April 18, 2021 U.S. Tax This Week for April 16 Ernst & Young's U.S. Tax This Week newsletter for the week ending April 16 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's Worldwide VAT, GST and Sales Tax Guide 2021 ————————————————————————— ASEAN-6 panel discussions: Integrated regional value chains – Part 1: Consumer products and medical technology (April 20) How to prepare for 2021’s reframed immigration, travel and working world (April 22) Potential US international tax reform (April 22) 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) BorderCrossings . . . with EY transfer pricing and tax professionals (April 29) Work from anywhere: How do we re-envisage our future after the unimaginable? (May 19) ————————————————————————— Courts — Apr 12: Split-dollar life insurance benefitting S corporation's sole shareholder and employee isn't a corporate distribution to a shareholder, but rather a taxable fringe benefit, holds Tax Court (Tax Alert 2021-0750) Internal Revenue Service — Apr 14: IRS releases FAQs on ICAP program for US multinational enterprises (Tax Alert 2021-0766) — Apr 13: IRS clarifies application of individuals' 2020 overpayments to 2021 estimated taxes (Tax Alert 2021-0759) — Apr 13: IRS amplifies COVID-19 relief for certain employers' failure to timely deposit employment taxes with the IRS (Tax Alert 2021-0758) — Apr 12: EY publication highlights 2021 Q1 tax policy developments across the Americas (Tax Alert 2021-0752) — Apr 12: IRS proposes rules for certain foreign persons and partnerships wanting to invest in qualified opportunity funds (Tax Alert 2021-0751) — Apr 09: IRS clarifies which expenses qualify for temporary 100% deduction for food or beverages 'provided by a restaurant' (Tax Alert 2021-0739) — Apr 09: IRS TE/GE adds eight compliance initiatives aimed at exempt organizations, employee plans and exempt bonds (Tax Alert 2021-0731) International — Apr 15: China clarifies procedures for processing payments for transfer pricing adjustments (Tax Alert 2021-0768) — Apr 15: Spanish Ministry of Taxation approves Mandatory Disclosure Regime reporting forms and deadlines (Tax Alert 2021-0767) — Apr 14: Argentine entities with controlling ultimate parent entities in the United States should determine whether they have to file the local CbC report (Tax Alert 2021-0765) — Apr 15: Ireland’s Department of Finance to host virtual seminar on International Tax (Tax Alert 2021-0763) — Apr 15: Greek Tax Authority issues guidance on tax treatment of stock option plans (Tax Alert 2021-0762) — Apr 15: European Commission proposes VAT exemption for vital goods and services distributed by the EU in times of crisis (Tax Alert 2021-0761) — Apr 13: Kenya’s Tax Appeal Tribunal provides guidance on taxation of professional and managements fees under Double Tax Treaty Agreement (Tax Alert 2021-0755) — Apr 13: Ghana enacts various tax amendments introduced in 2021 Budget (Tax Alert 2021-0754) — Apr 13: OECD releases consultation document with proposed changes to Commentaries to OECD Model Tax Convention on Article 9 (Associated Enterprises) and related articles (Tax Alert 2021-0753) — Apr 12: Argentine Government modifies bill it plans to send to Congress that would raise corporate income tax rates (Tax Alert 2021-0749) — Apr 13: Hong Kong proposes to allow a tax deduction for foreign taxes charged on gross income basis (Tax Alert 2021-0748) — Apr 09: Government reaches agreement with representatives of labor and business sectors on outsourcing services in Mexico (Tax Alert 2021-0740) — Apr 09: Manitoba budget 2021-22 discussed (Tax Alert 2021-0736) — Apr 08: Costa Rica's tax administration publishes resolution on Advance Pricing Agreements (Tax Alert 2021-0733) — Apr 09: Spanish Government publishes MDR Regulations (Tax Alert 2021-0730) Legislation — Apr 14: What to expect in Washington (April 14) (Tax Alert 2021-0760) — Apr 09: President Biden releases $1.5T 2022 budget request (Tax Alert 2021-0741) — Apr 09: Biden tax proposals take shape amid uncertain outlook in Congress (Tax Alert 2021-0737) States — Apr 13: Ohio employers granted waiver of penalty and interest for all four quarters of 2020 SUI returns and payments; 2021 SUI tax rates increased due to trust fund insufficiency (Tax Alert 2021-0757) — Apr 13: Ohio Board of Tax Appeals upholds Commercial Activity Tax assessment sourcing portion of NASCAR broadcasting revenue to Ohio (Tax Alert 2021-0756) — Apr 12: Puerto Rico's Department of State extends due date to file the 2020 corporate annual reports, pay limited liability company annual fee and request extensions (Tax Alert 2021-0747) — Apr 09: New York bill would provide relief from state and local income tax for certain teleworkers in connection with COVID-19 (Tax Alert 2021-0742) ————————————————————————— Proposed Regulations
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. | |||||||||||||||||||