August 23, 2020 U.S. Tax This Week for August 21 Ernst & Young's U.S. Tax This Week newsletter for the week ending August 21 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.
————————————————————————— Post-2020 tax policy possibilities | A Biden presidency and Democratic Senate could bring change to the course of tax policy Why calculating your company's carbon footprint matters ————————————————————————— Global trade: Gaining control over your trade function in a volatile environment (August 24) BorderCrossings . . . With EY transfer pricing and tax professionals (August 27) Succeeding through disruption with data-driven agility: State and local tax insights from EY & Thomson Reuters (September 1) Domestic tax quarterly webcast series | A focus on state tax matters (September 2) The evolving world of site selection | Corporate location in today’s rapidly changing environment (September 9) ————————————————————————— Courts — Aug 17: Real estate developer who donated land to town accurately reported value and properly claimed deduction, Tax Court holds (Tax Alert 2020-2090) — Aug 14: Appellate Court lifts nationwide injunction on Public Charge Regulations, allowing regulations to again apply to certain immigration filings outside Second Circuit (Tax Alert 2020-2075) Internal Revenue Service — Aug 19: Taxable REIT Subsidiary not treated as operating or managing a health care facility (Tax Alert 2020-2104) — Aug 17: IRS issues proposed regulations on extended rollover period for qualified plan loan offsets (Tax Alert 2020-2091) — Aug 17: IRS rules on the application of the normalization rules for a utility company with respect to cost of removal and certain accounting method changes (Tax Alert 2020-2083) — Aug 14: IRS issues guidance on normalization accounting method issues arising due to TCJA corporate rate decrease (Tax Alert 2020-2073) International — Aug 19: Argentine Congress approves bill establishing new tax settlement plan (Tax Alert 2020-2103) — Aug 19: Australian Taxation Office issues compliance guidelines for outbound interest-free related party loans (Tax Alert 2020-2102) — Aug 18: Peru simplifies procedure for foreign tourists to claim a VAT refund (Tax Alert 2020-2099) — Aug 18: Rwanda announces requirements for VAT exemption applications on imported machinery, capital goods and raw materials (Tax Alert 2020-2097) — Aug 18: Panama's National Assembly approves bill creating 'EMMA' special regime for manufacturing services (Tax Alert 2020-2094) — Aug 17: Kenya amends recently gazetted DTA with Mauritius (Tax Alert 2020-2088) — Aug 17: Australia | Detailed analysis on final taxation ruling and guidance on the Australian thin capitalization arm's-length debt test (Tax Alert 2020-2080) — Aug 14: Ecuadorian Constitutional Court declares unconstitutional executive decree requiring estimated income tax payments for fiscal year 2020 (Tax Alert 2020-2072) — Aug 14: USTR announces modifications to tariffs on EU goods under Section 301 (Tax Alert 2020-2071) — Aug 14: India publishes detailed guidance on Mutual Agreement Procedure (Tax Alert 2020-2070) Legislation — Aug 14: DOS issues guidance on qualifying criteria for national interest exceptions to Presidential Proclamations suspending entry of immigrants and non-immigrants (Tax Alert 2020-2074) States — Aug 20: San Francisco Board of Supervisors votes to place measures on November ballot (Tax Alert 2020-2107) — Aug 20: Nebraska enacts new tax incentives program, fails to address eligibility of IRC Section 965(a) transition tax income and GILTI for state's dividends-received deduction (Tax Alert 2020-2106) — Aug 20: Georgia emergency rule exempts employers from requirement to file partial UI benefit claims for part-time employees (Tax Alert 2020-2105) — Aug 19: FUTA credit reduction outlook for 2020 and beyond (Tax Alert 2020-2101) — Aug 18: Ohio COVID-19 local nonresident income tax legislation faces challenges (Tax Alert 2020-2098) — Aug 17: Kansas won't charge employer accounts for COVID-19 UI benefits or add the fund-building surcharge to 2021 tax rates; annual statement of benefit charges to be delayed (Tax Alert 2020-2087) — Aug 17: Delaware won't charge employer accounts for COVID-19 UI benefits (Tax Alert 2020-2084) — Aug 14: Colorado paid family and medical leave insurance to appear on the November 2020 ballot (Tax Alert 2020-2076) ————————————————————————— State and Local Tax Weekly — Colorado home rule, self-collected municipalities begin adopting economic nexus and marketplace facilitator collection laws after launch of online centralized filing portal. In June 2020, the Colorado Department of Revenue (CO DOR) launched the first version of the new Sales and Use Tax Simplification program (SUTS). This online centralized filing portal enables a single point of remittance for (1) all state-collected sales and use taxes and (2) local sales and use taxes of home rule, self-collected municipalities that have agreed to participate in SUTS. — North Carolina announces transfer pricing resolution initiative for corporate taxpayers. The North Carolina Department of Revenue (NC DOR) implemented a voluntary transfer pricing resolution initiative for corporate taxpayers to expeditiously resolve intercompany pricing issues. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Global Trade, Value Added Tax ————————————————————————— Final Regulations
Proposed Regulations
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. | |||||||||||||