, on 0345 070 2426. United Utilities Group PLCs ordinary shares trade on the London Stock Exchange and its ADRs, each equal to two ordinary shares, trade over the counter under the Trading Symbol UUGRY. DISCLAIMER - INTENDED ADDRESSEES Please note that the information contained in the Final Terms may be addressed to and/or targeted at persons who are residents of particular countries (specified in the o...

To embed, copy and paste the code into your website or blog: A new Presidential administration and Congress always bring with them the potential for change, and this is again the case.  Joe Biden and his party made a series of tax law proposals throughout the presidential campaign season.  He generally has proposed to increase taxes for high income individuals and to increase estate and other transfer taxes for many wealthy families.  On the income tax side, these changes generally involve i...

United States: SEC Proposes to Amend Rule 701 and Form S-8 and... United States: SEC Proposes to Amend Rule 701 and Form S-8 and Extend Rules to “Gig” Workers The SEC proposed amendments to the Form S-8 registration statement relied on by Exchange Act reporting companies and the Rule 701 exemption from registration available to non-reporting companies for equity awards and other compensatory securities offered to employees, directors, consultants and advisors. The proposed changes ar...

Advertisement DOL Finalizes New Prohibited Transaction Exemption for “Investment Advice”, With Statement That Fiduciary Standard May Apply to IRA Rollover Guidance Wednesday, January 20, 2021 On December 18, 2020, the U.S. Department of Labor (the “DOL”) published in the Federal Register a final prohibited transaction class exemption (the “Exemption”) that allows “investment advice” fiduciaries to provide advice that affects their compensation and to engage in otherw...

[1] with respect to the Paycheck Protection Program ( Economic Aid  Act)) of Division N of the Consolidated Appropriations Act, 2021.  The PPP was originally enacted under the Coronavirus Aid, Relief, and Economic Security Act (as amended, supplemented or otherwise modified from time to time prior to the enactment of the Economic Aid Act, including by the Paycheck Protection Program and Health Care Enhancement Act, the Paycheck Protection Program Flexibility Act, applicable federal regul...

To embed, copy and paste the code into your website or blog: On January 7, 2021, the Internal Revenue Service (the “IRS”) and the U.S. Department of the Treasury (the “Treasury”) issued final regulations[1] (the “Final Regulations”) providing guidance on Section 1061 of the Internal Revenue Code (the “Code”).[2] The Final Regulations modify the proposed regulations[3] (the “Proposed Regulations”) that were released in July of 2020. We previously discussed the Proposed Regula...

On January 7, 2021, the Internal Revenue Service (the “IRS”) and the Department of the Treasury released final regulations (the “Final Regulations”) implementing the provisions of...

Friday, January 15, 2021 On January 7, 2021, the Internal Revenue Service (the “IRS”) and the U.S. Department of the Treasury (the “Treasury”) issued final regulations [1] (the “Final Regulations”) providing guidance on Section 1061 of the Internal Revenue Code (the “Code”). [2] The Final Regulations modify the proposed regulations [3] (the “Proposed Regulations”) that were released in July of 2020. We previously discussed the Proposed Regulations with a seri...

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...