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Ernst & Young's U.S. Tax This Week newsletter for the week ending December 11 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

Accounting for income taxes: A quarterly perspective (December 15)
During this Thought Center Webcast, Ernst & Young professionals, moderated by Angela Evans, EY Americas Co-Director of Tax Accounting and Risk Advisory Services (TARAS), will discuss ongoing issues and regulatory trends in the tax accounting arena. Topics will include recent tax legislation with tax accounting implications and a review of current income tax accounting concepts.

2020 Forms 1099 and 1042-S: What filers need to know to properly file their 2020 information returns (December 16)
Reporting season for Forms 945/1099 and 1042/1042-S is once again upon us, and we have a new Form 1099-NEC to file for the first time, as changes to other filing requirements also continue to evolve. Please join Ernst & Young LLP professionals a practical discussion of how to manage filing information returns for 2020. Register for this Thought Center Webcast.

Tax in the time of COVID-19 (December 18)
The coronavirus (COVID-19) and the resulting economic crisis – all occurring in an election year – have made reacting to tax and trade developments more complicated and more difficult. Panelists will provide updates on: (i) Elections, US economy and tax policy; (ii) What’s happening at the IRS; and (iii) Breaking developments. Register for this Thought Center Webcast.

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Recent Tax Alerts

Internal Revenue Service

— Dec 09: IRS finalizes qualified transportation fringe benefit regulations (Tax Alert 2020-2828)

— Dec 09: IRS announces letters sent to certain taxpayers involved in Qualified Opportunity Funds (Tax Alert 2020-2826)

— Dec 09: New IRS guidance addresses SECURE Act changes increasing automatic enrollment cap percentage and easing burdens on some safe harbor plans (Tax Alert 2020-2825)

— Dec 09: IRS issues proposed rules on 'special enforcement matters' under centralized partnership audit regime (Tax Alert 2020-2822)

— Dec 07: IRS issues final regulations on extended rollover period for qualified plan loan offsets (Tax Alert 2020-2813)

International

— Dec 10: PE Watch: Latest developments and trends, December 2020 (Tax Alert 2020-2836)

— Dec 10: Saudi Arabia introduces e-invoicing (Tax Alert 2020-2834)

— Dec 10: Kenya's High Court rules that retrospective application of a tax law is not unconstitutional but must be practical and reasonable (Tax Alert 2020-2833)

— Dec 10: Polish Ministry of Finance announces planned deferral to 30 June 2021 of certain provisions of new withholding tax reform (Tax Alert 2020-2832)

— Dec 10: Canada's Fall Economic Statement reintroduces stock option proposals (Tax Alert 2020-2830)

— Dec 10: Preview of Canada's revised T1134 form provided (Tax Alert 2020-2829)

— Dec 09: Mexico postpones legislative action on outsourcing bill to 2021 (Tax Alert 2020-2824)

— Dec 08: EY Canada's Tax Matters @ EY for December 2020 (Tax Alert 2020-2821)

— Dec 07: Indonesia updates tax holiday incentive and provides guidance for 300% R&D super deduction (Tax Alert 2020-2819)

— Dec 07: Indonesia enacts Job Creation Law (Tax Alert 2020-2816)

— Dec 07: EU Finance Ministers consider tax priorities and expansion of DAC obligations (Tax Alert 2020-2815)

— Dec 07: Kenyan Government issues public notice on expected resumption of pre-COVID tax rates (Tax Alert 2020-2814)

— Dec 04: Italy publishes ministerial guidance on Mandatory Disclosure Rules (Tax Alert 2020-2808)

— Dec 04: Australia introduces instant asset write-off alternative $5b turnover test and opt out rule (Tax Alert 2020-2807)

Legislation

— Dec 09: What to expect in Washington (December 9) (Tax Alert 2020-2823)

— Dec 07: Chairman Grassley urges Senate Finance and Judiciary Committees to support making statutory community benefit requirements for tax-exempt hospitals more explicit (Tax Alert 2020-2817)

States

— Dec 10: 2021 state disability and paid family and medical leave insurance wage base and rates (Tax Alert 2020-2831)

— Dec 09: Kansas issues FAQs on income tax and income tax withholding that are applicable during the COVID-19 emergency (Tax Alert 2020-2827)

— Dec 08: Illinois ballot measure to replace the current flat personal income tax with a graduated income tax is defeated by voters (Tax Alert 2020-2820)

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Recent Newsletters

ITS/Washington Dispatch
   Highlights of this edition include:

Treasury and IRS news

• Treasury and IRS finalize regulations to reduce possibility of double taxation caused by anti-abuse rules on GILTI gap period
• IRS officials provide international regulatory update

Transfer Pricing news

• US, Mexico renew competent authority agreement on unilateral APAs for maquiladoras
• IRS updates list of jurisdictions for automatic exchange of CbC reports
• IRS reviewing stock-based compensation in cost-sharing context

OECD Developments

• OECD will hold virtual public consultation on BEPS 2.0 Pillar 1 and Pillar 2 in mid-January 2021
• OECD releases Consultation Document on 2020 review of BEPS Action 14
• OECD releases 2019 mutual agreement procedure statistics, 2019 mutual agreement procedure awards
• OECD releases report on taxing virtual currencies

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IRS Weekly Wrap-Up

Final Regulations

Corrections

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.