Through Rule News Today

To embed, copy and paste the code into your website or blog: On Jan. 19, 2021, the Internal Revenue Service and the Treasury Department published final regulations on the Section 1061 “carried interest” rules (T.D. 9945). The final regulations generally adopt proposed regulations issued in July 2020 (please see our alert from Aug. 18, 2020) but make significant changes to (i) the exception for capital interests, (ii) the look-through rule that applies to certain dispositions of partnership ...

United States: How do you spell relief? C-A-A After months of partisan bickering and Senate inaction, Congress finally passed another round of COVID-19 relief legislation as part of the Consolidated Appropriations Act, 2021, P.L. 116-260, (“CAA”), which was signed into law on December 27, 2020. We provide a summary of the tax-related CAA provisions and key modifications to the Paycheck Protection Program (“PPP”), before discussing President Biden’s tax agenda for 2021. The CAA’s tax...