AFC Community Trust chief executive Ally Prockter said: “The excitement is really beginning to build ahead of the Scottish Cup final and The Sheep Are On Fire is the perfect song to get all Aberdeen supporters in the mood for this big match. “We’re delighted Gavin has written such a fantastic song and kindly agreed to help raise funds for the AFC Community Trust.”Aberdeen are bidding to win the Scottish Cup for the first time since 1990.The song is available to download on all digital stores and can be listened to on YouTube. A singer-songwriter has released an official Aberdeen cup final song ahead of their Scottish Cup showdown with Celtic.Gavin Simpson, known as Sourfish, has teamed up with the Dons to pen The Sheep Are On Fire as Derek McInnes’ men prepare for the big game at Hampden on May 27.All proceeds from the song will go to the Aberdeen FC Community Trust.The inspiration for the tune came after Aberdeen’s 7-0 win over Dundee in March with the lyrics comprised of popular chants.
Vermont has announced a personal income tax reform plan in response to the federal Tax Cuts and Jobs Act (TCJA).The TCJA revised parts of the federal personal income tax structure that flow through to Vermont. Accordingly, to stabilize the state’s tax system, the Vermont reform plan would make various changes, including those discussed below.Personal exemptions: Under the plan, personal exemptions would be reintroduced, at $4,000 each.Deductions: The plan would create deductions equal to $6,000 for single filers, $12,000 for joint filers, and $9,000 for heads of households.Rates: The plan would keep tax brackets the same, while lowering marginal rates.Charitable contribution credit: A 5% tax credit would be created for charitable contributions.VTax Connect, Vermont Department of Taxes, February 6, 2018Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.
The IRS has proposed removing the Section 385 documentation regulations provided in Reg. §1.385-2. However, taxpayers may rely on this proposed removal until final regulations are published.The documentation regulations provide minimum documentation requirements for treating certain related-party instruments as debt for federal tax purposes. They are part of final and temporary Section 385 regulations adopted with T.D. 9790, I.R.B. 2016-45, 540.In addition to the documentation requirements, the Section 385 regulations also include debt recharacterization rules. These rules recharacterize as equity certain debt issued in connection with distributions and acquisitions that do not result in new investment in the operations of the issuer.The Section 385 regulations apply generally to debt instruments that are:issued by a domestic corporation or its disregarded entity, andheld by members of the domestic corporation’s expanded group.Overview of Section 385 Documentation RegulationsThe documentation rules generally require large corporations to document related-party loans, just as all businesses do when they borrow from unrelated lenders. Reg. §1.385-2 prescribes the nature of the documentation necessary to substantiate the tax treatment of related-party instruments as debt. Under these rules, taxpayers must be able to provide written evidence of four indebtedness factors analogous to those found in third-party loans.However, compliance with the documentation rules does not establish that an interest is debt. Instead, it serves only to satisfy the minimum documentation for making the determination under general federal tax principles. Moreover, if a debt instrument is reclassified as stock due to a failure to meet the documentation requirements, it is treated as stock for all federal tax purposes.In addition, corporations that belong to an expanded affiliated group must document relevant transactions under these rules if:stock of any member of the group is publicly traded;one or more members have total assets that exceed $100 million on any applicable financial statement or combination of applicable financial statements; orone or more members have annual total revenue that exceeds $50 million on any applicable financial statement or combination of applicable financial statements.However, the documentation regulations apply to relevant intercompany debt issued beginning in 2019. They also require the taxpayer to prepare its documentation for a given tax year by the time the borrower’s return is filed.Executive Order 13789The president issued Executive Order 13789 on April 21, 2017 (E.O. 13789). It instructs the Treasury Secretary to identify significant tax regulations issued on or after January 1, 2016, that:impose an undue financial burden on U.S. taxpayers;add undue complexity to the federal tax laws; orexceed the statutory authority of the IRS.The order also instructs the Treasury Secretary to take concrete actions to alleviate the burdens of such regulations.Treasury Reports Regarding Section 385 RegulationsUnder the Executive Order, the Treasury Department identified the Section 385 regulations adopted with T.D. 9790 as significant tax regulations that impose an undue financial burden on U.S. taxpayers and/or add undue complexity to the federal tax laws (Notice 2017-38, I.R.B. 2017-30, 147).The IRS responded by delaying the applicability date of the documentation regulations for 12 months. As a result, the documentation requirements apply to interests issued or deemed issued on or after January 1, 2019. As originally adopted, the final documentation regulations applied to interests issued or deemed issued on or after January 1, 2018 (Notice 2017-36, I.R.B. 2017-33, 208).In a later report, the Treasury proposed to revoke the current documentation rules and replace them with substantially simplified and streamlined documentation rules (Treasury Department News Release, TDNR SM-0172, October 4, 2017; U.S. Department of the Treasury, Second Report to the President on Identifying and Reducing Tax Regulatory Burdens (Executive Order 13789), October 2, 2017).Proposed Removal of Section 385 Documentation RulesNow the IRS has proposed the complete removal of the documentation regulations. However, the IRS will continue to study the issues addressed by the documentation regulations. When the study is complete, the IRS may propose a modified version of the documentation regulations. Moreover, these revised documentation rules would:be substantially simplified and streamlined to reduce the burden on U.S. corporations;still require sufficient documentation and other information for tax administration purposes; andbe proposed with a prospective effective date to allow sufficient lead-time for taxpayers to design and implement systems to comply with the revised documentation requirements.CommentsIn addition, members of the public may comment on these proposed changes. The IRS must receive the comments by December 23, 2018.Proposed Regulations, NPRM REG-130244-17Login to read more tax news on CCH® AnswerConnect or CCH® Intelliconnect®.Not a subscriber? Sign up for a free trial or contact us for a representative.
Mumbai, Jan 5 (PTI) Maharashtra Chief Minister Devendra Fadnavis today lauded the astonishing cricketing feat achieved by local teenager Pranav Dhanawade, as the state government announced bearing his expenses for further coaching and education.Dhanawade scripted history by becoming the first batsman ever to notch up a four-figure score, smashing an unbeaten knock of 1009 in an inter-school tournament at Kalyan in neighbouring Thane district.The 15-year-old son of an autorickshaw driver, playing for KC Gandhi Higher Secondary School, reached the gigantic score in just 323 deliveries with help from 59 sixes and 129 fours.”Pranav Dhanawades score has made Maharashtra proud. By becoming the worlds highest-ever individual scorer in all forms of cricket, he has made the country very proud as well,” Sports Education minister Vinod Tawde told reporters here.”Thus, as a way of felicitating Pranav, the government has decided to bear the costs of his cricket coaching and help him financially in his further education,” he added.Tawde said he met the teenagers father and congratulated him on his sons extraordinary achievement. “We will consult his father on other ways in which the government can help in his cricket coaching and education.”Lauding Dhanawades astounding feat, Fadnavis said the young cricketer has played an amazing innings and he should continue with his good work.”What an amazing inning! Incredible achievement of being 1009 not out in 323 balls. Congratulations Pranav Dhanawade. Proud of you. Keep striking,” he said. PTI MM RSY KIS
The voluntary effort was organised by the Central Jamaica Conference (CJC) of Seventh-day Adventists under its Operation Save A Youth (OSAY) programme. The youngsters, from Manchester, Clarendon and St. Catherine, also participated in a blood drive supervised by the Blood Bank.“Young people were all over Manchester, doing acts of kindness and issuing care packages,” Director of Youth Ministries at the CJC, Pastor Kevan Barnaby, told JIS News.“They enjoyed giving of themselves, giving of their time, their resources, and just being of use to those who are less fortunate,” he added.He noted that the young people “are energised and want to do something positive for humanity”.Principal of Mile Gully High School, Christopher Tyme, told JIS News that he was happy that the institution had benefited from the day’s activities.He said that the volunteers painted buildings on the grounds, giving the school a much-needed facelift.“It really improves the look of the school and it helps with motivating our students. It is nice to know that we can find partnership with other organisations to improve our school facilities,” he said.Principal of Ferguson’s Basic School in the community of French Part, Claudette Forsythe Kenton, noted that the painting of her school, as well as the planting of flowers by the volunteers, has beautified the grounds.“They were so warm; they did their work, and it is well appreciated,” she said.The community workday was used by the HEART Trust/NTA to carry out on-site assessment of 187 persons in various skill areas.At a ceremony held to culminate the day’s activities, OSAY presented scholarships totalling $1 million to 20 students, with each person receiving $50,000.Scholarship recipient, Jhanelle Johnson, who is a trainee teacher, said she would use the funds to settle tuition obligations.The OSAY seeks to encourage young people to extend kindness to persons in need by volunteering to participate in uplifting activities. More than 5,000 young people participated in a community workday in the parish of Manchester on Sunday (March 17). Story Highlights Over 80 projects were undertaken on the day, including the painting of schools and post offices, building and repair of houses for persons in need, and repainting of medians and curbs to improve road safety and aesthetics. More than 5,000 young people participated in a community workday in the parish of Manchester on Sunday (March 17).The voluntary effort was organised by the Central Jamaica Conference (CJC) of Seventh-day Adventists under its Operation Save A Youth (OSAY) programme.Over 80 projects were undertaken on the day, including the painting of schools and post offices, building and repair of houses for persons in need, and repainting of medians and curbs to improve road safety and aesthetics.A young volunteer helps to paint Ferguson’s Basic School in Manchester, during the staging of a community workday in the parish on Sunday (March 17). The day’s activities were organised by the Central Jamaica Conference (CJC) of Seventh-day Adventists’ under its Operation Save A Youth (OSAY) programmme.
According to a report today in Ocala, Florida Star Banner, there are at least 20 examples of plagiarism in stories and columns written by Ocala magazine editor Heather Lee, spanning a period of four years. In an e-mail to the paper, Lee said the plagiarism was unintentional, and hinted that it was a result of the magazine being understaffed.Oh, boo friggin’ hoo. Here’s her e-mail, in part, as printed in the paper:Producing 17 issues a year is a huge responsibility, especially with a limited staff and little to no freelancers. Many times I’m working and researching dozens of stories months and months ahead of time collecting data, ideas, thoughts, quotes and the like from every resource possible. All of this goes into a running file that I keep on my desktop, referencing, revising and cutting as it gets closer to deadline. I do my best to keep detailed notes as to where the items come from and I believe that as I work through the files, getting closer to finished copy that I amend all the information to be in my own voice. So when I say that I never intentionally reproduced someone else’s work as my own, I’m being truthful.What do you think? Is being overworked a good excuse for plagiarism?You can weigh in here …
Coal stocks in India stood at 31.39 million tonnes as of July 19, sufficient to operate power plants for 23 days as against the normal requirement of 21 days, according to a government statement.However, the coal stock position is on a decline since March this year, when the stocks hit 38.87 million tonnes, a four-year high. The stocks have been falling consistently to 35.92 million tonnes in April and further to 32.65 million tonnes next month. In June, the stocks stood at 30.51 million tonnes.The details were given in a written reply by Piyush Goyal, Minister of State (IC) for Power, Coal, New and Renewable Energy and Mines, to a question in the Rajya Sabha on Monday.The minister also informed that state-run miner Coal India Limited (CIL) has set a production target of 598.61 million tonnes for the current financial year, marking an increase of 11 percent over actual coal production of 538.75 million tonnes last year.Higher coal output by CIL last year saw India’s coal import bill decrease by Rs. 28,000 crore last financial year.”Record coal production by CIL leads to a reduction in import by 34.26 million tonnes (MT). Results in a saving of Rs. 28,070 crore in foreign exchange during 2015-16,” Coal Secretary Anil Swarup had tweeted in April.”Coal imports came down by 27.4 percent from 27.4 MT during 2014-15 to 15.54 MT in 2015-16,” he said in another tweet. CIL meets about 81 percent of India’s coal requirement from its 430 mines, of which 227 are underground, 175 open-cast and 28 mixed ones. It has eight subsidiaries.India’s coal reserves were estimated at about 301.56 billion tonnes by the Geological Survey of India in April 2014. The reserves were predominantly in Jharkhand, Odisha, Chhattisgarh, West Bengal, Madhya Pradesh, Telangana and Maharashtra, CIL declared in its annual report for the year 2014-2015.Coal-based electricity generation accounted for almost 85 percent of the total electricity produced in India during the April to February period in financial year 2015-2016, according a report by the Central Electricity Authority.CIL shares closed at Rs. 332.40 apiece on the BSE on Monday, up 0.57 percent from their previous close.