August 30, 2020 U.S. Tax This Week for August 28 Ernst & Young's U.S. Tax This Week newsletter for the week ending August 28 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.
————————————————————————— 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) ————————————————————————— Internal Revenue Service — Aug 27: LB&I announces that it is accepting new applicants for 2021 CAP program (Tax Alert 2020-2132) — Aug 26: IRS considering "obsoleting" Revenue Procedure 94-69, requests comments (Tax Alert 2020-2130) — Aug 24: IRS provides staff with guidance on procedures for designating issues for litigation (Tax Alert 2020-2124) — Aug 21: IRS proposed regulations update simplified tax accounting rules for small businesses to reflect TCJA favorable changes (Tax Alert 2020-2114) International — Aug 26: UK issues Brexit guidance on moving goods under the Northern Ireland Protocol (Tax Alert 2020-2128) — Aug 26: Colombia issues regulations on indirect transfer regime (Tax Alert 2020-2127) — Aug 24: India introduces Transparent Taxation platform (Tax Alert 2020-2122) — Aug 21: Ecuador issues regulations implementing 2019 tax reform (Tax Alert 2020-2115) States — Aug 27: South Carolina extends nexus and income tax withholding relief for employees working temporarily in the state due to COVID-19 through December 31, 2020 (Tax Alert 2020-2133) — Aug 26: Revised Form 941-X expected in late September, here's what to do now (Tax Alert 2020-2131) — Aug 25: Iowa employers are required to provide notice of availability of UI benefits to separated employees and the UI agency (Tax Alert 2020-2126) — Aug 24: California court holds assessor may not include certain capitalized costs in personal property tax assessments (Tax Alert 2020-2123) — Aug 21: Minnesota Supreme Court holds that income from sale of partial interest in unitary business member is apportionable business income (Tax Alert 2020-2118) — Aug 21: San Francisco Board of Supervisors advance real property transfer tax increase to November 3, 2020 ballot (Tax Alert 2020-2117) — Aug 21: House bill proposed to provide state income tax relief to teleworkers during COVID-19 (Tax Alert 2020-2113) — Aug 21: San Francisco ordinance requires employers of 100 or more to rehire eligible laid-off employees before other nonemployees (Tax Alert 2020-2112) ————————————————————————— State and Local Tax Weekly — Final regulations under IRC §163(j) related to the business interest expense limitations have state tax implications On July 28, 2020, the US Treasury Department released final regulations (TD 9905) with guidance on applying the limitations on the deductibility of business interest expense (BIE) under IRC Section 163(j) (the Final Regulations), which was significantly modified by the Tax Cuts and Jobs Act (P.L. 115-97) (TCJA) and then temporarily modified by the Coronavirus Aid, Relief, and Economic Security Act (P.L. 116-136) (CARES Act). — Minnesota Supreme Court holds that income from sale of partial interest in unitary business member is apportionable business income. In YAM Special Holdings, Inc., the Minnesota Supreme Court held that the imposition of corporate income tax on an apportioned share of income from the sale of a partial interest in a member of a unitary business does not violate the Due Process Clauses of either the US or Minnesota Constitutions because the income is business income of a unitary business that had a sufficient connection to Minnesota. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Upcoming Webcasts ————————————————————————— Final Regulations
Proposed Regulations
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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