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October 22, 2020

COVID-19 | Key alerts and other resources from EY Tax

Please Note: This page contains key EY Tax Alerts related to COVID-19. To find all EY Tax Alerts related to COVID-19, go to TNU and check off the box under Key Topics for "COVID-19."

EY's Global COVID-19 Stimulus Tracker

Policy changes across the globe are being proposed and implemented on a daily basis. EY's Global COVID-19 Stimulus Tracker provides a snapshot of the policy changes that have been announced in countries around the world in response to the ongoing crisis.

Upcoming COVID-19 Webcasts

Find an up-to-date list of EY's COVID-19 related webcasts here.

Key EY Tax Alerts — U.S.

October 22What to expect in Washington (October 22)
October 20Pandemic causes record federal deficit for FY 2020 of $3.1 trillion
 Senate test vote shows support for extending Paycheck Protection Program, though legislation does not advance
October 16Final consolidated net operating loss regulations provide welcome guidance on post-2020 insurance, farming, and SRLY determinations and limitations
October 5IRS releases Form 941 instructions for employee deferral of Social Security tax allowed as part of a COVID-19 relief measure
October 2House approves updated HEROES Act as bipartisan talks continue
September 23CBO's long-term budget outlook indicates pandemic has worsened federal government's long-term fiscal imbalance
September 10Republicans 'targeted' pandemic relief bill fails to advance in Senate, 52-47
September 8Executive summary on the employee Social Security tax deferral
September 1IRS issues guidance on employee deferral of Social Security tax
 New guidance on deferring employees' FICA share raises issues for employers
August 13Employee Social Security tax deferral is voluntary, according to Treasury Secretary Mnuchin
August 10President Trump's executive order allows for deferral of employee Social Security tax as part of COVID-19 emergency relief
July 10COVID-19 and US CARES Act implications on interim filings under IFRS
May 18House passes fifth pandemic response bill, $3 trillion HEROES Act, 208-199
April 21IRS and Treasury release favorable, broad procedural guidance for implementing CARES Act provisions on qualified improvement property and certain elections
April 14IRS issues guidance on carrying back NOLs for five years under CARES Act
April 10Taxpayers need to consider international tax implications of making certain net operating loss elections under Revenue Procedure 2020-24
April 3Examining key tax provisions in CARES Act
April 2Examining the macroeconomic impact of the CARES Act
 CARES Act adopts technical amendments for qualified improvement property and provides broad relief for many taxpayers, including provisions related to IRC Section 163(j), NOL deductions and AMT acceleration
 CARES Act may have income tax accounting implications
March 19Second coronavirus law mandates paid leave, provides employer tax credit and gives states grants for unemployment benefits
March 18Families First Coronavirus Response Act gives tax relief to employers and employees impacted by COVID-19

Key EY Tax Alerts — Global

October 6Singapore provides transfer pricing guidance related to impact of COVID-19
September 24UK Government announces new COVID-19 support measures
September 9Chile enacts new COVID-19 tax incentives package
August 6OECD report forecasts falling tax revenues in Asian and Pacific Economies as a result of COVID-19 pandemic
July 31Ireland announces temporary reduction in VAT rate as part of July 2020 Stimulus Plan
 Canada's Department of Finance announces extension to incur flow-through qualifying expenditures
July 23Canada redesigns and extends the Canada Emergency Wage Subsidy (CEWS 2.0)
July 22European Council adopts conclusions on recovery plan and EU budget for 2021-2027, including agreement on introduction of new taxes
June 25EU reaches agreement on postponement of VAT e-commerce rules due to COVID-19 crisis
April 10OECD Secretariat issues Analysis of Tax Treaties and the Impact of COVID-19



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