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13 January 2019

U.S. International Tax This Week for January 11

Ernst & Young's U.S. International Tax This Week newsletter for the week ending January 11 is now available. Prepared by Ernst & Young's International Tax Services group, this weekly update summarizes important news, cases, and other developments in international taxation.

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Spotlight

The new House Ways and Means Committee Chairman, Richard Neal, this week offered hints as to his tax priorities, as Democrats begin the process of governing in the lower chamber following the November mid-term elections. Chairman Neal was quoted as saying he plans to schedule hearings on the impact of the 2017 Tax Cuts and Jobs Act (TCJA) before the end of January. First up, however, the Chairman indicated the committee would focus on healthcare, with a hearing as early as end of the month. While Chairman Neal criticized a number of TCJA provisions when he was the ranking minority member on the committee, he has not said what specific tax reform provisions he plans to target first.

Chairman Neal was also quoted as saying the committee is considering how to address the left-over issue of tax extenders legislation. He reportedly has not decided whether a tax extenders package would move as stand-alone legislation or as part of a must-pass bill.

The Internal Revenue Service (IRS) on 31 December 2018 posted the final version of Form 8990, "Limitation on Business Interest Expense Under Section 163(j)." Instructions to the form were posted on the IRS website on 3 January. The IRS released proposed regulations (REG-106089-18) under Section 163(j) on 26 November 2018, which was modified in December 2017 by the TCJA.

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Upcoming Webcasts

Taxation of the digital economy in 2019 (January 15)
As businesses look for more ways to monetize their digital assets, global tax policymakers are rushing to keep pace, delivering corresponding new policies and regimes for taxing the digital economy. Being ill-equipped, unprepared or otherwise unable to respond to the new requirements can lead to compliance risks, business disruption, unanticipated costs and reputation risk. During this Thought Center Webcast, Ernst & Young professionals will help you understand the current state and prepare for the future.

Global oil and gas transactions review 2019 (February 14)
With positivity in the transactions market and a focus on portfolio restructuring, observers expected 2018 to be a busy year for deals. But as the year played out, oil price volatility, geopolitical tension and questions around oversupply likely disrupted some deal completions. Expectations for 2019 include an increase in private equity investment and cross-sector M&A, driven by technology and digital. But will oil and gas companies continue to look closer to home for their deals? During this Thought Center Webcast, Ernst & Young professionals will discuss these issues.

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Recent Tax Alerts

Asia

Canada & Latin America

Europe

Middle East

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IRS Weekly Wrap-Up

Internal Revenue Bulletin

 2019-03Internal Revenue Bulletin of January 14, 2019

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Additional Resources

Ernst & Young Client Portal, the leading source for news, analysis, and reference materials for corporate tax professionals, has a variety of content of interest to international tax practitioners, including:

— International Tax Online Reference Service. Key information about, and important tax developments from, 56 foreign jurisdictions, including information on tax rates, interest rates and penalties, withholding, and filing dates.

— EY/Passport. EY/Passport is your guide to planning ventures in the global economy, offering a wealth of tax and business knowledge on more than 150 countries.

Because the matters covered herein are complicated, U.S. International Tax This Week should not be regarded as offering a complete explanation and should not be used for making decisions. Any decision concerning matters covered herein should be reviewed with a qualified tax advisor.

Document ID: 2019-0093

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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