March 14, 2021 U.S. Tax This Week for March 12 Ernst & Young's U.S. Tax This Week newsletter for the week ending March 12 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.
————————————————————————— Latin America ‘nearshoring’ webcast series: Costa Rica session (March 16) Foreign bank account reporting (FBAR) (March 17) 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) EY Tax.Tech™ webcast series (March 24) The many faces of the marketplace facilitator: How sales and use tax rules aimed at marketplaces have affected multiple industries (March 30) ————————————————————————— Courts — Mar 08: Ninth Circuit reverses district court's dismissal of research credit case (Tax Alert 2021-0510) Internal Revenue Service — Mar 10: EY-annotated Form 990-T highlights changes to redesigned 2020 Form 990-T and instructions (Tax Alert 2021-0535) — Mar 08: IRS's advance pricing and mutual agreement program director discusses taxpayers' treatment of COVID-related costs (Tax Alert 2021-0519) — Mar 08: IRS releases formal guidance on employee retention credit for 2020 (Tax Alert 2021-0513) — Mar 05: IRS updates virtual currency FAQs to clarify reporting obligation on 2020 Form 1040 (Tax Alert 2021-0505) International — Mar 11: OECD releases guidance on combatting professional enablers in tax and other financial crimes (Tax Alert 2021-0540) — Mar 11: PE Watch | Latest developments and trends, March 2021 (Tax Alert 2021-0537) — Mar 11: Spanish Council of Ministers approves implementation of ATAD 2 (Tax Alert 2021-0536) — Mar 10: Ecuador issues immigration guidelines related to COVID-19 (Tax Alert 2021-0534) — Mar 10: India's reduced threshold for e-invoicing applies from 1 April 2021 (Tax Alert 2021-0527) — Mar 09: Indian Supreme Court rules on taxability of software payments (Tax Alert 2021-0523) — Mar 09: Qatar issues additional guidance on transfer pricing reporting requirements (Tax Alert 2021-0521) — Mar 09: Trade Watch | Issue 1 2021 (Tax Alert 2021-0520) — Mar 08: Brazil would increase social contribution tax by five percentage points for insurance companies, banks and other financial services entities (Tax Alert 2021-0517) — Mar 08: US suspends punitive tariffs on UK- and EU-origin goods for four-month period (Tax Alert 2021-0515) — Mar 08: Hong Kong announces 2021/22 Budget (Tax Alert 2021-0514) — Mar 08: OECD releases Qatar Stage 1 peer review report on implementation of Action 14 minimum standard (Tax Alert 2021-0512) — Mar 05: OECD issues report to G20 finance ministers and Central Bank governors and hosts webcast on the outcomes of the G20 meeting and other tax developments (Tax Alert 2021-0506) — Mar 05: Brazilian Senate approves three new treaties for the avoidance of double taxation (Tax Alert 2021-0500) — Mar 05: US Court of International Trade Decision questions first sale principle applicability to Chinese- and Vietnamese-origin goods (Tax Alert 2021-0499) — Mar 05: Yukon budget 2021-22 discussed (Tax Alert 2021-0496) — Mar 05: The Netherlands starts consultation on unilaterally addressing transfer pricing mismatches (Tax Alert 2021-0493) Legislation — Mar 11: American Rescue Plan Act extends and expands COVID-19 relief legislation (Tax Alert 2021-0539) — Mar 11: Congress passes $1.9 trillion COVID-19 relief bill (Tax Alert 2021-0529) — Mar 10: What to expect in Washington (March 10) (Tax Alert 2021-0525) — Mar 10: House clears $1.9 Trillion COVID-19 relief bill, 220-211 (Tax Alert 2021-0528) — Mar 10: Senate HELP hearing on COVID-19 response (Tax Alert 2021-0526) — Mar 09: Sen. Warren proposes 2%-3% wealth tax on wealthy individuals and trusts (Tax Alert 2021-0524) — Mar 08: Senate passes COVID relief bill after overnight session (Tax Alert 2021-0508) — Mar 05: House Energy & Commerce hearing on the future of telehealth (Tax Alert 2021-0494) States — Mar 10: Connecticut governor signs relief tax measure for remote workers (Tax Alert 2021-0533) — Mar 10: Digital products subject to Maryland sales and use tax include electronically delivered canned software and software as a service (Tax Alert 2021-0530) — Mar 05: California FTB announces new 2020 filing requirement for certain business taxpayers (Tax Alert 2021-0492) ————————————————————————— State and Local Tax Weekly — Wisconsin Governor signs legislation updating state's IRC conformity and providing tax relief On Feb. 18, 2021, Wisconsin Governor Evers signed 2021 Wisconsin Act 1 (AB 2), which updates the Internal Revenue Code (IRC) conformity for the state's income tax law. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Compliance & Reporting, Miscellaneous Tax, Upcoming Webcasts ————————————————————————— Corrections
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. | |||||||||||||