November 22, 2020 U.S. Tax This Week for November 20 Ernst & Young's U.S. Tax This Week newsletter for the week ending November 20 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.
————————————————————————— How US executives are reshaping their corporate strategy post-election ————————————————————————— US corporate income tax compliance (December 1) Navigating recent TCJA regulations and US election impacts for life sciences (December 2) 2020 employment tax year in review (December 3) Domestic tax quarterly webcast series: A focus on state tax matters (December 9) ————————————————————————— Courts — Nov 19: Court upholds government's denial of energy grants (Tax Alert 2020-2732) — Nov 16: Tax Court holds physician actively participated in numerous restaurant businesses, substantial losses could offset nonpassive income (Tax Alert 2020-2705) Internal Revenue Service — Nov 19: IRS issues final regulations on how an exempt organization determines if it has more than one unrelated trade or business and how to calculate UBTI (Tax Alert 2020-2729) — Nov 19: IRS releases '2020-2021 Priority Guidance Plan' (Tax Alert 2020-2728) — Nov 18: IRS posts new, taxpayer-favorable FAQs on the interaction between Paycheck Protection Program loans and the employee retention credit (Tax Alert 2020-2725) — Nov 18: IRS issues procedural guidance for applying bonus depreciation regulations, including the making and/or revoking of certain elections (Tax Alert 2020-2719) — Nov 16: IRS clarifies that contribution to single-employer defined benefit plan due January 1, 2021 under CARES Act extension will be timely if paid by January 4, 2021 (Tax Alert 2020-2702) — Nov 13: IRS plans to issue proposed regulations on deductibility of certain state and local tax payments by partnerships and S corporations (Tax Alert 2020-2690) International — Nov 19: Costa Rica's President and Minister of Finance published a regulation updating the criteria for selecting people and items subject to customs control (Tax Alert 2020-2733) — Nov 19: US and Mexico renew competent authority agreement on unilateral APAs for maquiladoras (Tax Alert 2020-2731) — Nov 18: Germany's new entry registration and quarantine requirements discussed (Tax Alert 2020-2724) — Nov 18: Virgin Islands is the only jurisdiction subject to a FUTA credit reduction in 2020 (Tax Alert 2020-2722) — Oct 14: Australia enacts 2020-21 Federal Budget measures (Tax Alert 2020-2716) — Nov 17: UK proposes to amend hybrid and other mismatches regime – implications for US multinationals (Tax Alert 2020-2712) — Nov 17: The latest on BEPS and Beyond for November 2020 (Tax Alert 2020-2710) — Nov 16: UK Government issues details of new Plastics Packaging Tax effective 1 April 2022 (Tax Alert 2020-2707) — Nov 16: EU publishes list of US products subject to additional duties following WTO authorization (Tax Alert 2020-2706) — Nov 16: Quebec Bill 42 receives Royal Assent; Mandatory disclosure requirements for nominee agreements come into effect (Tax Alert 2020-2704) — Nov 13: Mexico introduces bill to amend labor and tax laws to prohibit outsourcing (Tax Alert 2020-2697) — Nov 13: Kenya's Court of Appeals rules that withholding tax is due on payments to card companies and interchange fees (Tax Alert 2020-2696) — Nov 13: Ghana announces extension of time for provision of relief packages in response to COVID-19 (Tax Alert 2020-2695) — Nov 13: What's next for tax policy in Latin America (Tax Alert 2020-2691) Legislation — Nov 18: What to expect in Washington (November 18) (Tax Alert 2020-2717) States — Nov 19: Colorado voters approve a retroactive reduction to the state's income tax rate; Governor Jared Polis must issue a proclamation concerning the effective date (Tax Alert 2020-2730) — Nov 18: Virgin Islands is the only jurisdiction subject to a FUTA credit reduction in 2020 (Tax Alert 2020-2722) — Nov 13: Changing state residency: Tax considerations when moving to Florida (Tax Alert 2020-2694) > ————————————————————————— State and Local Tax Weekly — Various state and local tax-related ballot measures approved and rejected on November 3rd On Nov. 3, 2020, voters across the US considered various state and local tax related ballot measures. Both California's Proposition 15 (which would have amended the state's constitution to allow the regular reassessment of commercial and industrial property but retained Proposition 13 for residential property) and a proposed Illinois constitutional amendment (which would have allowed a graduated personal income tax) appear to have failed. — New Jersey enacts technical and substantive changes to 2018 Corporation Business Tax reform — Income/Franchise, Sales & Use, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Value Added Tax ————————————————————————— Final Regulations
Proposed Regulations
Corrections
Revenue Procedures
Revenue Rulings
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. | ||||||||||||||||||||||||||||