December 6, 2020 U.S. Tax This Week for December 4 Ernst & Young's U.S. Tax This Week newsletter for the week ending December 4 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.
————————————————————————— Year-end tax planning and other hot topics for alternative asset managers in a post-pandemic world (December 7) Insights and outlook: Tax and investment implications of the election and pandemic for business owners (part two) (December 8) Year-end update: Latest developments related to the ACA and employer credits including the WOTC (December 8) Cross-border withholding tax considerations and how to plan for 2021 (December 9) Domestic tax quarterly webcast series: A focus on state tax matters (December 9) Banking and capital markets: Tax year-end review and 2021 outlook (December 11) International tax: The 2020 year in review (December 11) Accounting for income taxes: A quarterly perspective (December 15) 2020 Forms 1099 and 1042-S: What filers need to know to properly file their 2020 information returns (December 16) ————————————————————————— Internal Revenue Service — Dec 03: Final regulations on unrelated trades or businesses affect tax-exempt organizations, as well as asset managers with exempt organizations as investors (Tax Alert 2020-2799) — Dec 02: Dedicated solar energy facility is not public utility property, IRS rules (Tax Alert 2020-2780) — Nov 23: IRS issues final like-kind exchange regulations reflecting TCJA changes (Tax Alert 2020-2760) International — Dec 03: Egypt updates its customs laws (Tax Alert 2020-2798) — Dec 03: Luxembourg Tax Authorities clarify application of EU Parent-Subsidiary Directive with respect to Gibraltar companies (Tax Alert 2020-2797) — Dec 03: OECD holds second Tax Certainty Day (Tax Alert 2020-2796) — Dec 03: Denmark enacts new rules on international taxation (Tax Alert 2020-2795) — Dec 03: Canada announces specified GST/HST regime for e-commerce supplies (Tax Alert 2020-2793) — Dec 02: Spain releases draft Bill implementing ATAD 2 for public consultation (Tax Alert 2020-2790) — Dec 02: France publishes final guidance on Mandatory Disclosure Rules (Tax Alert 2020-2789) — Dec 02: Belgium implements EU plastics tax measures (Tax Alert 2020-2788) — Dec 02: Chile deposits Multilateral Convention to Implement Tax Treaty Related Measures to prevent BEPS (Tax Alert 2020-2786) — Dec 02: Income tax measures from Canada's 2020 federal Fall Economic Statement discussed (Tax Alert 2020-2783) — Dec 02: Italy issues new transfer pricing documentation requirements and proposes changes to APA procedure (Tax Alert 2020-2782) — Dec 02: OECD releases 2020 update on peer review of preferential tax regimes and no or only nominal tax jurisdictions (Tax Alert 2020-2781) — Dec 01: Poland implements significant changes to corporate income tax law – final bill published in Journal of Laws (Tax Alert 2020-2779) — Dec 01: Kenyan Tax Appeals Tribunal holds claim of input VAT must be supported by evidence of an underlying transaction (Tax Alert 2020-2778) — Dec 01: Austria to enact new interest limitation rule in accordance with EU ATAD as of 2021 (Tax Alert 2020-2777) — Dec 01: New Zealand introduces new tax guidance for cryptoassets (Tax Alert 2020-2776) — Dec 01: Belarus joins BEPS Inclusive Framework and Global Forum on Transparency and Exchange of Information for Tax Purposes (Tax Alert 2020-2775) — Dec 01: Mexico's tax administration publishes regulations on reporting under mandatory disclosure rules (Tax Alert 2020-2774) — Dec 01: Canada's Federal Fall Economic Statement 2020 discussed (Tax Alert 2020-2772) — Nov 30: UK to implement domestic reverse charge on construction services as of 1 March 2021 (Tax Alert 2020-2770) — Nov 30: Insights provided from Hong Kong's 2020 Annual Meeting between Inland Revenue Department and Institute of Certified Public Accountants (Tax Alert 2020-2768) — Nov 30: The economic employer concept is coming to Sweden (Tax Alert 2020-2767) — Nov 24: OECD releases 2019 mutual agreement procedure statistics and 2019 mutual agreement procedure awards (Tax Alert 2020-2764) — Nov 24: Italian Government proposes changes to tax on plastic items (Tax Alert 2020-2763) — Nov 23: OECD releases Consultation Document on 2020 review of BEPS Action 14 (Tax Alert 2020-2761) — Nov 23: Taiwan ceases use of Computer Uniform Invoices from 1 January 2021 (Tax Alert 2020-2757) — Nov 23: Turkey enacts law on restructuring certain receivables and amends certain tax laws (Tax Alert 2020-2756) — Nov 23: Gibraltar's Mandatory Disclosure Regime discussed (Tax Alert 2020-2755) Legislation — Dec 04: What to expect in Washington (December 4) (Tax Alert 2020-2806) States — Dec 03: Vermont updates guidance on income tax for teleworkers and employees relocated in connection with COVID-19 (Tax Alert 2020-2794) — Dec 02: North Dakota employers were erroneously assessed interest on timely filed third quarter 2020 SUI returns and payments (Tax Alert 2020-2785) — Dec 01: Arizona voters approve ballot measure to impose an additional income tax surcharge for high-income individuals (Tax Alert 2020-2773) ————————————————————————— State and Local Tax Weekly — IRS plans to issue proposed regulations on deductibility of certain state and local tax payments by partnerships and S corporations. The IRS has announced (Notice 2020-75) (Notice) that it will issue proposed regulations (Proposed Regulations) clarifying that a partnership or S corporation may deduct "Specified Income Tax Payments" in computing their non-separately stated income or loss. — Income/Franchise, Sales & Use, Business Incentives, Compliance & Reporting, Controversy, Payroll & Employment Tax, Global Trade, Upcoming Webcasts ————————————————————————— Final Regulations
Proposed Regulations
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. | ||||||||||||||||||||||||||||||||||