May 9, 2021 U.S. Tax This Week for May 7 Ernst & Young's U.S. Tax This Week newsletter for the week ending May 7 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 transportation and human infrastructure tax increases laid out ————————————————————————— Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (May 14) Global tax developments impacting the Asia-Pacific region: what you need to know (May 18) Work from anywhere: How do we re-envisage our future after the unimaginable? (May 19) A taxpayer’s guide to the International Compliance Assurance Programme (ICAP) (May 20) Domestic tax quarterly webcast series: a focus on state tax matters (June 3) ————————————————————————— Courts — May 03: Tax Court rejects IRS valuation of Michael Jackson's estate, increases estate's value by $111m but imposes no penalties (Tax Alert 2021-0904) International — May 06: EY Canada's Tax Matters @ EY for May 2021 (Tax Alert 2021-0923) — May 06: Danish Government proposes new rules to align dividend taxation with EU law (Tax Alert 2021-0921) — May 06: The UK and India sign Memorandum of Understanding on new mobility and migration partnership (Tax Alert 2021-0917) — May 06: Ontario's new Expression of Interest (EOI) system for OINP streams now open (Tax Alert 2021-0916) — May 06: United States restricts entry from India (Tax Alert 2021-0915) — May 05: Bolivia's Congress discusses bill that would impose VAT on digital services provided from abroad (Tax Alert 2021-0913) — May 05: Argentine federal tax authorities issue procedure for registering real estate projects for the promotional regime for construction and access to housing (Tax Alert 2021-0909) — May 04: Gabon postpones transfer pricing documentation filing deadline (Tax Alert 2021-0907) Legislation — May 06: Ways & Means approves 'Securing a Strong Retirement Act' (Tax Alert 2021-0918) — May 05: What to Expect in Washington (May 5) (Tax Alert 2021-0910) — May 04: President Biden proposes increased IRS budget to improve tax compliance (Tax Alert 2021-0908) — May 04: President's first speech to Congress highlights potential changes for individual taxpayers (Tax Alert 2021-0906) — May 03: Ways & Means to consider 'Securing a Strong Retirement Act' (Tax Alert 2021-0899) States — May 06: Kentucky reissues 2021 SUI tax notices to reflect lower rate schedule; 2021 SUI wage base retroactively lowered; employers will not pay a federal interest assessment in 2021 or 2022 (Tax Alert 2021-0920) — May 05: Ohio court dismisses challenge to city's tax provisions for remote workers (Tax Alert 2021-0912) — May 05: Texas 2021 SUI rate notices delayed; SUI contribution deadline extended; voluntary contributions suspended for 2021 (Tax Alert 2021-0911) — May 04: Arkansas law affirms that nonresident income tax applies only to wages for services physically performed within the state; 30-day reprieve from nonresident income tax struck from bill (Tax Alert 2021-0905) — May 03: California conforms to federal income tax treatment of PPP loans and EIDL advance grants (Tax Alert 2021-0903) — May 03: New Mexico requires employers provide paid leave effective July 1, 2022 (Tax Alert 2021-0900) ————————————————————————— State and Local Tax Weekly — New York temporarily increases income tax rates on certain businesses and individuals, creates electable tax on pass-through entities, makes other tax changes On April 19, 2021, Governor Cuomo signed the New York State (NYS) Fiscal Year 2021-22 budget bill (S.2509-C/A.3009-C, 2021 N.Y. Laws ch. 59) (Final Bill). — Income/Franchise, Sales & Use, Business Incentives, Compliance & Reporting, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Value Added 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. | |||||||