November 15, 2020 U.S. Tax This Week for November 13 Ernst & Young's U.S. Tax This Week newsletter for the week ending November 13 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.
————————————————————————— Election 2020 | Now. Next. Beyond. (November 16) Election 2020 | What’s next for the financial services industry (November 18) BorderCrossings (November 19) US corporate income tax compliance (December 1) Navigating recent TCJA regulations and US election impacts for life sciences (December 2) ————————————————————————— Internal Revenue Service — Nov 11: IRS announces plans to issue proposed regulations on deductibility of certain SALT payments by partnerships and S corporations (Tax Alert 2020-2659) — Nov 09: TE/GE issues annual Program Letter for FY 2021 and creates new Compliance Programs and Priorities webpage (Tax Alert 2020-2656) — Nov 09: IRS provides election for taxpayers utilizing IRC Section 168(k) bonus depreciation (Tax Alert 2020-2646) — Nov 06: Proposed regulations would revamp creditability rules for foreign income taxes (Tax Alert 2020-2645) — Nov 06: QUEST Economic Update highlights key US and global economic trends — November 6, 2020 (Tax Alert 2020-2638) International — Nov 12: PE Watch: Latest developments and trends, November 2020 (Tax Alert 2020-2683) — Nov 12: OECD releases Spain Stage 2 peer review report on implementation of Action 14 minimum standard (Tax Alert 2020-2682) — Nov 11: EU imposes countermeasures on US origin goods (Tax Alert 2020-2674) — Nov 11: Canada releases draft legislation for the Canada Emergency Rent Subsidy (Tax Alert 2020-2672) — Nov 11: Trade Watch | Issue 3 2020 (Tax Alert 2020-2670) — Nov 10: Australian Government introduces new Payment Times Reporting Scheme (Tax Alert 2020-2666) — Nov 10: USTR suspends GSP for certain Thai origin goods, Commerce issues preliminary determination on Vietnam CVD case (Tax Alert 2020-2665) — Nov 10: France proposes new e-invoicing and e-reporting obligations from 2023 (Tax Alert 2020-2664) — Nov 10: UK implements new e-commerce VAT rules effective 1 January 2021 (Tax Alert 2020-2663) — Nov 10: Incentive deduction for the commercialization of innovations in Quebec discussed (Tax Alert 2020-2660) — Nov 09: Brazilian Supreme Court holds software sales will not be subject to state value-added tax (Tax Alert 2020-2653) — Nov 09: Singapore's Jobs Growth Incentive program discussed (Tax Alert 2020-2652) — Nov 06: German Ministry of Finance publishes guidance on German taxation of extraterritorial intellectual property (Tax Alert 2020-2647) — Nov 06: Canada introduces Bill C-9 to implement new rent subsidy and amend current wage subsidy (Tax Alert 2020-2644) — Nov 06: Ghana publishes Transfer Pricing Regulations 2020 (Tax Alert 2020-2643) — Nov 06: Ontario budget 2020-21 discussed (Tax Alert 2020-2641) — Nov 06: Post Brexit UK-Switzerland immigration perspective provided (Tax Alert 2020-2633) Legislation — Nov 09: Joe Biden is President-elect: what's next for US tax and trade policy? (Tax Alert 2020-2657) — Nov 09: Biden projected to be next president: Policy possibilities (Tax Alert 2020-2654) — Nov 09: How the US general election impacts the global corporate tax outlook (Tax Alert 2020-2650) — Nov 06: Eye on the Election (November 6) (Tax Alert 2020-2640) States — Nov 12: Kentucky issues draft 2021 withholding tables and revised Form W-4, as well as 2020 Form W-2 filing reminders; all employers must file and pay electronically by 2022 (Tax Alert 2020-2680) — Nov 12: South Carolina issues 2021 withholding tables and Form SC W-4 changes, as well as 2020 Form W-2 filing reminders (Tax Alert 2020-2679) — Nov 12: Rhode Island issues guidance on ACA reporting deadlines (Tax Alert 2020-2678) — Nov 11: New state requirements for employee notices about unemployment insurance added because of COVID-19 (Tax Alert 2020-2671) — Nov 10: Ohio Supreme Court upholds constitutionality of centralized filing and administration of municipal net-profits tax (Tax Alert 2020-2667) — Nov 10: Colorado voters approve paid family and medical leave insurance program; premiums to begin in 2023 (Tax Alert 2020-2661) — Nov 09: San Francisco approves ballot initiatives on increasing gross-receipts tax and taxing companies with certain CEO pay ratios (Tax Alert 2020-2655) — Nov 09: New Jersey enacts technical and substantive changes to 2018 Corporation Business Tax reform that could affect returns due November 16, 2020 (Tax Alert 2020-2648) ————————————————————————— State and Local Tax Weekly — Louisiana governor signs various tax bills in response to the impacts of COVID-19 pandemic and Hurricanes Laura and Delta. During the Second Extraordinary legislative session, the General Assembly approved and sent to Governor John Bel Edwards various tax related measures that address the impacts of the COVID-19 pandemic and hurricanes Laura and Delta on Louisiana taxpayers, workers and businesses. — Income/Franchise, Sales & Use, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Value Added Tax ————————————————————————— Final Regulations
Proposed Regulations
Revenue Procedures
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. | ||||||||||||||||||||||||||||||||||
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