March 7, 2021 U.S. Tax This Week for March 5 Ernst & Young's U.S. Tax This Week newsletter for the week ending March 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.
————————————————————————— UBTI ‘siloing’ and exempt organization excess compensation final regulations (March 9) Meals and entertainment (M&E) expenses and other fringe benefits (March 10) Latin America ‘nearshoring’ webcast series | Costa Rica session (March 16) Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (March 19) Accounting for income taxes: A quarterly perspective (March 23) ————————————————————————— Internal Revenue Service — Mar 02: IRS issues guidance on CARES Act employee retention credit for applicable dates in 2020 (Tax Alert 2021-0468) — Feb 26: IRS adjusts housing expense limitations under IRC Section 911 for tax year 2021 (Tax Alert 2021-0449) International — Mar 04: Canada's International Experience Canada programs now open for 2021 (Tax Alert 2021-0485) — Mar 04: EY Canada's Tax Matters @ EY for March 2021 (Tax Alert 2021-0484) — Mar 03: UK Budget 2021 discussed (Tax Alert 2021-0478) — Mar 03: UK issues 2021 Budget | Initial highlights (Tax Alert 2021-0476) — Mar 03: OECD releases Kazakhstan Stage 1 peer review report on implementation of Action 14 minimum standard (Tax Alert 2021-0475) — Mar 03: Irish Revenue issues guidance on transfer pricing legislation (Tax Alert 2021-0474) — Mar 03: Singapore updates guidance on tax residence status and determination of a permanent establishment due to COVID-19 (Tax Alert 2021-0473) — Mar 03: British Columbia's expanded Provincial Sales Tax registration requirements to take effect on April 1 (Tax Alert 2021-0472) — Mar 01: Philippines provides guidelines and procedures for transfer pricing reporting (Tax Alert 2021-0462) — Mar 01: OECD releases Bahrain Stage 1 peer review report on implementation of Action 14 minimum standard (Tax Alert 2021-0461) — Mar 01: Hong Kong's 2021/22 Budget proposal discussed (Tax Alert 2021-0457) — Mar 01: Panama remains on EU list of non-cooperative jurisdictions with no immediate consequences (Tax Alert 2021-0456) — Feb 26: OECD releases new transparency framework for Action 5 for 2021 through 2025 (Tax Alert 2021-0447) — Feb 26: EU negotiations on public CbCR move forward as majority of Member States back proposal (Tax Alert 2021-0446) — Feb 26: Cyprus announces non-application of administrative fines for DAC6 submissions up until 30 June 2021 (Tax Alert 2021-0445) — Feb 26: Portugal publishes MDR guidance and reporting form (Tax Alert 2021-0444) — Feb 26: Presidential proclamation rescinds suspension of entry of certain immigrant visa holders to the US (Tax Alert 2021-0443) — Feb 26: Alberta budget 2021-22 discussed (Tax Alert 2021-0433) Legislation — Mar 05: What to expect in Washington (March 5) (Tax Alert 2021-0495) — Mar 04: Senate COVID bill includes changes from House version (Tax Alert 2021-0486) — Mar 01: Washington legislation reduces 2021 SUI tax rates; revised rate notices issued to employers, other COVID-19 updates (Tax Alert 2021-0464) — Mar 01: House approves COVID relief reconciliation bill (Tax Alert 2021-0451) States — Mar 02: Wisconsin Court of Appeals affirms circuit court decision allowing dividends received deduction for distribution received from foreign limited partnership treated as a corporation for federal income tax purposes (Tax Alert 2021-0469) — Mar 01: Michigan 2021 SUI taxable wage base to increase; governor vetoes provision that would have bolstered the UI trust fund balance (Tax Alert 2021-0465) — Mar 01: New Jersey enacts law affecting property tax obligations of tax-exempt hospitals (Tax Alert 2021-0463) — Mar 01: FUTA credit reduction for Virgin Islands for 2021, the outlook for future years (Tax Alert 2021-0460) — Mar 01: EY's state guide to COVID-19 payroll and employment tax provisions is updated through February 22, 2021 (Tax Alert 2021-0459) — Mar 01: Pennsylvania 2021 SUI tax rate factors and taxable wage base to remain the same; COVID-19 benefits are not charged to employer accounts despite information sent to employers (Tax Alert 2021-0458) — Feb 26: Oregon 2021 SUI tax rates increase; employers affected by COVID-19 may request interest and penalty free SUI payment plan arrangements (Tax Alert 2021-0450) ————————————————————————— State and Local Tax Weekly
ITS/Washington Dispatch Legislation
Transfer pricing news
OECD developments
————————————————————————— Corrections
Revenue Procedures
Revenue Rulings
Announcements
Notices
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. | |||||||||||||||||||
|