On May 27, 2020, the Internal Revenue Service (“IRS”) issued Notice 2020-41 (“Notice”) providing COVID-19 relief for businesses seeking to qualify for the production tax credit for renewable energy facilities under Section 45 (“PTC”) of the Internal Revenue Code (the “Code”) and investment tax credit for energy property under Section 48 (“ITC”) of the Code ...
Key Points IRS releases new COVID-19 relief for Qualified Opportunity Funds Taxpayers granted significant postponement of various timing requirements to ensure compliance with IRC section 1400Z-2 The IRS released Notice 2020-39 on June 4, 2020, providing significant relief for investors in qualified opportunity funds (QOFs) ...
Preparation of financial statements and corporate income tax, recommencement of time periods, remote trials, gradual return to workplaces, insolvency proceedings and compliance with criminal law In a new edition of our COVID-19 Special Newsletter, we examine the key new legislation approved over the past two weeks in all areas of business law ...
It goes without saying that the economic upheavals caused by the COVID-19 pandemic are posing countless challenges for all companies, whether or not they are pursuing their activities within the limits imposed by the governments of Canada and Quebec. Food producers such as agricultural and food processing businesses, considered by the Quebec government to be essential services, are not exempt from this harsh reality ...
The most general reason for setting up a trust is to ensure the effective and professional legal protection of assets. Contrary to a private foundation, there is no legal requirement to set forth a specific objective for the trust ...
Pursuant to the Paycheck Protection Program Flexibility Act of 2020, which was enacted into law on June 5, 2020, taxpayers who take out a loan under the Paycheck Protection Program (“PPP”) of the Coronavirus, Aid, Relief and Economic Security Act (“CARES Act”), all or a portion of which is subsequently forgiven, may now also take advantage of the tax deferral of the employer’s portion of the Social Security taxes under Section 2302 of the CARES Act ...
On May 25, 2020, the Chilean IRS issued instructions on the temporary decrease to 0% of the Stamp Tax rate accrued between April 1 and September 30, 2020 (the "0% Rate Term"). In general terms, the Circular establishes the following: Although this is a transitory decrease, it benefits extensions and renewals made during the 0% Rate Term, which are linked to documents originally granted and taxed. This represents a change of criteria by the Chilean IRS ...
In light of the COVID-19 public health crisis, the Government of Hong Kong has taken historic measures to restore confidence and liquidity to the economy. Such measures have taken the form of direct subsidies for both employers and employees, individuals and bodies corporate. A salient issue to consider was, however, whether such subsidies would be chargeable to tax ...
On May 28, 2020 the Internal Revenue Service (“IRS”) issued proposed regulations providing details for companies that may qualify for carbon oxide sequestration tax credits for qualified carbon oxide that has been securely captured, stored, or disposed of pursuant to Section 45Q of the Internal Revenue Code (the “Code”). Code Section 45Q provides a tax credit on a per-ton basis for CO2 that is sequestered ...
On 26 May 2020, the Royal Government of Cambodia (“RGC”) issued a press release and rolled out round 4 of measures aimed at mitigating the impact of COVID-19 on the businesses and workers in Cambodia. These latest measures consist of a combination of new measures and extension of those measures already in place ...
In the context of COVID-19 pandemic, the field (on-site) tax audits in Russia are currently postponed, but once all restrictions are lifted, the tax authorities can start auditing Russian companies and replenishing the National Budget by redoubling their efforts. The pharmaceutical industry could be in the focus of the tax authorities and, above all, they could start with auditing of the contractual structures used for organizing clinical trials and promotion of pharmaceutical products ...
The historically low interest rates recently announced by the Internal Revenue Service (“IRS”) and the depressed value of certain assets offer opportunities for estate planning techniques that can reduce the cost of transferring wealth to younger generations. The federal estate and gift tax exemption for 2020 is $11,580,000 per person ($23,160,000 for a married couple) ...
On April 29, 2020, the Chilean IRS issued instructions regarding the tax treatment of expenses incurred in connection with the health emergency caused by Covid-19. Additionally, the Tax Authority refers to the general requirements for all expenses and the tax treatment of some donations. I. Regarding the general requirements on deduction of expenses In accordance with Article 31 of the Income Tax Law, recently amended by Law No ...
The National Fisheries and Aquaculture Service (“Sernapesca”) has issued a series of resolutions. Resolutions No 672/2020 , No 725/2020 and No 805/2020 - that incorporate new measures to those indicated in Resolution No. 565 dated March 16, 2020 which authorized the adoption of certain measures in salmon farming centers in the context of COVID-19 ...
Following the global trend for tax transparency and fighting harmful tax practices, Ukraine finally adopted its ownanti-BEPS package law, known by businesses and tax practitioners as "tax bill 1210". Asters selected the key takeaways for businesses operating across the borders. The law is in effect starting from 23 May 2020 with some provisions taking effect later. I ...
On May 13, 2020, the Department of the Treasury and the Internal Revenue Service (“IRS”) issued final regulations under Section 385 of the Internal Revenue Code (“Code”), T.D. 9897 (“Final Regulations”), which address the classification of certain related party debt as stock or equity for U.S. Federal income tax purposes ...
The 2020 appeal season is moving and changing quickly, so be sure to not miss any filing deadlines. The deadline for filing petitions with the Michigan Tax Tribunal is set by statute as May 31. On May 14, 2020, Michigan Governor Gretchen Whitmer issued Executive Order 2020-87 (the “Order”), to extend the deadline to protest 2020 property tax assessments to grant some amount of relief to individuals and businesses amid the coronavirus/COVID-19 crisis ...
On 4 May 2020, the Commission published the latest package of exceptional measures (announced on 22 April) to support the agricultural and food sectors that have been hit hardest by the crisis. The package of measures adopted by the Commission includes temporary derogations from EU competition rules for milk, flowers and potatoes, support for private storage of dairy and meat products and flexibility in the application of market support programs ...
Earlier this month, the DFDL Myanmar Tax Team organized a well-attended webinar ‘How to Manage Your Tax affairs in Myanmar During the COVID-19 Crisis’. Jack Sheehan (Partner & Head of the Regional Tax Practice), Diberjohn Balinas (Senior Tax Manager) and Nay Nay Eaint (Tax Manager) shared their insights on how to deal with important tax-related matters during the COVID-19 pandemic and the kinds of tax relief that affected businesses may claim ...
The key Direct tax changes as announced by the Union Finance & Corporate Affairs Minister Smt ...
The key Direct tax changes as announced by the Union Finance & Corporate Affairs Minister Smt ...
An increasing number of captives have been looking at writing business interruption coverage for their owners. They should tread carefully, as doing so without following the correct procedures could have adverse tax implications. The outbreak of COVID-19 has caught many businesses off guard and in need of cash. Some hope their business interruption insurance policies will provide coverage for a loss of income suffered from a slowdown or suspension of operations ...
