January 31, 2021 U.S. Tax This Week for January 29 Ernst & Young's U.S. Tax This Week newsletter for the week ending January 29 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.
————————————————————————— How Tax will play a vital role in the coming recovery ————————————————————————— How the new stimulus impacts entrepreneurs and private companies (February 1) Post-inauguration, are you checking the box or changing the game? (February 2) Decoding India Union Budget 2021-22: Impact and the way forward (February 5) Tax in the time of COVID-19 (February 5) International tax talk quarterly series with the EY Global Tax Desk Network (February 9) The new income recognition landscape series: Final Section 451 regulations (February 11) ————————————————————————— Internal Revenue Service — Jan 28: December 2020 total nonfarm payroll declined for the first time since April 2020; employers face increased unemployment insurance costs due to federal loans (Tax Alert 2021-0202) — Jan 27: Final IRC Section 45Q regulations on carbon oxide sequestration clarify requirements, reduce recapture period (Tax Alert 2021-0198) — Jan 26: IRS allows remote signing and submission of Forms 2848 and 8821 (Tax Alert 2021-0184) — Jan 25: IRS launches online option for tax professionals to obtain client signatures remotely and submit authorization forms electronically (Tax Alert 2021-0175) — Jan 25: Early distribution from retirement plan gives rise to IRC Section 72(t) exaction, which is not a penalty, Tax Court holds (Tax Alert 2021-0174) — Jan 25: Partnerships get penalty relief related to reporting of partners' capital account balances; updates to Form 1065 reporting (Tax Alert 2021-0171) — Jan 19: US DOL publishes final rules on computing prevailing wages (Tax Alert 2021-0123) International — Jan 28: Israeli Tax Authority releases final circular on payments to a parent company under cross-border recharge agreements for grant of stock-based compensation (Tax Alert 2021-0205) — Jan 28: Saudi Arabia extends tax amnesty until 30 June 2021 (Tax Alert 2021-0204) — Jan 27: Slovenian Tax Office clarifies social security and personal income tax implications on income received from foreign entity by Slovenian employees (Tax Alert 2021-0195) — Jan 27: US extends travel restrictions to foreign nationals traveling from the UK, Ireland, Schengen Area, and Brazil; adds travel restrictions to foreign nationals traveling from South Africa (Tax Alert 2021-0193) — Jan 27: Chile and the Netherlands sign double tax treaty (Tax Alert 2021-0191) — Jan 26: Spanish Supreme Court issues favorable decision on reclaims by non-Spanish pension funds (Tax Alert 2021-0186) — Jan 26: Gibraltar announces its approach to Gibraltar Mandatory Disclosure Rules post UK-EU Brexit Agreement (Tax Alert 2021-0185) — Jan 25: Hong Kong provides clarifications for the concessionary tax regime for qualifying ship leasing activities (Tax Alert 2021-0172) — Jan 15: France introduces new tax and social security measures for 2021 (Tax Alert 2021-0107) Legislation — Jan 27: President Biden's proposed US Citizenship Act discussed (Tax Alert 2021-0194) — Jan 27: US COVID-19 travel restrictions discussed (Tax Alert 2021-0192) — Jan 27: What to expect in Washington (January 27) (Tax Alert 2021-0187) — Jan 22: President Biden's executive order reverses travel ban (Tax Alert 2021-0161) States — Jan 27: San Francisco and Los Angeles business tax filing deadlines are approaching fast (Tax Alert 2021-0199) — Jan 27: Puerto Rico established amnesty period for annual corporate reports and LLC annual fees (Tax Alert 2021-0196) — Jan 27: Nebraska revenue department revises GILTI guidance, while Legislature considers making GILTI and repatriated income eligible for state dividends-received deduction (Tax Alert 2021-0190) — Jan 27: New York budget proposal includes a new wealth tax surcharge and suspension for tax year 2021 of the phase-in of the middle-class income tax cut (Tax Alert 2021-0188) — Jan 26: Missouri affidavit form now available for claiming relief for 2020 income tax withholding shortages due to COVID-19 (Tax Alert 2021-0183) — Jan 25: Rhode Island extends guidance for income tax withholding on the wages of teleworkers during the COVID-19 state of emergency (Tax Alert 2021-0173) Other — Jan 26: Tax M&A Update for December 2020 (Tax Alert 2021-0181) ————————————————————————— State and Local Tax Weekly — Texas adopts sweeping amendments to its receipts sourcing rule for franchise tax On Jan. 4, 2021, final/adopted revisions to the Texas Comptroller of Public Accounts' sourcing rule under 34 Tex. Admin. Code § 3.591 (Section 3.591) for franchise tax receipts, were filed with the Texas Secretary of State (final rule). — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Global Trade, Value Added Tax ————————————————————————— 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. | ||||