February 21, 2021 U.S. Tax This Week for February 19 Ernst & Young's U.S. Tax This Week newsletter for the week ending February 19 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.
————————————————————————— EY Tax.Tech™ webcast series - The intelligent tax function: Data management and intelligent automation (February 23) Domestic tax quarterly webcast series: A focus on state tax matters (February 24) The outlook for global tax policy and controversy in 2021 (February 25) State & local tax developments in the real estate industry (March 3) Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS (March 5) Meals and entertainment (M&E) expenses and other fringe benefits (March 10) ————————————————————————— Courts — Feb 12: Eighth Circuit reverses taxpayer-favorable Tax Court opinion - tax return received by Virgin Islands taxing authorities didn't satisfy couple's US tax filing obligations (Tax Alert 2021-0342) Internal Revenue Service — Feb 18: IRS issues guidance on flexibility for health FSAs and dependent care assistance programs during COVID-19 pandemic (Tax Alert 2021-0375) — Feb 15: IRS's Advance Pricing and Mutual Agreement Program continues case closures despite COVID restrictions (Tax Alert 2021-0350) — Feb 12: IRS TE/GE issues FY 2020 report on compliance activities of Exempt Organization function (Tax Alert 2021-0341) International — Feb 18: Uruguayan Executive Power modifies the promotional regime for construction activities considered 'great economic dimension projects' (Tax Alert 2021-0378) — Feb 18: Uruguayan Executive Power increases tax benefits granted to investment projects (Tax Alert 2021-0377) — Feb 17: OECD releases 10th batch of peer review reports on BEPS Action 14 related to improving dispute resolution (Tax Alert 2021-0370) — Feb 17: German Ministry of Finance publishes working draft of Act to Combat Tax Avoidance and Unfair Tax Competition (Tax Alert 2021-0369) — Feb 17: Luxembourg implements defensive measures related to EU-listed non-cooperative jurisdictions (Tax Alert 2021-0368) — Feb 17: Canada confirms hotel quarantine measures and airport and land border testing (Tax Alert 2021-0367) — Feb 16: Israeli Tax Authority publicly presents its view on profit split application for R&D centers (Tax Alert 2021-0362) — Feb 16: Cyprus Tax Authorities publish 10-year government bond yield rates for NID purposes (Tax Alert 2021-0361) — Feb 16: The latest on BEPS and Beyond for February 2021 (Tax Alert 2021-0357) — Feb 15: Thailand enacts new VAT rules for foreign e-business and digital services (Tax Alert 2021-0354) — Feb 15: OECD, UN, IMF and World Bank Group present toolkit on the implementation of effective transfer pricing documentation requirements (Tax Alert 2021-0353) — Feb 15: Hungarian Ministry of Finance issues guidance on Mandatory Disclosure Rules (Tax Alert 2021-0352) — Feb 12: New special measures to support Hong Kong residents to settle and remain in Canada discussed (Tax Alert 2021-0340) — Feb 12: India releases 2021-22 Union Budget (Tax Alert 2021-0339) — Feb 12: Hong Kong introduces tax concessions for carried interest (Tax Alert 2021-0338) Legislation — Feb 18: What to expect in Washington (February 18) (Tax Alert 2021-0371) — Feb 15: House Energy & Commerce Committee approves $188.5 billion in Reconciliation Bill provisions to combat COVID-19 (Tax Alert 2021-0349) — Feb 12: Ways & Means approves COVID Reconciliation Bill (Tax Alert 2021-0332) States — Feb 18: Recently adopted Illinois regulations require certain remote sellers to collect local and state use taxes beginning February 20, 2021 (Tax Alert 2021-0376) — Feb 18: Maine extends nexus relief for sales and use tax for COVID-19 through 2021; income tax requirements are unaffected by COVID-19 (Tax Alert 2021-0372) — Feb 16: Alabama modifies its corporate income tax, exempts certain COVID-19-related payments from state tax, extends various tax credits (Tax Alert 2021-0360) — Feb 16: Montana Department of Revenue confirms that teleworkers providing services in the state in 2020 due to COVID-19 are subject to income tax (Tax Alert 2021-0359) — Feb 15: California requirement for COVID-19 supplemental paid sick leave expired December 31, 2020; some cities and counties have extended the requirement (Tax Alert 2021-0351) — Feb 12: Maryland legislature overrides governor's vetoes, enacts new taxes on digital advertising and sales of digital goods (Tax Alert 2021-0343) ————————————————————————— State and Local Tax Weekly — New Jersey clarifies how state law change redefining "taxpayer" to include a combined group will impact Corporation Business Tax returns. The New Jersey Division of Taxation (NJ DOT) has released another in a series of technical bulletins on law changes enacted in November 2020 that made technical corrections and substantive changes to reform legislation enacted in 2018 under the Corporation Business Tax Act (CBTA). — Income/Franchise, Sales & Use, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Upcoming Webcasts ————————————————————————— 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. | ||||||||||||||||