What’s exciting this week?
Don’t forget the approaching 10/15 tax deadline! Often this deadline applies to extended individual and corporate tax returns.
California FTB released guidance on franchise tax implications for corporations with no previous connections to the state who now have employees teleworking from CA. COVID-19 Pandemic-Related Telecommuting Nexus Relief and PL 86-272.
Netherlands - Significant changes to corporate income tax rate structures in 2021 as well as the allowance of a reserve for losses resulting from COVID-19.
Oregon - Victims of Oregon Wildfires have until January 15, 2021 to file various individual and business tax returns and make tax payments. The payment relief does NOT apply to payments that were due July 15, 2020 but does apply to the quarterly payment that was due September 15, 2020. See IR-2020-2015 for more details.
Former S Corps - The IRS added Section 1271(f) on Tuesday, which extends the period to avoid tax on distributions of money to shareholders of an S Corp following its transition to a C Corp. See here.
Deloitte released an updated comparison of the Biden vs Trump tax plans.