June 13, 2021 U.S. Tax This Week for June 11 Ernst & Young's U.S. Tax This Week newsletter for the week ending June 11 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.
————————————————————————— Telework and other employer challenges in 2021 and beyond (June 17) Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (June 18) Accounting for income taxes: A quarterly perspective (June 22) The indirect tax technology journey: Now. Next. Beyond. (June 23) President Biden’s executive order on supply chains (June 30) ————————————————————————— Internal Revenue Service — Jun 10: IRS announces plans to amend final base erosion anti-abuse tax (BEAT) regulations (Tax Alert 2021-1157) — Jun 10: IRS finalizes regulations on mandatory 60-day postponement of certain tax-related deadlines due to federally declared disaster (Tax Alert 2021-1153) — Jun 08: QUEST Economic Update highlights key US and global economic trends — June 8, 2021 (Tax Alert 2021-1144) International — Jun 10: PE Watch | Latest developments and trends, June 2021 (Tax Alert 2021-1155) — Jun 10: UAE amends VAT penalty rules (Tax Alert 2021-1152) — Jun 09: Canada Revenue Agency releases revised Information Circular on Mutual Agreement Procedures (Tax Alert 2021-1148) — Jun 08: USCIS temporarily suspends biometrics requirement for L-2 and H-4 applicants (Tax Alert 2021-1140) — Jun 08: French Government issues draft Amending Finance Bill for 2021 (Tax Alert 2021-1139) — Jun 07: Romania amends MDR legislation (Tax Alert 2021-1136) — Jun 07: G7 Finance Ministers express strong support for global tax changes under BEPS 2.0 (Tax Alert 2021-1131) — Jun 04: UK to begin accession process to join Trans-Pacific Partnership (Tax Alert 2021-1125) — Jun 04: The Netherlands and Cyprus sign double tax treaty (Tax Alert 2021-1123) — Jun 04: Cyprus announces extension of the non-application of administrative fines for DAC6 submissions until 30 September 2021 and an update to the Cypriot XML schema (Tax Alert 2021-1122) — Jun 04: Argentine Senate approves tax reform bill that would raise corporate income tax rates (Tax Alert 2021-1119) — Jun 04: USTR announces 25% punitive tariffs on six specific countries in response to their Digital Services Taxes; Suspends tariffs for 180 days (Tax Alert 2021-1116) — Jun 03: Changes to immigration rules designed to restrict entry of foreigners into Vietnam and manage spread of COVID-19 discussed (Tax Alert 2021-1109) — Jun 04: Denmark passes bill on CFC taxation (Tax Alert 2021-1107) — Jun 04: Taiwan proposes amendments to domestic regulations governing application of tax treaties (Tax Alert 2021-1106) — Jun 04: OECD releases fifth batch of Stage 2 peer review reports on dispute resolution (Tax Alert 2021-1105) Legislation — Jun 09: Biden Administration's budget and Green Book proposals address partnership issues relevant to alternative asset management funds and energy operating partnerships (Tax Alert 2021-1151) — Jun 09: What to expect in Washington (June 9) (Tax Alert 2021-1146) — Jun 08: Senate Finance Committee IRS hearing focuses on tax gap (Tax Alert 2021-1142) — Jun 08: President's FY2022 Budget contains $363 billion in green energy tax incentives (Tax Alert 2021-1141) — Jun 07: Biden Administration proposes to increase individual income tax rates, expand application of employment tax and radically change the taxation of capital income (Tax Alert 2021-1129) — Jun 04: Expansion of low income housing tax credit, new neighborhood homes investment credit included in Biden Administration's FY2022 budget (Tax Alert 2021-1128) — Jun 04: Restoration of full production and investment tax credits, new credits for electricity transmission investments, nuclear energy generation included in Biden Administration's FY2020 budget (Tax Alert 2021-1127) — Jun 04: Biden Administration would expand carbon oxide sequestration credit (Tax Alert 2021-1126) — Jun 04: Biden Administration's budget and Green Book focuses on increased tax compliance and enforcement measures (Tax Alert 2021-1121) — Jun 04: Biden Administration's proposals would expand and enhance qualifying advanced energy manufacturing credit (Tax Alert 2021-1118) — Jun 03: Biden's FY2022 budget proposes making new markets tax credit permanent (Tax Alert 2021-1108) States — Jun 10: Illinois legislature approves significant tax changes affecting bonus depreciation, dividends, GILTI and net loss deductions (Tax Alert 2021-1154) — Jun 09: South Carolina enacts electable entity-level tax on pass-throughs (Tax Alert 2021-1150) — Jun 09: Many employers face higher state unemployment insurance tax costs due to COVID-19 (Tax Alert 2021-1149) — Jun 08: Combined reporting initiative for New Jersey's Corporation Business Tax begins June 15, 2021 (Tax Alert 2021-1143) — Jun 04: Oklahoma reduces tax rates for corporations, individuals, pass-through entities and banks (Tax Alert 2021-1120) — Jun 04: Many states to resume including regular COVID-19 unemployment insurance benefits in the computation of employer's SUI tax rates (Tax Alert 2021-1117) ————————————————————————— State and Local Tax Weekly — Missouri legislature approves marketplace facilitator and remote seller nexus rules. The Missouri General Assembly approved Senate Bill 153 (MO SB 153), which would establish marketplace facilitator and remote seller nexus rules for purposes of the state's sales and use taxes effective Jan. 1, 2023. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Global Trade, Value Added Tax, Upcoming Webcasts ITS/Washington Dispatch Legislation — Treasury Green Book offers new details on international tax proposals IRS news — President Biden proposes increased IRS budget to improve tax compliance Transfer pricing — PR Treasury issues guidance for complying with the requirement to submit a transfer pricing study OECD developments — OECD reviewing options to roll back unilateral digital taxes ————————————————————————— Final Regulations
Revenue Rulings
Announcements
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. | ||||||||||||||||