October 25, 2020 U.S. Tax This Week for October 23 Ernst & Young's U.S. Tax This Week newsletter for the week ending October 23 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.
————————————————————————— Eye on the Election (October 19) ————————————————————————— Tax implications of the election and pandemic for business owners (October 27) EY Tax.Tech™ webcast series: Building an intelligent tax function (October 28) Taxation of the digitalized economy: What’s next (October 28) Tax Tech Power Platform webcast series: Process optimization through forms/document automation and tax system integration (October 28) ————————————————————————— Internal Revenue Service — Oct 22: IRS's early draft instructions for Form 1065 revise instructions for partnerships required to report capital accounts to partners (Tax Alert 2020-2528) — Oct 21: Tax M&A Update for September 2020 (Tax Alert 2020-2519) — Oct 20: Pandemic causes record federal deficit for FY 2020 of $3.1 trillion (Tax Alert 2020-2514) — Oct 20: IRS rules solar energy facility is not public property because rates are fixed (Tax Alert 2020-2512) — Oct 16: IRS confirms that some modifications to debt instruments and other contracts to reflect LIBOR discontinuation will not result in a deemed taxable exchange (Tax Alert 2020-2498) — Oct 16: Final consolidated net operating loss regulations provide welcome guidance on post-2020 insurance, farming, and SRLY determinations and limitations (Tax Alert 2020-2491) International — Oct 22: Russian Supreme Court addresses withholding tax on lease payments and classification for tax treaty purposes (Tax Alert 2020-2534) — Oct 22: Indian Court rules on interaction between tax treaty provisions and Indian dividend distribution tax (Tax Alert 2020-2533) — Oct 22: Egypt introduces unified tax procedures law (Tax Alert 2020-2532) — Oct 22: Ireland issues Budget 2021 (Tax Alert 2020-2531) — Oct 22: Japan | Post COVID-19 tax audit trends (Tax Alert 2020-2527) — Oct 21: Argentina implements mandatory disclosure rules (Tax Alert 2020-2526) — Oct 21: Uruguayan tax authority extends estimated tax payment deadlines due to COVID-19 (Tax Alert 2020-2523) — Oct 21: Spanish Supreme Court confirms case law on limits to dynamic interpretation of tax treaties (Tax Alert 2020-2522) — Oct 21: Luxembourg Draft Budget Law 2021: Tax measures affecting individuals (Tax Alert 2020-2521) — Oct 21: Italy's Tax Authority rules reinsurance fees for Claims Handling Services are subject to VAT (Tax Alert 2020-2520) — Oct 20: EU responds to WTO authorization to impose countermeasures on US products (Tax Alert 2020-2516) — Oct 20: The latest on BEPS and Beyond for October 2020 (Tax Alert 2020-2513) — Oct 20: Uruguay's tax authorities expand corporate income tax benefits for software providers (Tax Alert 2020-2511) — Oct 20: OECD releases BEPS 2.0 Pillar Two Blueprint and invites public comments (Tax Alert 2020-2508) — Oct 19: OECD releases BEPS 2.0 Pillar One Blueprint and invites public comments (Tax Alert 2020-2506) — Oct 19: Calendar year 2019 FBARs extended to October 31st (Tax Alert 2020-2505) — Oct 16: Luxembourg Draft Budget Law 2021 – A look at the tax measures affecting companies (Tax Alert 2020-2501) — Oct 16: USTR issues Statement asserting lack of legal basis in response to WTO Authorization of EU Countermeasures on US goods under Aircraft Dispute (Tax Alert 2020-2500) — Oct 16: Additional final regulations provide foreign tax credit guidance (Tax Alert 2020-2497) — Oct 16: Spanish Parliament approves Law on Financial Transaction Tax (Tax Alert 2020-2496) — Oct 16: Spanish DST is enacted, effective 2021 (Tax Alert 2020-2495) — Oct 16: Israel's Tax Authority releases draft bill to significantly amend transfer pricing rules and regulations (Tax Alert 2020-2494) — Oct 16: South Africa issues new regulations to implement the Common Reporting Standard (Tax Alert 2020-2493) — Oct 16: Oman introduces VAT law (Tax Alert 2020-2492) Legislation — Oct 23: What to expect in Washington (October23) (Tax Alert 2020-2542) — Oct 22: Senate test vote shows support for extending Paycheck Protection Program, though legislation does not advance (Tax Alert 2020-2535) States — Oct 22: Dallas, Texas sick leave ordinance effective date delayed until further notice; Austin and San Antonio sick leave laws also on hold (Tax Alert 2020-2530) — Oct 21: New York 2021 Employer Compensation Expense tax rate increases to 5%; employer voluntary election must be made by December 1, 2020 (Tax Alert 2020-2525) ————————————————————————— Final Regulations
Revenue Procedures
Revenue Rulings
Announcements
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. | |||||||||||||||||||