December 20, 2020 U.S. Tax This Week for December 18 Ernst & Young's U.S. Tax This Week newsletter for the week ending December 18 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.
————————————————————————— Through the looking glass: How the election results will impact FIs ————————————————————————— Tax in the time of COVID-19 (January 8) ————————————————————————— Internal Revenue Service — Dec 17: IRS delays private foundations' mandatory e-filing of Form 4720 (Tax Alert 2020-2886) — Dec 17: IRS announces third round of credits under IRC Section 48A for qualifying coal projects (Tax Alert 2020-2885) — Dec 17: IRS extends time for signing forms by electronic or digital signature (Tax Alert 2020-2883) — Dec 16: EY publication highlights accounting implications of 2020 Q4 tax developments (Tax Alert 2020-2880) — Dec 15: IRS addresses REIT's leasing of space on signs attached to exterior of rental buildings (Tax Alert 2020-2872) — Dec 14: IRS announces new round of qualifying advance coal project credits (Tax Alert 2020-2857) International — Dec 17: Chilean tax authorities released regulations for foreign pass-through investment vehicles (Tax Alert 2020-2884) — Dec 16: Canada's employer obligation to remit GST/HST/QST on deemed supplies made to pension entities and master pension entities discussed (Tax Alert 2020-2879) — Dec 16: Japan releases 2021 tax reform outline (Tax Alert 2020-2878) — Dec 16: German Ministry of Finance issues new Administrative Principles regarding examination of income allocation between internationally associated enterprises (Tax Alert 2020-2877) — Dec 15: Argentina provides further specifications on the definition of "final beneficiaries" and extends the obligation to report (Tax Alert 2020-2873) — Dec 15: The latest on BEPS and Beyond for December 2020 (Tax Alert 2020-2870) — Dec 15: Portugal's 2021 State Budget Law | Key tax measures impact real estate sector (Tax Alert 2020-2869) — Dec 15: Luxembourg | Year-end tax considerations for 2020 and the start of 2021 (Tax Alert 2020-2868) — Dec 14: FinCEN further extends certain signature authority reporting (FBAR, Form 114) over foreign financial accounts (Tax Alert 2020-2866) — Dec 14: Final and proposed PFIC regulations provide a mix of favorable and unfavorable provisions (Tax Alert 2020-2865) — Dec 14: US final and proposed regulations on passive foreign investment companies have both favorable and unfavorable implications for insurance companies (Tax Alert 2020-2864) — Dec 14: Peru's tax authorities establish January 29, 2021 as the due date for the secondary filling of 2017, 2018 and 2019 CbC reports (Tax Alert 2020-2861) — Dec 14: OECD publishes Revenue Statistics in Africa 2020 (Tax Alert 2020-2860) — Dec 14: Tanzania Revenue Authority upgrades electronic financial data management system (Tax Alert 2020-2859) — Dec 14: Vietnam issues guidance on related party transactions and transfer pricing (Tax Alert 2020-2858) — Dec 11: Australian Taxation Office releases final guidance on outbound interest-free loans between related parties (Tax Alert 2020-2851) — Dec 11: Ugandan Tax Appeals Court rules VAT is not due on supply of services by a branch to its head office (Tax Alert 2020-2850) — Dec 11: Myanmar Tax Authority issues guidance on withholding tax reporting obligations (Tax Alert 2020-2849) — Dec 11: Peru repeals agribusiness preferential tax regime (Tax Alert 2020-2847) — Dec 11: Peruvian tax authorities establish guidelines for capital gains tax exemption applicable to transfers of shares through the Lima Stock Exchange (Tax Alert 2020-2845) Legislation — Dec 16: What to expect in Washington (December 16) (Tax Alert 2020-2874) States — Dec 17: Delaware employers required to file and pay certain withholding taxes electronically effective in 2021; Forms W-2/1099 reminders for 2020 (Tax Alert 2020-2887) — Dec 16: Philadelphia, Pennsylvania issues guidance concerning the imposition of nexus for business taxes for telework during the COVID-19 emergency (Tax Alert 2020-2875) — Dec 15: Wilmington, Delaware issues guidance concerning its earnings and head tax requirements for teleworkers in light of COVID-19 (Tax Alert 2020-2871) — Dec 14: Texas Comptroller proposes sweeping amendments to its franchise tax sourcing rule (Tax Alert 2020-2863) — Dec 14: State minimum wage rates for 2021 (Tax Alert 2020-2862) — Dec 11: Preliminary list of state unemployment insurance wage bases for 2021 (Tax Alert 2020-2848) ————————————————————————— State and Local Tax Weekly — Chicago budget includes rate increases. On Nov. 24, 2020, the Chicago City Council approved the city's 2021 budget (Ordinance O2020–5743), which includes various tax law changes. — Income/Franchise, Sales & Use, Business Incentives, Controversy, Payroll & Employment Tax, Global Trade, Value Added Tax ————————————————————————— Final Regulations
Corrections
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. | ||||||||||||||||||||||
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