Chancellor of the Exchequer, Rishi Sunak, unveiled an unsurprising 2021 Autumn Budget and Spending Review (the Budget), as the headline grabbing fiscal plans had already mostly been leaked to the press (including by the Chancellor himself).
In his April 28, 2021 address, President Biden asked Congress to provide $80 billion of extra funding for the Internal Revenue Service (“IRS”) over the next decade.
The Department of Labor (“DOL”) issued new guidance earlier this month on the temporary COBRA subsidies provided by the recently enacted American Rescue Plan Act (the “ARP”), which employers may find useful in administering their COBRA coverage programs.
Many employees during the COVID-19 pandemic are asking: To which state must I pay income tax?
Previously, we reported that HMRC reversed its position on early termination fees, announcing on 2 September 2020 that such fees would be subject to VAT and taking the controversial position that this change in policy would be retroactive.
On October 8, 2020, the Attorney General’s Cyber-Digital Task Force (“the Task Force”) issued its Cryptocurrency Enforcement Framework (the “Report”), which offers background on virtual assets, enforcement milestones, and plans for increasing scrutiny into the use of cryptocurrency, following the Task Force’s inception in 2018.
Most employers reimburse their employees for money spent on meals, hotels and other expenses during work trips as business expenses, but few have given thought to reimbursing employees for employee costs incurred at home, including for internet, electricity, printer ink, etc., because those have traditionally been considered personal expenses.
On June 4, 2020, the IRS released Notice 2020-39, which provides five key relief provisions for qualified opportunity funds (QOFs) and their investors in response to the ongoing COVID-19 pandemic:
At long last, the IRS has proposed regulations governing expanded tax credits for capturing carbon oxide (CO) before it enters the atmosphere.
On May 4, 2020, the Internal Revenue Service (“IRS”) released Revenue Procedure 2020-19, which temporarily increases to 90% the percentage of stock certain real estate investment trusts (“REITs”) may issue in an elective cash/stock distribution and receive a dividends paid deduction (a “Qualifying Distribution”).
On April 30, 2020, the IRS released guidance disallowing deductions for otherwise deductible expenses if payment of the expense results in forgiveness of a covered loan under the CARES Act.
The roughly $2 trillion Coronavirus Aid, Relief, and Economic Security Act (CARES Act) passed on March 27, 2020 includes temporary modifications to the Internal Revenue Code intended to provide economic relief and increased liquidity to those affected by the COVID-19 pandemic.