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Tax Withholding & Reporting Blog Blog

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Citing Brexit, UK Retroactively Curtails DAC 6 Reporting Requirements

European Union, United Kingdom - January 13 2021 With retroactive effect, EU Council Directive DAC 6 is now largely inapplicable in the United Kingdom. DAC 6, which came into force on June 25, 2018…

Notice 2021-7 Provides Employers Relief and Potential Opportunities on Valuation of Employer-Provided Vehicles in Light of COVID-19 Pandemic

USA - January 8 2021 On January 4, 2021, the Internal Revenue Service issued Notice 2021-7 pertaining to the valuation of the personal use of employer-provided vehicles…

Senate Overrides President Trump’s Veto of 2021 NDAA

USA - January 1 2021 On Friday, January 1, 2021, the Senate voted to override President Trump’s veto of the 2021 National Defense Authorization Act (“2021 NDAA”) by a vote…

House Overrides President’s Veto of 2021 NDAA

USA - December 28 2020 On Monday, December 28, 2020, the House voted to override the President’s veto of the 2021 National Defense Authorization Act (“2021 NDAA”) by a vote…

Form 1099-NEC Creates State Filing Headaches

USA - December 24 2020 As the end of the year approaches, many accounts payable departments are gearing up to complete their annual Form 1099 filings. For 2020, a new form…

New Information Reporting on Beneficial Owners Included in 2021 NDAA

USA - December 23 2020 Earlier this month, both houses of Congress passed the 2021 National Defense Authorization Act (“2021 NDAA”). Included in Title LXIV of the 2021 NDAA…

Fourth (and Final?) COVID Relief Measure Clears House and Senate

USA - December 22 2020 After months of gridlock, the House and Senate, on December 21, both passed another round of COVID relief legislation (H.R. 133). The 5,593-page bill…

Final 162(m) Regulations Make Few Changes

USA - December 21 2020 On Friday, December 18, the IRS released final regulations under section 162(m) implementing the statutory changes made in 2017 by the Tax Cuts and…

Unpleasant Surprise May Await Employers That Deferred Employee Social Security Tax

USA - December 15 2020 For employers who decided to defer the employee share of Social Security taxes on wages paid from September 1 to December 31, 2020, pursuant to…

IRS Issues Final Regulations on Commuting Expenses Deduction Disallowances

USA - December 10 2020 Yesterday, December 9, the IRS released final regulations implementing the Section 274(a)(4) and 274(l) deduction disallowances, adopted as part of…