Page 53 - Revenue Code News Today

Levies, energy rejig on tap in 2021 1 A series of new taxes, a trade deal and power reform are trends for the new year published : 31 Dec 2020 at 04:04 Enforcement of the land and building tax could be postponed again. Patipat Janthong New international trade and tax rules as well as personal data protections and a test on energy reform will keep the public and private sectors busy next year once they can look to non-pandemic issues. FREE ...

Who Would Qualify for $2,000 Stimulus Checks Being Voted On? On 12/28/20 at 4:05 PM EST The House is expected to vote Monday on a proposal to increase the amount qualifying Americans will receive in stimulus checks from $600 to $2,000, after President Donald Trump voiced support for the idea earlier this month. The initial $600 payments were included in the new coronavirus relief bill that both chambers of Congress agreed upon and sent to Trumps desk last week. After days of hesitation that Tru...

ERISA Fiduciary Rule 2.0: U.S. Department of Labor Finalizes New Prohibited Transaction Exemption December 21, 2020 Share On December 15, 2020, the U.S. Department of Labor (DOL) issued the final version of a reproposed fiduciary rule to regulate “investment advice fiduciaries” under the Employee Retirement Income Security Act of 1974, as amended (ERISA). The rule is meant to replace the DOL’s previous rule on this topic, which was promulgated in 2016 but vacated in 2018 by the U.S. Court...

On December 3, 2020, U.S. Representatives Marc Veasey (D-TX) and David B. McKinley (R-W.Va) introduced bi... On December 3, 2020, U.S. Representatives Marc Veasey (D-TX) and David B. McKinley (R-W.Va) introduced bipartisan legislation entitled the Accelerating Carbon Capture and Extending Secure Storage through 45Q Act (the “ ACCESS 45Q Act”) as H.R. 8858. The bill is designed to incentivize investment in carbon capture, utilization and storage (" CCUS"), and was co-spon...

Summary After a nearly decade-long dispute with the IRS, the U.S. Tax Court ordered Coca-Cola to pay $3.4 billion in additional taxes. The increased assessment results from the IRSs successful challenge to Coca-Colas inter-company royalty rates for intellectual property, notwithstanding that the IRS had previously agreed to the methodology by which such rates were established. Bottom line — companies operating in the U.S. with significant related-party international license agreements should ...

The United Way Quad Cities is accepting applications for United for Equity Fund grants, with up to $200,000 to distribute — supported by local business and industry leaders as well as individual gifts. The United for Equity Fund will make grants to reduce and prevent racial inequities across systems that impact education, income, and health in the Quad Cities. Focus Areas United Way then convened a committee of community leaders who selected their three top priorities from that list – the ...

On 21 September 2020,  the Ministry of Finance has announced a tax incentive to promote investment, improve industrial capacity, enhance global competitiveness, and encourage relocation of a production facility. The incentive is on a tax exemption measure allowing 100% additional tax deduction for the purchase of (1) machinery; and (2) software for its automation system. All corporate entities, regardless of their legal forms and types of businesses carried out, are eligible to apply for the t...

To print this article, all you need is to be registered or login on Mondaq.com. The Internal Revenue Service ("IRS") issued the 2020 Required Amendments List under IRS Notice 2020-83 on November 20, 2020. The IRS publishes an annual Required Amendments List, which generally applies to changes in requirements that become effective on or after January 1 of that year. The Required Amendments List applies to both individually designed plans qualified under Internal Revenue...

To print this article, all you need is to be registered or login on Mondaq.com. IRS Issues Final PFIC Ownership Regulations The IRS has issued final regulations (TD 9936) regarding how to determine if a foreign corporation is a passive foreign investment company (PFIC) and the application and scope of certain rules that determine whether a U.S. person that indirectly holds stock in a PFIC is treated as a shareholder of the PFIC. On July 11, 2019, the IRS published prop...

  DISCLAIMER - INTENDED ADDRESSEES   Please note that the information contained in the Programme Memorandum may be addressed to and/or targeted at persons who are residents of particular countries (specified therein) only and are not intended for use and should not be relied upon by any person outside these countries and/or to whom any offer of bonds under the Programme is not addressed. Prior to relying on the information contained in the Programme Memorandum, you must ascertai...