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Ernst & Young's U.S. Tax This Week newsletter for the week ending June 25 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.

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Upcoming Webcasts

2021 outlook for international tax reform (June 29)
During this Thought Center Webcast, Ernst & Young professionals will discuss what President Biden's budget, corporate revenue proposals and other global developments could mean for international taxation.

President Biden’s executive order on supply chains (June 30)
In response to President Biden’s recent executive order, various US government agencies have submitted recommendations on how to strengthen the US supply chain to assure continuous production of critical goods. During this Thought Center Webcast, Ernst & Young professionals will focus on the agencies’ findings and their effects on multinational corporations’ supply chains.

Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (July 2)
During this Thought Center Webcast, Ernst & Young professionals will provide updates on: (i) the US economy and tax policy; (ii) breaking developments; and (iii) what’s happening at the IRS.

The new elective state pass-through entity taxes: A survey of the latest developments (July 15)
During this Thought Center Webcast, Ernst & Young professionals will discuss the issues around new elective state pass-through entity taxes.

US corporate income tax compliance: Tax year 2020 filing update and multi-year readiness (July 20)
During this Thought Center Webcast, Ernst & Young professionals will provide insights on preparing for 2020 US federal and state filings and multi-year considerations in this age of “continuous” compliance.

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Recent Tax Alerts

Internal Revenue Service

— Jun 18: IRC Section 481(a) adjustment is included in adjusted taxable income calculation (Tax Alert 2021-1223)

— Jun 18: IRS will require private foundations to electronically file Form 4720 due July 15, 2021 or later (Tax Alert 2021-1221)

International

— Jun 23: Mexico repeals VAT rule that exempted certain purchases of temporarily imported goods from nonresidents from VAT withholding (Tax Alert 2021-1250)

— Jun 23: Canada's quarantine and travel restriction updates for CoPR holders provided (Tax Alert 2021-1248)

— Jun 23: Costa Rican Congress approves, in second and final vote, a tax incentive regime for foreign investors, rentiers and retirees (Tax Alert 2021-1246)

— Jun 23: Kenya's recent changes and developments to business laws and the regulatory environment discussed (Tax Alert 2021-1242)

— Jun 23: Hong Kong enacts legislation to allow a tax deduction for foreign taxes charged on gross income basis (Tax Alert 2021-1240)

— Jun 23: Hong Kong enacts legislation regarding tax treatment of court-free amalgamation of companies (Tax Alert 2021-1239)

— Jun 23: France's non-EU VAT refund claims must be filed electronically effective 1 July 2021 (Tax Alert 2021-1238)

— Jun 22: Jordan implements transfer pricing rules (Tax Alert 2021-1237)

— Jun 18: Turkey’s new law on restructuring certain receivables includes customs receivables (Tax Alert 2021-1225)

— Jun 18: Mexico's tax authorities publish list of expected effective income tax rates for large taxpayers (Tax Alert 2021-1222)

— Jun 17: New trade agreement between UK and Australia includes multiple immigration provisions (Tax Alert 2021-1213)

Legislation

— Jun 25: What to expect in Washington (June 25) (Tax Alert 2021-1262)

— Jun 24: Biden-Senate infrastructure deal outlined (Tax Alert 2021-1254)

— Jun 23: House Education and Labor subpanel holds retirement hearing (Tax Alert 2021-1249)

— Jun 23: Congress again considers legislation to ease state income tax burden on teleworkers and short-term business travelers (Tax Alert 2021-1247)

— Jun 23: Finance Chairman Wyden releases principles for drug pricing reform; Reps. DeGette and Upton unveil cures 2.0 discussion draft (Tax Alert 2021-1243)

— Jun 21: Tax M&A Update for May 2021 (Tax Alert 2021-1236)

— Jun 18: New and familiar provisions on information reporting and withholding included in Biden Administration's FY2022 budget (Tax Alert 2021-1226)

States

— Jun 24: Massachusetts high court allows corporation to retroactively apportion sales tax based on location of multistate software use (Tax Alert 2021-1251)

— Jun 22: North Dakota resumes charging employers' accounts with COVID-19 UI benefits; state to withdraw from participation in federal pandemic UI relief programs (Tax Alert 2021-1241)

— Jun 21: Ohio Governor lifts COVID-19 emergency order and starts clock on sunset of employer withholding relief for city income taxes (Tax Alert 2021-1235)

— Jun 18: Colorado legislature approves entity-level tax election for partnerships and S corporations starting in 2022 (Tax Alert 2021-1220)

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Recent Newsletters

State and Local Tax Weekly
   Highlights of this edition include:

— Colorado legislature approves changes to combined reporting and other income tax rules, establishes electable pass-through entity level tax. The Colorado General Assembly has approved and sent to Governor Jared Polis HB 1311, which would change the state's combined reporting rules, including adopting a Finnigan approach to apportionment, implementing tax haven provisions and modifying the definition of affiliated group.

— Income/Franchise, Sales & Use, Business Incentives, Property Tax, Payroll & Employment Tax, Miscellaneous Tax, Value Added Tax, Upcoming Webcasts

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IRS Weekly Wrap-Up

Proposed Regulations

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.