Tax News & Views.
After a week in which President Trump
alternately pushed for and then pulled back from a potential agreement on a
new relief package to address the economic and health impacts of the
coronavirus pandemic, a path forward for negotiations is unclear, and
congressional action before November’s election still appears to be a far
reach.
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Final regs address
partnership withholding issues
The Treasury Department and IRS released final regulations
that provide guidance under section 1446(f) related to the tax withholding
and information reporting with respect to certain dispositions of interests
in partnerships engaged in a trade or business within the United States; the
government formally released previously issued BEAT final regulations for
publication in the Federal Register; the Small Business Administration
released procedures that a Paycheck Protection Program loan recipient must
follow if it undergoes a change in ownership; and Deloitte Tax released a
summary of final regulations on changes to the deduction for expenses related
to entertainment, amusement, or recreation under the 2017 tax code overhaul.
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Trump dangles more tax
cuts, but remains vague on details
President Trump promised additional tax relief should he win
a second term in office and Republicans maintain or increase their numbers in
Congress after the November elections; but, similar to other comments the
president has made around tax policy in recent months, he remained vague on
the details and on when he would unveil a formal plan.
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Toomey won’t seek
re-election in 2022
Senate Republican taxwriter Patrick Toomey of Pennsylvania
announced that he will not seek another term in office and intends to return
to the private sector after his current term ends in 2022.
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