To prevent confusion, the IRS notified lenders on Tuesday that they should not file cancellation-of-debt information returns or furnish payee statements under Sec. 6050P to report the amount of qualifying forgiveness with respect to covered loans made under the Paycheck Protection Program (PPP) (Announcement 2020-12). The PPP was created under the Coronavirus Aid, Relief, and […]
Archives for 2020
Mutual funds with the decade’s biggest outflows
The 20 mutual funds with the decade’s largest net outflows lost a combined $620 billion. With an average 10-year return of 11.4%, these funds were just shy of the broader fund industry’s performance over the period, according to Morningstar Direct data. The SPDR S&P 500 ETF Trust (SPY) and the SPDR Dow Jones Industrial Average […]
Final regs. outline trust and estate expenses still deductible under TCJA
The IRS on Monday issued final regulations (T.D. 9918) clarifying that certain expenses incurred by, and certain excess deductions upon the termination of, an estate or nongrantor trust are not affected by the suspension of miscellaneous itemized deductions for tax years 2018 through 2025. The regulations also provide guidance on determining the character, amount, and […]
Byju’s continues to rack up more funds, this time from three new US investors
Education technology firm Byju’s said it has added three new US investors– the world’s largest asset manager, BlackRock, Sands Capital and Alkeon Capital, a hedge fund– to its long list of backers as it continues to raise gobs of cash amid a boom in online education. The investment is part of an ongoing funding round […]
Brexit could disrupt UK M&A, warns RSM partner
The UK’s mergers and acquisitions (M&A) activity could be hit again by Brexit uncertainty, according to Kirsty Sandwell, partner at national head of corporate finance at RSM. In the first quarter of this year, domestic M&A accounted for £3.2bn compared to £0.3bn in the second quarter, according to the Office for National Statistics (ONS). Inward […]
Nominee NPS – How to change nominee in NPS online?
Now you can change nominee of NPS account online! Changing nominee for the NPS account was a difficult job earlier. The subscriber was required to visit NPS POP physically and submit the form for nominee change called as S2 Form. Now this entire process is online. You can change the nominee online with a click […]
IRS issues more bonus depreciation rules
The IRS issued final regulations (T.D. 9916) providing guidance on additional first-year (bonus) depreciation under Sec. 168(k), which was amended by the law known as the Tax Cuts and Jobs Act, P.L. 115-97. T.D. 9916 provides taxpayers with guidance on issues involving the application of Sec. 168(k) that were not addressed in 2019 final regulations […]
Airline safety
via Harley Schwadron
CCI approves merger of Medlife with larger rival PharmEasy
Illustration: Rahul Awasthi India’s competition watchdog has approved the merger of online pharmacy Medlife with larger rival PharmEasy, the first major consolidation play in the sector that has recently seen the entry of deep-pocketed players like Reliance Industries and Amazon. The deal will see API Holdings, the parent entity of PharmEasy, acquire 100% equity shares […]
Delhi HC stays tax assessment proceedings against Tiger Global on Flipkart-Walmart deal
The Delhi High Court granted a stay against initiation of assessment proceedings by tax authorities into sale of Tiger Global’s 17% stake in Flipkart to Walmart for Rs 14,500 crore in 2018. Tiger Global had claimed nil witholding tax on capital gains from the exit, which was rejected by the Authority of Advance Rulings (AAR). […]