January 24, 2021 U.S. Tax This Week for January 22 Ernst & Young's U.S. Tax This Week newsletter for the week ending January 22 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.
————————————————————————— Update on federal tax credits and business relief following enactment of Consolidated Appropriations Act, 2021 (January 26) BorderCrossings ... With EY transfer pricing and tax professionals (January 28) Post-inauguration, are you checking the box or changing the game? (February 2) International tax talk quarterly series with the EY Global Tax Desk Network (February 9) ————————————————————————— Courts — Jan 21: Tax Court holds IRS properly denied deductions/credits to company that failed to file returns until after the IRS prepared substitutes (Tax Alert 2021-0145) Internal Revenue Service — Jan 21: IRS issues further deadline relief for Qualified Opportunity Zone funds and investors in response to COVID-19 pandemic (Tax Alert 2021-0143) — Jan 21: IRS guidance extends time to repay 2020 deferred employee Social Security tax to December 31, 2021 (Tax Alert 2021-0142) — Jan 20: IRS waives additions to tax for underpayment of estimated income tax by individuals affected by CARES Act changes to IRC Section 461 (Tax Alert 2021-0131) — Jan 20: IRS provides additional relief to qualified opportunity funds and investors affected by COVID-19 (Tax Alert 2021-0130) — Jan 20: IRS provides penalty relief for certain partnerships errors in reporting partners' capital account balances for 2020 tax years (Tax Alert 2021-0127) — Jan 19: IRS extends payback period for employers that elected to defer employee withholding between September 1 and December 31, 2020 (Tax Alert 2021-0121) — Jan 19: IRS will waive additions to tax for underpayment of estimated income tax by individuals affected by CARES Act changes to IRC Section 461 (Tax Alert 2021-0120) — Jan 15: QUEST Economic Update highlights key US and global economic trends — January 15, 2021 (Tax Alert 2021-0114) — Jan 15: IRS extends relief from certain requirements for qualified low-income housing projects and residential rental projects due to COVID-19 (Tax Alert 2021-0111) — Jan 19: IRS issues final regulations on the deduction of fines, penalties and other amounts under IRC Sections 162(f) and 6050X (Tax Alert 2021-0108) International — Jan 21: Korea enacts 2021 tax reform bill (Tax Alert 2021-0149) — Jan 21: USTR releases findings of Section 301 investigation on DST regimes of Austria, Spain and the UK, and 301 findings on Vietnam's currency valuation practices (Tax Alert 2021-0148) — Jan 21: Ireland publishes updated Corporation Tax Roadmap (Tax Alert 2021-0147) — Jan 21: Peru enacts new tax measures for 2021 (Tax Alert 2021-0140) — Jan 20: Peru enacts new preferential tax regime for agribusiness (Tax Alert 2021-0136) — Jan 20: Peru no longer requires certain recipients of corporate income from investment funds to keep accounting books and records (Tax Alert 2021-0135) — Jan 20: Peru-Japan income tax treaty will apply beginning January 1, 2022 (Tax Alert 2021-0134) — Jan 20: New regulations outline financial information banks must report to Peruvian tax authority (Tax Alert 2021-0133) — Jan 20: Italian Tax Authorities issue final guidelines on Digital Services Tax (Tax Alert 2021-0132) — Jan 20: Spain delays first reporting of Digital Services Tax and Financial Transaction Tax (Tax Alert 2021-0129) — Jan 20: German Government issues draft law on modernization of withholding tax relief and various additional topics (Tax Alert 2021-0128) — Jan 20: Zambian Government issues 2021 Tax Amendment Acts and Regulations (Tax Alert 2021-0125) — Jan 19: The latest on BEPS and Beyond for January 2021 (Tax Alert 2021-0122) — Jan 15: Poland introduces new obligation to publish reports on tax strategy (Tax Alert 2021-0113) — Jan 15: Italian Government announces deferrals for DST payments for 2020 (Tax Alert 2021-0110) — Jan 15: European Commission launches consultation on EU digital levy (Tax Alert 2021-0109) — Jan 15: France introduces new tax and social security measures for 2021 (Tax Alert 2021-0107) — Jan 15: Brazilian Superior Court of Justice addresses whether technical service fees are subject to withholding tax under treaty with Spain (Tax Alert 2021-0105) Legislation — Jan 21: Final regulations on executive compensation excise tax for tax-exempt organizations confirm, clarify and modify the proposed rules (Tax Alert 2021-0152) — Jan 21: Biden releases national strategy for COVID-19 response (Tax Alert 2021-0151) — Jan 21: What to expect in Washington (January 21) (Tax Alert 2021-0141) — Jan 20: Biden maps out 'Day One' executive actions, agency review items (Tax Alert 2021-0126) — Jan 19: US DOL publishes final rules on computing prevailing wages (Tax Alert 2021-0123) — Jan 19: Yellen hearing held at Finance Committee; 1/21 Floor vote eyed (Tax Alert 2021-0119) — Jan 15: Biden announces $1.9 trillion 'American Rescue Plan' (Tax Alert 2021-0101) States — Jan 21: New Jersey releases multiple technical bulletins and a notice in response to November 4, 2020 changes in corporation business tax law (Tax Alert 2021-0150) — Jan 21: Employers not required to withhold new surcharge from high income individuals; Arizona releases state withholding Form A-4 (Tax Alert 2021-0146) — Jan 21: Puerto Rico Treasury Department postpones deadline for filing December 2020 SUT return until January 25 (Tax Alert 2021-0144) — Jan 19: Missouri issues proposed regulations for relief of 2020 income tax withholding liability on the wages of teleworkers during the COVID-19 emergency (Tax Alert 2021-0124) — Jan 15: Connecticut releases 2021 income tax withholding tables and calculation rules, Forms W-2 reminders, new CT-W4 for 2021 (Tax Alert 2021-0106) ————————————————————————— State and Local Tax Weekly — Consolidated Appropriations Act, 2021 modifies and extends key employment-related tax credits and creates new tax credit for employers in 2020 qualified disaster zones. On Dec. 27, 2020, President Trump signed the Consolidated Appropriations Act, 2021 (P.L. 116-260) (Act), which includes a $1.4 trillion omnibus appropriations package to fund the government through fiscal year 2021, approximately $900 billion in coronavirus relief and a variety of important tax provisions. — Consolidated Appropriations Act, 2021, extends certain energy credits. The Consolidated Appropriations Act, 2021 (P.L. 116-260) (Act), signed by President Trump on Dec. 27, 2020, extends several energy credits, including those for renewable energy sources such as wind, solar and offshore wind facilities. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Compliance & Reporting, Controversy, Payroll & Employment Tax, Global Trade ————————————————————————— Final Regulations
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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