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A proposed rule would make things a little easier for finance teams whose duties get impacted by federally declared disasters.
The new IRS rule,
The who
The regs would create a mandatory 60-day postponement of certain tax deadlines for specific people and organizations, including
businesses that have a principal place of employment in a disaster area
people who reside in a disaster area
relief workers who provide assistance in a disaster area, and
taxpayers whose tax records necessary to meet a certain tax deadline are located in a disaster area.
The why
This rule also aims to clarify the definition of “federally declared disaster.” This term currently includes any disaster determined by the president under the Robert T. Stafford Disaster Relief and Emergency Assistance Act.
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During the COVID-19 pandemic, governments across the globe have
become increasingly involved in the private sector.
1
State-owned enterprises have long been common in Asia, but the
pandemic has increased their prominence in Europe. In Italy and
Norway, for instance, governments are taking equity stakes in the
airline industry to help distressed companies. Now, with vaccine
manufacturing ramping up, it makes sense that governments would
intervene in the life sciences and pharmaceutical sectors as well.
In our article published earlier this month on, we analyzed the