April 4, 2021 U.S. Tax This Week for April 2 Ernst & Young's U.S. Tax This Week newsletter for the week ending April 2 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.
————————————————————————— TTC/EY Business Tax Policy Barometer for the business community’s views on tax policy and reform ————————————————————————— Why the tax controversy department of the future should be built now (April 8) The new income recognition landscape series: Optional methods limiting acceleration of income (April 13) India - Attracting foreign investment through trade, incentive and tax policy measures (April 15) ASEAN-6 panel discussions: Integrated regional value chains – Part 1: Consumer products and medical technology (April 20) ASEAN-6 panel discussions: Integrated regional value chains – Part 2: Electronics and automotive (April 27) ————————————————————————— Courts — Mar 26: Divided Ninth Circuit reverses and remands, holding non-willful penalty for late but accurate FBAR filing does not apply to each taxpayer account (Tax Alert 2021-0622) Internal Revenue Service — Apr 01: EY publication highlights accounting implications of 2021 Q1 income tax developments (Tax Alert 2021-0684) — Mar 30: IRS issues FAQs on how students and higher education institutions should report COVID-19-related emergency financial aid grants (Tax Alert 2021-0673) — Mar 30: IRS extends more tax deadlines for individuals, clarifies earlier announcement (Tax Alert 2021-0671) — Mar 26: Payments for PPE to battle COVID-19 may be made or reimbursed without being included in income (Tax Alert 2021-0645) — Mar 26: IRS automatically extends empowerment zone designations through 2025 (Tax Alert 2021-0643) — Mar 26: IRS issues guidance for mortgage bond issuers to use in computing IRC Section 143(f) income requirements (Tax Alert 2021-0625) International — Apr 01: Argentina federal tax authorities issue regulations on the procedure for registering for promotional regime for knowledge-based economy (Tax Alert 2021-0683) — Apr 01: German Ministry of Finance publishes final MDR guidance (Tax Alert 2021-0682) — Apr 01: EY Canada's Tax Matters @ EY for April 2021 (Tax Alert 2021-0680) — Apr 01: Philippines enacts law reducing corporate income tax rates and rationalizing fiscal incentives (Tax Alert 2021-0679) — Apr 01: The Netherlands starts consultation to better align legal entity and partnership classification rules with international tax standards (Tax Alert 2021-0677) — Mar 31: Spanish Tax Authority further delays first reporting and payment of Financial Transaction Tax (Tax Alert 2021-0674) — Mar 30: Japan enacts 2021 tax reform bill (Tax Alert 2021-0670) — Mar 30: ECJ rules Polish VAT law on intra-Community acquisitions is contrary to EU VAT Directive and may result in refund of unduly paid interest (Tax Alert 2021-0669) — Mar 30: Saudi Arabia publishes special tax rules for Integrated Logistics Bonded Zone (Tax Alert 2021-0663) — Mar 30: Qatar extends 2020 tax filing deadlines (Tax Alert 2021-0662) — Mar 29: USTR proposes 25% punitive tariff on Austrian, Indian, Italian, Spanish, Turkish and UK origin goods in response to each country's DST; terminates investigations for Brazil, Czech Republic, EU and Indonesia (Tax Alert 2021-0661) — Mar 29: Argentine Province of Buenos Aires issued regulations on turnover tax withholdings for nonresidents (Tax Alert 2021-0659) — Mar 29: Belgian Court of Appeal issues decisions on tax abuse – application of the CJEU Danish cases (Tax Alert 2021-0655) — Mar 29: OECD Forum on Tax Administration publishes jurisdictions currently participating in the International Compliance Assurance Programme (ICAP) (Tax Alert 2021-0654) — Mar 26: Dutch Government releases legislative proposal introducing withholding tax on dividend payments to low-taxed jurisdictions, hybrid entities or in certain abusive situations as of 2024 (Tax Alert 2021-0649) — Mar 26: Polish Minister of Finance signs decree deferring deadline for settlement of 2020 CIT liability and filing of 2020 final CIT returns (Tax Alert 2021-0648) — Mar 26: Canada Revenue Agency outlines potential changes to RSU sourcing methodology (Tax Alert 2021-0642) — Mar 26: Nova Scotia budget 2021-22 discussed (Tax Alert 2021-0641) — Mar 26: German Government agrees on draft ATAD implementation law (Tax Alert 2021-0640) — Mar 26: Québec budget 2021-22 discussed (Tax Alert 2021-0638) — Mar 26: Cyprus Tax Tribunal rules card payment systems services are VAT exempt (Tax Alert 2021-0635) — Mar 26: German Government agrees on draft bill introducing “check-the-box” elections for partnerships and further changes (Tax Alert 2021-0629) — Mar 26: Luxembourg | Protocol to Double Tax Treaty with Russia has entered into force (Tax Alert 2021-0626) — Mar 26: Spanish Supreme Court issues favorable decisions on reclaims by non-Spanish sovereign funds (Tax Alert 2021-0624) Legislation — Apr 01: What to expect in Washington (April 1) (Tax Alert 2021-0681) — Mar 26: Ways and Means Subcommittee hearing on examining private equity's role in US health care system (Tax Alert 2021-0646) — Mar 26: Senate Budget Committee examines what Sanders calls 'Rigged Tax Code' for corporations and wealthy individuals (Tax Alert 2021-0637) — Mar 26: HELP Committee hearing on improving health equity and outcomes by addressing health disparities (Tax Alert 2021-0636) — Mar 26: Senate Finance Committee discusses possible changes to international tax policy (Tax Alert 2021-0630) States — Apr 01: State corporate income and franchise tax developments in the first quarter of 2021 (Tax Alert 2021-0685) — Mar 31: Oregon imposes new local income taxes for Portland Metro and Multnomah County (Tax Alert 2021-0678) — Mar 30: Ohio legislature approves IRC conformity update, CAT exclusions, reduction in withholding tax rate for pass-through entities; introduces CAT repeal proposal (Tax Alert 2021-0672) — Mar 30: Most states extend their individual income tax filing and payment deadlines to May 17, 2021 (Tax Alert 2021-0668) — Mar 29: Connecticut Department of Revenue Services issues FAQs about remote worker 2020 income tax and nexus relief due to COVID-19 (Tax Alert 2021-0664) — Mar 26: Puerto Rico's Treasury Department extends due date for filing income tax returns to May 17, 2021 (Tax Alert 2021-0650) ————————————————————————— State and Local Tax Weekly — Many states follow extensions of federal individual income filing and payment deadlines. A number of states will follow the extensions of the federal individual income tax return filing and payment deadlines. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Miscellaneous Tax, Value Added Tax, Upcoming Webcasts ————————————————————————— Corrections
Announcements
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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. | |||||||||||||||||||