April 25, 2021 U.S. Tax This Week for April 23 Ernst & Young's U.S. Tax This Week newsletter for the week ending April 23 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 state guide to COVID-19 payroll and employment tax provisions is updated through April 13, 2021 ————————————————————————— 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) Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (April 30) Operationalizing your intelligent tax function | Insights and hands-on tax training from EY & Thomson Reuters (May 4) Unclaimed property enforcement amidst regulatory compliance challenges (May 6) Work from anywhere: How do we re-envisage our future after the unimaginable? (May 19) ————————————————————————— Internal Revenue Service — Apr 21: IRS will accept e-signatures on specified forms until end of 2021 (Tax Alert 2021-0825) — Apr 21: New IRS fact sheet details small employer tax credits under the American Rescue Plan (Tax Alert 2021-0822) — Apr 19: IRS declines to follow Tax Court decision holding interest in a pension plan wasn’t an asset for purposes of IRC Section 108 insolvency exclusion (Tax Alert 2021-0795) International — Apr 22: Canadian government promises investment in Canadian immigration in new budget announcement (Tax Alert 2021-0833) — Apr 22: Ecuador and the United States sign Tax Information Exchange Agreement (Tax Alert 2021-0832) — Apr 22: Ghana enacts Financial Sector Recovery Levy and introduces other tax reforms (Tax Alert 2021-0828) — Apr 22: Canada announces new pathway to permanent residence for essential services workers and international graduates (Tax Alert 2021-0826) — Apr 22: Norwegian Tax Authority announces digital VAT reporting will be implemented for 2022 (Tax Alert 2021-0824) — Apr 22: Angola's Indirect Tax Changes for 2021 discussed (Tax Alert 2021-0823) — Apr 22: Australian Taxation Office issues draft guidance regarding the imported hybrid mismatch rule impacting large global groups (Tax Alert 2021-0821) — Apr 21: Ecuador updates immigration guidelines related to COVID-19 (Tax Alert 2021-0819) — Apr 21: British Columbia budget 2021-22 discussed (Tax Alert 2021-0817) — Apr 20: Mexican Congress approves bill that would prohibit outsourcing services in Mexico (Tax Alert 2021-0815) — Apr 21: The Latest on BEPS and Beyond | April 2021 edition (Tax Alert 2021-0813) — Apr 20: Germany | CJEU rules that the VAT Directive precludes national rules prohibiting a partnership from VAT grouping (Tax Alert 2021-0810) — Apr 20: OECD releases fourth batch of Stage 2 peer review reports on dispute resolution (Tax Alert 2021-0809) — Apr 20: Canada's Federal Budget 2021-22 | A recovery plan for jobs, growth and resilience (Tax Alert 2021-0808) — Apr 20: Highlights of Canada's Federal Budget 2021-22 provided (Tax Alert 2021-0807) — Apr 20: Indonesia issues implementing regulations for Job Creation Law (Tax Alert 2021-0804)— Apr 20: Kenya’s High Court rules that a Commercial Building Allowance is not premised on year of construction (Tax Alert 2021-0801) — Apr 19: Russian Government submits bill on termination of tax treaty with the Netherlands to State Duma (Tax Alert 2021-0798) — Apr 16: Slovenia adopts amendments to the Foreigners Act (Tax Alert 2021-0789) — Apr 16: Argentine Government issues decree on promotional regime for direct investments in certain activities (Tax Alert 2021-0787) — Apr 16: IMF and OECD release joint report on carbon pricing (Tax Alert 2021-0786) — Apr 16: Uganda issues Tax Amendment Bills 2021 (Tax Alert 2021-0784) — Apr 16: OECD releases third annual peer review report and revised peer review documents on BEPS Action 6 relating to prevention of treaty abuse (Tax Alert 2021-0783) Legislation — Apr 22: Employers may reduce their federal employment tax deposits in anticipation of COVID-related tax credits available in 2021 (Tax Alert 2021-0831) — Apr 21: What to expect in Washington (April 21) (Tax Alert 2021-0816) — Apr 21: Senate Finance Chairman Wyden introduces energy tax bill (Tax Alert 2021-0818) — Apr 20: Senate Finance holds hearing on inequality in the tax code (Tax Alert 2021-0814) — Apr 20: Tax M&A Update for March 2021 (Tax Alert 2021-0812) — Apr 19: House Appropriations hearing on the Department of Health and Human Services FY 2022 budget request (Tax Alert 2021-0797) — Apr 16: Proposed regulations would coordinate tax withholding and gain deferral for certain foreign persons and partnerships investing in qualified opportunity funds, clarify working capital safe harbor (Tax Alert 2021-0791) — Apr 16: Energy and Commerce Health Subcommittee hearing on substance use and misuse in America (Tax Alert 2021-0782) States — Apr 22: Florida enacts remote seller nexus and marketplace provider provisions for sales tax, reduces commercial rent tax rate (Tax Alert 2021-0834) — Apr 19: New York temporarily increases income tax rates on certain businesses and individuals, creates electable tax on pass-through entities, makes other tax changes (Tax Alert 2021-0806) — Apr 19: Maryland legislature approves amendments to new sales and use tax law on digital codes and digital products (Tax Alert 2021-0805) — Apr 19: West Virginia law eases income tax burden for employees working temporarily in the state (Tax Alert 2021-0799) — Apr 16: Florida first-quarter 2021 SUI tax deadline extended to June 1, 2021; SUI tax rates increased for 2021 (Tax Alert 2021-0790) — Apr 16: Maryland legislature approves bill that would move applicability date of digital advertising tax to 2022, exempt certain taxpayers from tax (Tax Alert 2021-0788) ————————————————————————— State and Local Tax Weekly — Virginia requires unitary business groups to file corporate income tax informational report based on group's combined net income A provision of Virginia's 2021 budget bill, Section 3-5.23 of 2021 Va. HB 1800 (HB 1800), requires corporations that are members of a unitary business to file a corporate income tax informational report (based on 2019 tax year computations) using the unitary combined net income of its unitary group of which the corporations are a part. — Income/Franchise, Sales & Use, Business Incentives, Compliance & Reporting, Controversy, Payroll & Employment Tax ————————————————————————— Corrections
Revenue Procedures
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. | ||||||||||