June 21, 2020 U.S. Tax This Week for June 19 Ernst & Young's U.S. Tax This Week newsletter for the week ending June 19 is now available. Prepared by Ernst & Young's National Tax Department in Washington, D.C., this weekly update summarizes important news, cases, and other developments in U.S. taxation.
————————————————————————— EY's state guide to COVID-19 payroll and employment tax provisions is updated through June 8, 2020 ————————————————————————— 15th Annual International Quantitative and Reporting Conference: Amended returns and preparing for IRS audits (June 22) Accounting for income taxes (June 23) Tax in the time of COVID-19 | Preparing for potential future tax changes (June 26) Teleworker tax implications for COVID-19 and beyond (July 28) ————————————————————————— Internal Revenue Service — Jun 16: IRS extends new market tax credits deadlines until end of 2020 (Tax Alert 2020-1580) — Jun 16: IRS issues guidance on leave-based donation programs in response to COVID-19 pandemic (Tax Alert 2020-1574) — Jun 16: Proposed IRC Section 1031 regulations define "real property" for purposes of like-kind exchange rules (Tax Alert 2020-1573) — Jun 12: IRS postpones due dates for certain New Markets Tax Credit investments and expenditures (Tax Alert 2020-1555) International — Jun 18: UK announces new measures to support customs intermediaries and controls for importing goods will now apply from July 2021 (Tax Alert 2020-1600) — Jun 18: Prince Edward Island budget 2020-21 discussed (Tax Alert 2020-1595) — Jun 17: Philippines enhances proposal for corporate tax reform to promote investment (Tax Alert 2020-1593) — Jun 17: Philippines proposes law for taxation of the digital economy (Tax Alert 2020-1592) — Jun 17: Spanish Supreme Court rules on limits to dynamic interpretation of tax treaties (Tax Alert 2020-1591) — Jun 17: CJEU rules price adjustments require VAT deduction adjustments (Tax Alert 2020-1590) — Jun 17: Saskatchewan budget 2020-21 discussed (Tax Alert 2020-1584) — Jun 16: Saudi Arabia issues taxpayer guidance for MAP (Tax Alert 2020-1581) — Jun 16: Norway's Parliamentary Finance Committee addresses uncertainty resulting from Ministry of Finance statement regarding application of GAAR (Tax Alert 2020-1575) — Jun 16: The latest on BEPS and Beyond for June 2020 (Tax Alert 2020-1572) — Jun 15: Algeria enacts 2020 Complementary Finance Act including foreign direct investment incentives (Tax Alert 2020-1566) — Jun 15: Turkey's Central Bank now requires certain companies to submit weekly report of foreign exchange position (Tax Alert 2020-1565) — Jun 15: Ghana Revenue Authority issues Practice Notes on various tax issues (Tax Alert 2020-1564) — Jun 12: Italy enacts EU Tax Dispute Resolution Mechanisms (Tax Alert 2020-1558) Legislation — Jun 18: Ways & Means subpanel holds hearing on COVID-19 tax relief (Tax Alert 2020-1603) — Jun 18: House Democrats unveil infrastructure proposal without pay-fors (Tax Alert 2020-1602) — Jun 18: House Financial Services Committee questions Federal Reserve Chairman Powell on economy, other issues (Tax Alert 2020-1599) — Jun 17: Senate Banking Committee questions Federal Reserve Chair Powell (Tax Alert 2020-1587) — Jun 18: Tax and trade discussed by USTR Lighthizer at Finance hearing (Tax Alert 2020-1598) — Jun 18: What to expect in Washington | Coronavirus response (June 18) (Tax Alert 2020-1596) — Jun 17: BEPS 2.0 news discussed at Ways & Means trade hearing (Tax Alert 2020-1589) — Jun 16: Federal Reserve seeks comment on proposed nonprofit loan facility; secondary market credit program will buy corporate debt (Tax Alert 2020-1570) — Jun 15: Proposed regulations on executive compensation for tax-exempt organizations clarify many questions, including treatment of volunteers (Tax Alert 2020-1559) States — Jun 18: Puerto Rico enacts additional COVID-19 stimulus measures with implications for tax years 2019 and 2020 (Tax Alert 2020-1601) — Jun 17: Seattle, Washington ordinance extends paid sick leave and safe time to gig workers affected by COVID-19 (Tax Alert 2020-1586) — Jun 16: Missouri announces resumption of charging COVID-19 UI benefits to employers, as well as work-search requirements and waiting period (Tax Alert 2020-1579) — Jun 16: New York adopts sick leave law that expands on its COVID-19 paid leave requirements (Tax Alert 2020-1578) — Jun 16: Vermont issues income tax withholding guidance for employees working in the state temporarily due to COVID-19 (Tax Alert 2020-1577) ————————————————————————— State and Local Tax Weekly — Qualified Opportunity Zone funds and investors get more relief from deadlines In Notice 2020-39, the IRS granted deadline relief for qualified Opportunity Zone (OZ) investors and Qualified Opportunity Funds (QOFs) in response to the COVID-19 pandemic. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Value Added Tax ————————————————————————— Proposed Regulations
Revenue Procedures
Notices
Internal Revenue Bulletin
Because the matters covered herein are complicated, U.S. 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. | ||||||||||||||||
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