With respect to US domestic transfers, state and local income tax differences are of particular relevance for determining an equitable cost adjusted salary. Two individuals within the United States can have the same salary and family size and earn vastly different spendable incomes because of the different tax rates throughout the states and cities.
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The Australia budget was postponed to October due to the COVID-19 pandemic. Retroactive to July 1, 2020, the income tax schedule was favorably adjusted, the low income tax offset increased, and the low and middle income tax offset (set to expire) was retained. The net effect is a decrease in income tax for all taxpayers.
On December 8, 2020, Massachusetts extended the guidance for sourcing of employment income that was set to expire on December 31, 2020. The emergency regulation officially extends the ruling to 90 days after Governor Baker lifts the state of emergency.
The results of the 2020 federal and state elections are likely to have a significant tax impact on individual taxation across the United States. The presidential and legislative races are still being decided, and federal tax law changes require a lengthy legislative process. However, this year’s election cycle includes some important state ballot measures impacting individual taxpayers:
Massachusetts, like many other states across the United States, has declared a state of emergency in regards to the COVID-19 pandemic. Typical components include mandatory social distancing, travel restrictions, and many other precautions. Concurrently, many Massachusetts businesses have adopted remote working arrangements as a measure to adhere to these precautions, and provide employee flexibility and safety.
When the United Kingdom withdrew from the European Union on January 31, 2020, it entered a transitional period that is set to end on December 31, 2020. The original agreement allowed for a one-time extension of the transitional period by up to one to two years.
Below is a selection of government tax responses to the COVID-19 pandemic. These highlights are part of AIRINC's recent Data Points publication and are only a few of the many global changes that we are tracking on a daily basis.
Massachusetts, like many other states across the United States, has declared a state of emergency in regards to the COVID-19 pandemic. Typical components include mandatory social distancing, travel restrictions, and many other precautions. Concurrently, many Massachusetts businesses have adopted remote working arrangements as a measure to adhere to these precautions, and provide employee flexibility and safety.
COVID-19's impact continues to spread and we are following it closely. We know that this is impacting you, your assignees, and your business, and that you're likely finding more questions than answers.
COVID-19 Tax Responses: OECD Guidance The Organization for Economic Cooperation and Development (OECD) Center for Tax Policy and Administration (CTPA) has drafted guidance regarding tax implications of travel restrictions and remote working as a result of COVID-19. The OECD provided three scenarios under consideration, and their recommendation and analysis
