August 9, 2020 U.S. Tax This Week for August 7 Ernst & Young's U.S. Tax This Week newsletter for the week ending August 7 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.
————————————————————————— Global Labor and Employment Law Strategic Topics | 2020 Edition 2 ————————————————————————— Final and proposed Section 163(j) regulations address questions on business interest expense limitation (August 10) Beyond the pandemic | Building a future proof payroll operation (August 12) ————————————————————————— Courts — Aug 06: Payments ex-husband made to ex-wife to divide marital property incident to divorce do not increase the basis in his LLC, Tax Court holds (Tax Alert 2020-1990) Internal Revenue Service — Aug 06: IRS provides guidance on special CARES Act rules for single-employer defined benefit pension plan (Tax Alert 2020-1999) — Aug 06: IRS updates model notices that retirement plans use to explain tax consequences of making rollover-eligible plan distributions (Tax Alert 2020-1998) — Aug 05: IRS extends deadline to claim rehabilitation credits (Tax Alert 2020-1985) — Aug 04: IRS updates frequently asked questions about the CARES Act Social Security tax deferral (Tax Alert 2020-1974) — Aug 02: Final and proposed regulations under IRC Section 163(j) narrow definition of business interest expense, expand anti-avoidance rules and substantially revise rules for foreign corporations (Tax Alert 2020-1961) — Jul 31: IRC Section 163(j) guidance affects real estate industry (Tax Alert 2020-1960) International — Aug 06: Alberta announces Innovation Employment Grant to support R&D and reignite technology investment (Tax Alert 2020-2003) — Aug 06: South African Government releases draft 2020 Tax Law Amendment Bills (Tax Alert 2020-2002) — Aug 06: OECD report forecasts falling tax revenues in Asian and Pacific Economies as a result of COVID-19 pandemic (Tax Alert 2020-2001) — Aug 06: Greece publishes Mandatory Disclosure Rules legislation: A detailed overview (Tax Alert 2020-2000) — Aug 05: Uruguay further extends deadline for informing Central Bank of chain of ownership (Tax Alert 2020-1988) — Aug 05: Cyprus postpones MDR reporting deadlines for six months (Tax Alert 2020-1987) — Aug 05: Lithuania postpones MDR reporting deadlines for six months (Tax Alert 2020-1986) — Aug 04: Colombia issues regulation on deferring income from private equity or collective investment funds, as well as rules on permanent establishments (Tax Alert 2020-1979) — Aug 04: Italy approves legislation to implement Mandatory Disclosure Rules (Tax Alert 2020-1977) — Aug 04: Portugal transposes EU ATAD Directives regarding hybrid mismatches into domestic tax law (Tax Alert 2020-1976) — Aug 04: Korea announces 2020 tax reform proposals (Tax Alert 2020-1975) — Aug 03: Uruguay extends deadlines for certain estimated tax payments due to COVID-19 (Tax Alert 2020-1967) — Aug 03: Mexico amends customs rules for 2020, impacting maquiladoras and others (Tax Alert 2020-1966) — Jul 31: Brazil's proposed federal VAT would increase tax rates for Brazilian banks and other financial institutions (Tax Alert 2020-1959) — Jul 31: Zimbabwe presents 2020 mid-term budget proposals (Tax Alert 2020-1955) — Jul 31: Vietnam issues decree amending loan interest deductibility cap and draft decree on related party transactions (Tax Alert 2020-1954) — Jul 31: Ireland announces temporary reduction in VAT rate as part of July 2020 Stimulus Plan (Tax Alert 2020-1953) — Jul 31: OECD releases ninth batch of peer review reports on BEPS Action 14 related to improving dispute resolution (Tax Alert 2020-1951) — Jul 31: Canada's Department of Finance announces extension to incur flow-through qualifying expenditures (Tax Alert 2020-1950) Legislation — Aug 07: What to expect in Washington (August 7) (Tax Alert 2020-2011) — Jul 31: Senate takes procedural vote toward unemployment stopgap (Tax Alert 2020-1948) States — Aug 06: Nevada plans to relieve employer UI accounts of COVID-19 benefit charges; use of federal funding to bolster the UI trust fund under consideration (Tax Alert 2020-1997) — Aug 06: North Carolina announces transfer pricing resolution initiative for corporate taxpayers (Tax Alert 2020-1996) — Aug 05: Colorado home rule, self-collected municipalities begin adopting economic nexus and marketplace facilitator collection laws after launch of online centralized filing portal (Tax Alert 2020-1989) — Aug 05: California now issuing annual notice of UI benefit charges; COVID-19 UI benefits should not be charged to employer accounts (Tax Alert 2020-1984) — Aug 05: Ernst & Young LLP webcast polling results show telework will continue beyond the COVID-19 emergency (Tax Alert 2020-1983) — Aug 04: Puerto Rico's Treasury Department postpones certain filing and payment due dates because of Tropical Storm Isaias (Tax Alert 2020-1978) — Aug 03: Wyoming legislation provides for noncharge of COVID-19 UI benefits by executive order (Tax Alert 2020-1970) — Aug 03: Nevada Commerce Tax due August 14, 2020 (Tax Alert 2020-1956) — Jul 31: New Jersey won't charge employer UI accounts for COVID-19 benefits; FY 2021 SUI tax rates not affected by COVID-19 (Tax Alert 2020-1958) ————————————————————————— State and Local Tax Weekly — New York State issues draft regulations on net operating losses. The New York State (NYS) Department of Taxation and Finance (Tax Department) has posted for comment new draft corporate franchise tax regulations under Article 9-A of the New York Tax Law (to be codified at N.Y. Comp. Codes and Regs. tit. 20, Subparts 3-10.1 through 3-10.8), which would add rules on the NYS corporate income tax treatment of net operating losses (NOLs) and NOL deductions (NOLDs) for tax years beginning on or after Jan. 1, 2015 (hereafter, draft regulations). — Delaware Chancery Court finds state's unclaimed property information requests too expansive, rejects enforcement of subpoena as abuse of court's process. In Delaware Department of Finance v. AT&T, Inc., the Delaware Court of Chancery (Court) threw out a subpoena issued to AT&T, Inc. (AT&T) by the Delaware Department of Finance (Department) on behalf of a third-party unclaimed property audit firm. — Income/Franchise, Sales & Use, Business Incentives, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Value Added Tax ITS/Washington Dispatch The latest edition of Ernst & Young's Washington Dispatch is attached below. Prepared by Ernst & Young's International Tax and Transaction Services group, this monthly newsletter summarizes recent developments in US international taxation. Highlights of this month's edition include: Treasury and IRS news
OECD news
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Corrections
Announcements
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. | ||||||||||||||||||||||