September 20, 2020 U.S. Tax This Week for September 18 Ernst & Young's U.S. Tax This Week newsletter for the week ending September 18 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.
————————————————————————— Special purpose acquisition companies (SPACs): A popular alternative path to the public markets (September 23) BorderCrossings... With EY transfer pricing and tax professionals (September 24) Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (September 25) Accounting for income taxes: A quarterly perspective (September 29) Tax Tech Power Platform webcast series: Ensuring productivity through workflow and task management (September 29) Tax Tech Power Platform webcast series: Conducting comprehensive reporting and data analytics to streamline the workflow review process (October 14) Tax Tech Power Platform webcast series: Process optimization through forms/document automation and tax system integration (October 28) ————————————————————————— Internal Revenue Service — Sep 17: IRS again delays applicability date for certain IRC Section 987 foreign currency regulations (Tax Alert 2020-2257) — Sep 16: LB&I directive updates guidance on reviewing research-credit claims (Tax Alert 2020-2245) — Sep 15: IRS issues final regulations on allocating IRC Section 47 rehabilitation credit over five years (Tax Alert 2020-2244) — Sep 15: Tax M&A Update for August 2020 (Tax Alert 2020-2237) — Sep 15: IRS issues final regulations on eligible terminated S corporations (Tax Alert 2020-2236) — Sep 14: Final BEAT regulations adopt proposed BEAT guidance with some changes (Tax Alert 2020-2232) — Sep 11: REIT's income from providing use of telecommunication infrastructure systems to wireless carriers constitutes rents from real property (Tax Alert 2020-2219) — Sep 11: IRS expands list of forms that may be filed with e-signatures (Tax Alert 2020-2206) International — Sep 17: Poland publishes draft bill amending corporate income tax rules (Tax Alert 2020-2262) — Sep 17: UK issues response on consultation on duty-free and tax-free goods carried by passengers (Tax Alert 2020-2260) — Sep 17: Turkey increases special consumption tax rates on passenger cars (Tax Alert 2020-2259) — Sep 17: Poland implements new VAT reporting requirements (Tax Alert 2020-2258) — Sep 16: Malaysia updates service tax guide on digital services (Tax Alert 2020-2253) — Sep 16: Ghana revises Communication Service Tax rate (Tax Alert 2020-2252) — Sep 16: US replaces 10% punitive tariff on Canadian-origin aluminum with quota limits; Canada suspends contemplated countermeasures (Tax Alert 2020-2251) — Sep 16: European Court of Justice rules value of free of charge supplied software should be added to customs value (Tax Alert 2020-2250) — Sep 16: Singapore's Foreign Manpower Policy updates provided (Tax Alert 2020-2247) — Sep 15: Turkey issues guidance on transfer pricing documentation requirements (Tax Alert 2020-2243) — Sep 15: Sweden prepares to tax foreign employees with a Swedish economic employer (Tax Alert 2020-2241) — Sep 15: The Netherlands publishes 2021 budget proposals (Tax Alert 2020-2240) — Sep 15: The latest on BEPS and Beyond for September 2020 (Tax Alert 2020-2239) — Sep 14: No mandatory quarantine requirement for experts visiting Vietnam for less than 14 days (Tax Alert 2020-2231) — Sep 14: UK secures first free trade agreement with Japan post Brexit (Tax Alert 2020-2228) — Sep 11: Mauritian Finance Minister issues new regulations on social contributions (Tax Alert 2020-2221) Legislation — Sep 18: What to expect in Washington (September 18) (Tax Alert 2020-2270) — Sep 11: Ways & Means subpanel holds hearing on COVID tax policy inaction (Tax Alert 2020-2222) States — Sep 17: President and director of Kentucky nonstock, nonprofit entity wasn't a shareholder and may not claim pass-through losses, Tax Court holds (Tax Alert 2020-2261) — Sep 16: 2020-2021 federal per diem rates under the high-low substantiation method now available (Tax Alert 2020-2249) — Sep 15: California Franchise Tax Board issues nexus guidance for employees teleworking in the state under the governor's COVID-19 "stay at home" order (Tax Alert 2020-2242) — Sep 15: Michigan pending legislation would hold the SUI taxable wage base at $9,000 for calendar year 2021 (Tax Alert 2020-2238) — Sep 14: Tennessee Department of Revenue issues guidance on the carryforward of business interest expense deduction limited by IRC Section 163(j) (Tax Alert 2020-2233) — Sep 14: Washington proclamation order establishes COVID-19 paid sick leave requirement for food production workers (Tax Alert 2020-2230) — Sep 14: Alabama employers must provide notice of availability of UI benefits to separated employees; other regulatory changes due to COVID-19 (Tax Alert 2020-2229) ————————————————————————— State and Local Tax Weekly — Tennessee Department of Revenue issues guidance on the carryforward of business interest expense deduction limited by IRC §163(j). In its Franchise and Excise Tax Notice #20-16, Interest Expense Carryforward (Aug. 2020) (Notice #20-16), the Tennessee Department of Revenue (Department) provides guidance on the carryforward and utilization of business interest expense (BIE) disallowed for Tennessee excise tax purposes as a result of the state's unique conformity rules with respect to the IRC § 163(j) limitation on BIE deductions for the 2018 and 2019 tax years. — Income/Franchise, Sales & Use, Business Incentives, Compliance & Reporting, Controversy, Payroll & Employment Tax, Miscellaneous Tax ————————————————————————— Final Regulations
Proposed Regulations
Corrections
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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