October 4, 2020 U.S. Tax This Week for October 2 Ernst & Young's U.S. Tax This Week newsletter for the week ending October 2 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 election: Tax and infrastructure policy implications (October 6) Tax in the time of COVID-19: update on legislative, economic, regulatory and IRS developments (October 9) 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 — Oct 01: IRS now requires Form 1040-NR to be filed electronically (Tax Alert 2020-2372) — Oct 01: IRS issues final regulations on income tax withholding from wages (Tax Alert 2020-2371) — Oct 01: EY publication highlights accounting implications of 2020 Q3 income tax developments (Tax Alert 2020-2365) — Oct 01: IRS finalizes rules on eligible terminated S corporations (Tax Alert 2020-2358) — Sep 30: IRS issues final regulations on meal and entertainment expense deductions (Tax Alert 2020-2353) — Sep 25: IRS says tax returns impacted by computer outage will be accepted if filed by September 17, 2020 (Tax Alert 2020-2329) — Sep 25: IRC Section 163(j) guidance affects the natural resources industry (Tax Alert 2020-2328) — Sep 25: LB&I Division revises directive on the credit for increasing research activities (Tax Alert 2020-2323) — Sep 25: IRS issues final regulations for determining IRC Section 4968 excise tax on net investment income of private colleges and universities (Tax Alert 2020-2322) International — Oct 01: Peruvian tax authorities announce new collaborative compliance plan (Tax Alert 2020-2375) — Oct 01: Peru extends deadline for applying for new deferral and installment payment regime for tax debts (Tax Alert 2020-2374) — Oct 01: Myanmar enacts Union Taxation Law 2020 (Tax Alert 2020-2373) — Oct 01: Swedish Ministry of Finance publishes memorandum regarding new "risk tax" aimed at large banks and financial institutions (Tax Alert 2020-2369) — Oct 01: European Commission publishes Explanatory Notes on new VAT e-commerce rules (Tax Alert 2020-2368) — Oct 01: French Government releases draft Finance Bill for 2021 (Tax Alert 2020-2367) — Oct 01: Norwegian Tax Authority focuses on modernizing VAT system (Tax Alert 2020-2366) — Oct 01: Final and proposed regulations limit impact of repeal of IRC Section 958(b)(4) (Tax Alert 2020-2362) — Sep 30: Saudi Arabia launches consultation on e-invoicing (Tax Alert 2020-2350) — Sep 30: Council of the European Union publishes Draft Directive on identification of taxable persons in Northern Ireland (Tax Alert 2020-2349) — Sep 29: Oman introduces Country-by-Country Reporting requirements (Tax Alert 2020-2343) — Sep 29: OECD releases outcomes of third phase of peer reviews on BEPS Action 13 (Tax Alert 2020-2341) — Sep 29: European Commission publishes new Guidance on Customs Valuation (Tax Alert 2020-2340) — Sep 25: France implements new rules impacting French trust reporting requirements (Tax Alert 2020-2327) Legislation — Oct 02: What to expect in Washington (October 2) (Tax Alert 2020-2370) — Oct 01: Senate approves CR funding government through December 11 (Tax Alert 2020-2360) — Sep 30: FIRST IMPRESSIONS | Treasury issues final sourcing regulations on sales of personal property (including inventory) (Tax Alert 2020-2357) — Sep 29: Final regulations largely adopt proposed characterization of foreign persons' gain or loss from sale or exchange of interests in certain partnerships, with some welcome changes (Tax Alert 2020-2344) — Sep 29: PBGC reverses previous position on effect of CARES Act relief on plan filings (Tax Alert 2020-2339) — Sep 28: Second set of final bonus depreciation regulations have implications for larger self-constructed property, consolidated groups and partnerships (Tax Alert 2020-2330) States — Oct 01: State corporate income and franchise tax developments in the third quarter of 2020 (Tax Alert 2020-2364) — Oct 01: Nevada law requires hospitality workers be provided paid sick leave for absences related to COVID-19 (Tax Alert 2020-2361) — Sep 30: New Jersey extends Corporation Business Tax surcharge through 2023 (Tax Alert 2020-2356) — Sep 30: Kentucky Governor signs Executive Order reestablishing Kentucky Board of Tax Appeals (Tax Alert 2020-2355) — Sep 30: New York releases proposed New York State and Yonkers 2021 withholding tables; Form IT-2104 could be revised (Tax Alert 2020-2354) — Sep 30: Puerto Rico's Treasury Department issues guidance on requesting economic assistance under a local Payroll Protection Program (Tax Alert 2020-2352) — Sep 29: New Jersey extends Corporation Business Tax surcharge through 2023 (Tax Alert 2020-2345) — Sep 29: Indiana announces county income tax rate changes effective October 1, 2020, employers must migrate to new electronic reporting system (Tax Alert 2020-2342) — Sep 28: New Jersey Division of Taxation releases statement allowing for limited penalty relief for corporations (Tax Alert 2020-2336) — Sep 25: California law makes it easier for workers in certain industries to qualify for independent contractor status (Tax Alert 2020-2324) ————————————————————————— Final 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. | |||||||||||||
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