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August 10, 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.

August 10What to expect in Washington (August 10)
 President Trump's executive order allows for deferral of employee Social Security tax as part of COVID-19 emergency relief
August 7IRS will allow leave sharing in connection with COVID-19
August 5IRS extends deadline to claim rehabilitation credits
August 4IRS updates frequently asked questions about the CARES Act Social Security tax deferral
July 30Senate-proposed HEALS Act contains income tax relief for teleworkers and short-term business travelers
July 28Senate Republicans unveil coronavirus proposal
July 27IRS to recover overpayment of COVID-19 employer tax credits as underpayment of employment tax
July 10COVID-19 and US CARES Act implications on interim filings under IFRS
July 2House clears Senate bill allowing Paycheck Protection Program to accept applications until August 8
June 5By unanimous consent, Senate clears House bill easing loan terms for Paycheck Protection Program
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 13IRS grants widespread tax deadline relief, extending time for most payments, filings and actions until July 15
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

August 6OECD report forecasts falling tax revenues in Asian and Pacific Economies as a result of COVID-19 pandemic
August 3Uruguay extends deadlines for certain estimated tax payments due to COVID-19
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 30Ecuador requires certain taxpayers to pay estimated income taxes for fiscal-year 2020
July 23Canada redesigns and extends the Canada Emergency Wage Subsidy (CEWS 2.0)
 Australia Jobkeeper 2.0 – wage subsidy extended with modified entitlements and eligibility tests
July 22European Council adopts conclusions on recovery plan and EU budget for 2021-2027, including agreement on introduction of new taxes
July 9UK Tax Authority introduces temporary cut in VAT rate for hospitality and tourism sector
June 25EU reaches agreement on postponement of VAT e-commerce rules due to COVID-19 crisis
June 11Colombia issues additional COVID-19 tax measures during second state of emergency
June 5German Government announces additional stimulus package in response to COVID-19
April 10OECD Secretariat issues Analysis of Tax Treaties and the Impact of COVID-19



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