September 27, 2020 U.S. Tax This Week for September 25 Ernst & Young's U.S. Tax This Week newsletter for the week ending September 25 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.
————————————————————————— 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) State & local tax developments in the real estate industry (October 20) Latin America ‘nearshoring’ webcast series: Panama session (October 21) Tax Tech Power Platform webcast series: Process optimization through forms/document automation and tax system integration (October 28) ————————————————————————— Internal Revenue Service — Sep 24: Taxpayers affected by Hurricane Sally now have until January 15, 2021 to file returns and remit tax, IRS announces (Tax Alert 2020-2313) — Sep 23: CBO's long-term budget outlook indicates pandemic has worsened federal government's long-term fiscal imbalance (Tax Alert 2020-2304) — Sep 23: IRS finalizes rules on estate and non-grantor trust deductions not considered miscellaneous itemized deductions for which TCJA suspended deductibility (Tax Alert 2020-2303) — Sep 23: IRS LB&I Division identifies campaign on the allocation of success-based fees without Revenue Procedure 2011-29 (Tax Alert 2020-2298) — Sep 22: IRS announces no reporting forgiven PPP loans on Forms 1099-C (Tax Alert 2020-2293) — Sep 22: IRS delays certain IRC Section 987 foreign currency regulations for additional year (Tax Alert 2020-2291) — Sep 21: IRS issues final regulations clarifying estate and non-grantor trust deductions that aren't considered miscellaneous deductions (Tax Alert 2020-2285) — Sep 18: QUEST Economic Update highlights key US and global economic trends — September 18, 2020 (Tax Alert 2020-2277) — Sep 18: IRS issues final regulations on rehabilitation credits without change (Tax Alert 2020-2274) — Sep 18: IRS issues final regulations for determining IRC Section 4968 excise tax on net investment income of private colleges and universities (Tax Alert 2020-2271) — Sep 18: IRS LB&I launches four new compliance campaigns (Tax Alert 2020-2269) International — Sep 24: UK Government announces new COVID-19 support measures (Tax Alert 2020-2312) — Sep 24: Kenya's Tax Appeals Tribunal issues landmark ruling on chargeability of Excise Duty on various income streams (Tax Alert 2020-2311) — Sep 24: British Columbia announces tax incentives as part of its economic recovery plan (Tax Alert 2020-2309) — Sep 23: Panama enacts law creating 'EMMA' special regime for manufacturing services (Tax Alert 2020-2305) — Sep 23: Italian Government enacts legislation implementing 2018 EU directive on Posted Workers (Tax Alert 2020-2302) — Sep 24: EY 39th International Tax Conference | Private Capital and Private Equity sector sessions on September 30 (Tax Alert 2020-2301) — Sep 23: Denmark announces plan to exempt nonresident charitable organizations from dividend withholding tax (Tax Alert 2020-2300) — Sep 23: Australia extends JobKeeper program to March 2021 (Tax Alert 2020-2299) — Sep 22: Oman amends Income Tax Law (Tax Alert 2020-2290) — Sep 22: Czech Republic publishes final bill amending Act on International Cooperation in Tax Administration to implement Mandatory Disclosure Rules (Tax Alert 2020-2289) — Sep 21: Argentina establishes new reverse withholding regime applicable to certain purchases of foreign currency, and goods and services from abroad (Tax Alert 2020-2286) — Sep 18: Turkey extends dividend distribution limitations until 31 December 2020 (Tax Alert 2020-2275) — Sep 18: Argentina issues regulations on new tax settlement plan (Tax Alert 2020-2273) — Sep 18: Mexico's President submits 2021 economic proposal to Congress (Tax Alert 2020-2272) Legislation — Sep 25: What to expect in Washington (September 24) (Tax Alert 2020-2321) — Sep 23: House passes continuing resolution to fund government through Dec. 11, 359-57 (Tax Alert 2020-2297) — Sep 21: Congress returns with election on the horizon (Tax Alert 2020-2284) States — Sep 24: EY's state guide to COVID-19 payroll and employment tax provisions is updated through September 18, 2020 (Tax Alert 2020-2314) — Sep 24: Latest EY Payroll Perspectives: Continued coverage of COVID-19 federal and state COVID-19 developments (Tax Alert 2020-2310) — Sep 22: San Francisco gross-receipts tax updates (Tax Alert 2020-2292) — Sep 22: Most states are paying the added weekly unemployment benefit as part of COVID-19 relief through the Lost Wages Assistance program (Tax Alert 2020-2281) ————————————————————————— State and Local Tax Weekly — Various tax measures to be voted on during the upcoming November 3, 2020 election. On Nov. 3, 2020, voters across the United States will cast votes for federal, state and local officials; and, in some states, they will also be asked to vote on tax-related ballot measures that if approved, could make significant changes to state and local tax policy throughout the country. — Income/Franchise, Sales & Use, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Global Trade, Value Added Tax, Upcoming Webcasts ————————————————————————— Final Regulations
Proposed Regulations
Notices
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. | |||||||||||||