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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.

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Upcoming Webcasts

Post 2020 election: Tax and infrastructure policy implications (October 6)
With the US presidential election less than a month away, understanding the current and proposed tax policies and associated infrastructure program priorities of both the Trump Administration and the Biden-Harris campaign is essential. During this Thought Center Webcast, Ernst & Young professionals will help you prepare and adapt for either scenario and examine the implications for tax and infrastructure-related projects.

Tax in the time of COVID-19: update on legislative, economic, regulatory and IRS developments (October 9)
During this Thought Center Webcast, Ernst & Young professionals will provide updates on: (i) the US legislative and economic landscape; (ii) breaking developments – federal and state; and (iii) what’s happening at the IRS.

Tax Tech Power Platform webcast series: Conducting comprehensive reporting and data analytics to streamline the workflow review process (October 14)
During this Thought Center Webcast, Ernst & Young professionals will show how Power BI can be utilized to streamline the workflow reviews and signoffs of tasks from session 2 by providing analytics that highlight year over year apportionment factors, payments and workflow analytics.

State & local tax developments in the real estate industry (October 20)
During this Thought Center Webcast, Ernst & Young professionals will discuss: (i) State responses to the COVID-19 pandemic; (ii) State income tax conformity to the CARES Act; (iii) Remote workforce issues, including wage withholding, business tax and individual income tax; and (iv) Recent SALT legislation and proposals, including California’s “split roll” property tax initiative, New York’s proposed recordation tax on mezzanine debt and preferred equity, realty transfer tax increases and more.

Latin America ‘nearshoring’ webcast series: Panama session (October 21)
As companies evaluate their global supply chains in light of recent disruptions, there is heightened interest in the concept of “nearshoring,” i.e., the transferring of a business operation to a nearby country from a more distant one. During this Thought Center Webcast, Ernst & Young is sponsoring a series of webcasts featuring our local country professionals. We will kick off the series with a session on Panama.

Tax Tech Power Platform webcast series: Process optimization through forms/document automation and tax system integration (October 28)
During this Thought Center Webcast, Ernst & Young professionals will demonstrate how you can use the Power Platform to populate state estimated tax payment forms as well as integrate data back into tax systems for e-filings.

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Recent Tax Alerts

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)

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IRS Weekly Wrap-Up

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.