February 7, 2021 U.S. Tax This Week for February 5 Ernst & Young's U.S. Tax This Week newsletter for the week ending February 5 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.
————————————————————————— 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) EY Tax.Tech™ webcast series - The intelligent tax function: Data management and intelligent automation (February 23) ————————————————————————— Internal Revenue Service — Feb 02: CBO releases updated economic outlook (Tax Alert 2021-0240) — Jan 29: IRS provides recordkeeping relief for corporations making charitable contributions before February 1, 2021, to aid disaster areas (Tax Alert 2021-0222) — Jan 29: IRS updates FAQs on tax credits for paid sick leave and family leave (Tax Alert 2021-0218) — Jan 29: IRS updates instructions for BBA partnerships filing administrative adjustment requests (Tax Alert 2021-0210) International — Feb 04: Turkey amends tax laws on deduction of financial expenses and withholding rates on multi-year construction works (Tax Alert 2021-0259) — Feb 04: Cypriot Tax Department announces extension of deadlines for DAC6 submissions (Tax Alert 2021-0258) — Feb 04: Rwanda issues general rules on transfer pricing (Tax Alert 2021-0257) — Feb 04: EY Canada's Tax Matters @ EY for February 2021 (Tax Alert 2021-0255) — Feb 03: OECD holds public consultation on review of minimum standard on dispute resolution under BEPS Action 14 (Tax Alert 2021-0252) — Feb 02: Botswana's Government presents 2021 Budget to Parliament (Tax Alert 2021-0247) — Feb 02: Mexico establishes threshold for reporting customized transactions under the mandatory disclosure regime (Tax Alert 2021-0244) — Feb 02: Italy announces non-application of penalties for submission of mandatory disclosure reports made by 28 February 2021 (Tax Alert 2021-0243) — Feb 02: Cyprus expands treaty network as of 1 January 2021 (Tax Alert 2021-0242) — Feb 02: Dutch Senate passes bill amending the Mining Act related to the removal or re-use of mining works and investment deductions (Tax Alert 2021-0241) — Feb 01: Peru modifies regulations for banks that report financial information to Peruvian tax authorities (Tax Alert 2021-0235) — Feb 01: OECD Inclusive Framework political leaders promote global consensus following OECD's public consultation on Pillar One and Two Blueprints (Tax Alert 2021-0234) — Feb 01: Indian Fiscal Budget 2021 | Key tax proposals impacting individuals and employers discussed (Tax Alert 2021-0232) — Feb 01: Canada announces new international travel measures and restrictions (Tax Alert 2021-0231) — Feb 01: Italy's 2021 Budget Law: A review of key tax measures (Tax Alert 2021-0228) — Jan 29: Greece extends deadline for submission of mandatory disclosure reports (Tax Alert 2021-0220) — Jan 29: Mexico's mandatory disclosure tax return site is now available (Tax Alert 2021-0217) Legislation — Feb 04: President Biden's executive order on review of Trump immigration policies and appointment of new department of Homeland Security Lead discussed (Tax Alert 2021-0260) — Feb 04: Senate approves organizing resolution (Tax Alert 2021-0254) — Feb 03: House passes FY 2021 budget resolution, 218-212; Senate expected to follow suit later this week (Tax Alert 2021-0253) — Feb 03: What to expect in Washington (February 3) (Tax Alert 2021-0250) — Feb 02: Senate budget resolution released (Tax Alert 2021-0245) — Feb 01: House budget resolution released (Tax Alert 2021-0229) States — Feb 04: Virgin Islands 2021 SUI tax rates to increase under a new payroll variation rating system (Tax Alert 2021-0256) — Feb 03: Hawaii 2021 SUI tax rate schedule increases significantly; taxable wage base decreases (Tax Alert 2021-0251) — Feb 02: Kansas provides relief from state income tax withholding shortages in connection with COVID-19 (Tax Alert 2021-0246) — Feb 02: Philadelphia offers employers the option of requesting 2020 wage tax refunds on behalf of their nonresident employees (Tax Alert 2021-0239) — Feb 01: Colorado enacts legislation restoring certain CARES Act benefits (Tax Alert 2021-0233) — Feb 01: Kansas legislation extends or rescinds COVID-19 unemployment insurance relief provisions (Tax Alert 2021-0230) — Feb 01: Minnesota Governor's proposed budget for COVID-19 recovery includes tax changes (Tax Alert 2021-0227) — Jan 29: Michigan grants 33-day extension for income tax withholding returns and payments due on January 20, 2021 for certain taxpayers affected by COVID-19 closures (Tax Alert 2021-0219) — Jan 29: EY's state guide to COVID-19 payroll and employment tax provisions is updated through January 25, 2021 (Tax Alert 2021-0216) ————————————————————————— State and Local Tax Weekly — The New Jersey Economic Recovery Act of 2020 signed into law. On Jan. 7, 2021, Governor Murphy signed into law the New Jersey Economic Recovery Act of 2020 (P.L. 2020, ch. 156 (A 4)) (Act), which includes enacting state tax credits aimed at supporting job creation, innovation, historic property reinvestment, brownfield development, small business assistance, food deserts, among other provisions. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property ————————————————————————— Proposed Regulations
Revenue Procedures
Announcements
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. | ||||||||||||||||||||||||||||