April 11, 2021 U.S. Tax This Week for April 9 Ernst & Young's U.S. Tax This Week newsletter for the week ending April 9 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.
————————————————————————— Biden tax proposals take shape amid uncertain outlook in Congress ————————————————————————— 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) Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (April 16) 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) Upcoming changes to IRC Section 174: Amortization of research and experimental expenditures (April 27) ————————————————————————— Courts — Apr 05: Tax Court holds clothing designer may not claim research credits for expenditures related to designing clothes (Tax Alert 2021-0704) Internal Revenue Service — Apr 07: IRS issues guidance on employee retention credit for 2021 (Tax Alert 2021-0724) — Apr 02: IRS issues guidance for employers claiming Employee Retention Credit for Q1 and Q2 2021 (Tax Alert 2021-0698) — Apr 02: IRS issues annual APA report for 2020 (Tax Alert 2021-0691) International — Apr 08: Costa Rica's tax administration publishes resolution on Advance Pricing Agreements (Tax Alert 2021-0733) — Apr 08: Singapore announces foreign manpower policy updates (Tax Alert 2021-0732) — Apr 08: PE Watch | Latest developments and trends, April 2021 (Tax Alert 2021-0729) — Apr 08: Polish Supreme Court confirms findings of CJEU Danske Bank case are applicable to VAT settlements of Polish branches (Tax Alert 2021-0723) — Apr 07: Peruvian Tax Court concludes income received by a silent partner in a silent partnership will be treated as dividends (Tax Alert 2021-0721) — Apr 07: Saskatchewan budget 2021-22 discussed (Tax Alert 2021-0719) — Apr 07: Spanish Council of Ministers approves MDR regulations (Tax Alert 2021-0718) — Apr 06: UK issues new consultation on transfer pricing documentation (Tax Alert 2021-0715) — Apr 05: Canada Revenue Agency issues supplemental guidance on international income tax issues resulting from COVID-19 (Tax Alert 2021-0712) — Apr 05: Italy extends period for inbound tax regime applicable to individuals who moved tax residency in Italy before April 30, 2019 (Tax Alert 2021-0711) — Apr 06: Egypt to limit VAT input tax credit on paper invoices (Tax Alert 2021-0709) — Apr 05: Turkey proposes increase in corporation tax rate (Tax Alert 2021-0707) — Apr 05: Quebec releases list of transactions for mandatory disclosure (Tax Alert 2021-0706) — Apr 05: Uruguay allows certain companies to pay only 50% of their employer pension contributions in light of the COVID-19 pandemic (Tax Alert 2021-0705) — Apr 02: Cyprus law to implement Mandatory Disclosure Rules enters into force (Tax Alert 2021-0694) — Apr 02: OECD publishes Arbitration Profiles of 30 countries under the MLI and a clarification regarding entry into effect (Tax Alert 2021-0690) — Mar 26: Canada Revenue Agency outlines potential changes to RSU sourcing methodology (Tax Alert 2021-0642) Legislation — Apr 05: US Presidential Proclamation 10052 expired March 31 (Tax Alert 2021-0710) — Apr 02: Associate Chief Counsel (International) provides advice on federal tax classification of certain foreign entities (Tax Alert 2021-0697) — Mar 24: Extended delay in effective and transition dates of US Department of Labor’s high-skilled wage rule discussed (Tax Alert 2021-0619) States — Apr 08: New York State budget agreement reached, includes income tax increases for businesses and individuals, new tax on pass-through entities (Tax Alert 2021-0727) — Apr 06: New York 2021 SUI tax rates and wage base increased (Tax Alert 2021-0714) — Apr 05: Sales and Use Tax Quarterly Update for Second Quarter of 2021 (Tax Alert 2021-0708) — Apr 02: Virginia requires unitary business groups to file corporate income tax informational report based on group's combined net income (Tax Alert 2021-0699) — Apr 02: Ohio Board of Tax Appeals holds municipality cannot impose income tax on portion of employee's work outside of municipality (Tax Alert 2021-0695) — Apr 02: Kansas executive order ends teleworker income tax relief for COVID-19 effective January 1, 2021 (Tax Alert 2021-0693) ———————————————————————— State and Local Tax Weekly — Maine law updates state's date of conformity to IRC and makes various income tax changes New law, L.D. 220, makes various changes to Maine's tax laws. Notably, it updates the state's date of conformity to the Internal Revenue Code of 1986, as amended (IRC) to Dec. 31, 2020 (from Dec. 31, 2019), applicable to tax years beginning on or after Jan. 1, 2018. — Income/Franchise, Sales & Use, Business Incentives, Controversy, Payroll & Employment Tax, Global Trade, Value Added Tax ITS/Washington Dispatch Legislation
Treasury and IRS news
Transfer pricing news
OECD developments
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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. | ||||||||||