July 18, 2021 U.S. Tax This Week for July 16 Ernst & Young's U.S. Tax This Week newsletter for the week ending July 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.
————————————————————————— US corporate income tax compliance: Tax year 2020 filing update and multi-year readiness (July 20) Taxation of the digital economy: What’s next (July 21) 2021 alternative and registered funds mid-year update (July 21) Research credit: recent federal cases highlight an uncertain landscape (July 22) Tax risk and controversy for companies operating in Asia-Pacific (July 26) The indirect tax technology journey: Now. Next. Beyond. (August 5) ————————————————————————— Internal Revenue Service — Jul 14: IRS grants extension for partnership to file real property trade or business election (Tax Alert 2021-1357) — Jul 13: IRS clarifies rules on changing depreciation for certain residential rental property, allows amended returns for partnerships making change (Tax Alert 2021-1343) — Jul 12: Laboratory testing company operating in underserved communities doesn't qualify for IRC Section 501(c)(3) status, IRS concludes (Tax Alert 2021-1337) — Jul 02: IRS rules that normalization rules do not protect cost of removal (Tax Alert 2021-1314) — Jul 02: QUEST Economic Update highlights key US and global economic trends - July 2, 2021 (Tax Alert 2021-1313) — Jul 02: VEBA's exempt status won't be endangered by providing student loan servicing benefit (Tax Alert 2021-1312) — Jul 02: EY publication highlights accounting implications of 2021 Q2 tax developments (Tax Alert 2021-1309) International — Jul 15: Peru implements new, stricter requirements for residence visa applications (Tax Alert 2021-1364) — Jul 15: Nigerian Tax Authority issues guidance on Stamp Duties compliance (Tax Alert 2021-1358) — Jul 15: German Ministry of Finance issues updated guidance on extraterritorial taxation of IP, extending deadline for applicability of retroactive exemption in “clear” treaty cases (Tax Alert 2021-1355) — Jul 14: Canada's proposed changes to taxation of employee stock options now law (Tax Alert 2021-1356) — Jul 14: Turkey issues Communiqué on Ultimate Beneficial Owner declaration requirement (Tax Alert 2021-1348) — Jul 14: French Parliament approves Amending Finance Bill for 2021 (Tax Alert 2021-1347) — Jul 14: Saudi Arabia clarifies GCC origin of goods (Tax Alert 2021-1345) — Jul 14: Taiwan amends capital gains tax law for transfers of real property (Tax Alert 2021-1344) — Jul 13: Brazil announces new entry rules for Venezuelan nationals, maritime crew and individuals who recovered from COVID-19 (Tax Alert 2021-1349) — Jul 13: Canada's Bill C-208 includes changes to section 84.1 and section 55 (Tax Alert 2021-1339) — Jul 13: Canada's 2021 budget implementation bill receives Royal Assent (Tax Alert 2021-1338) — Jul 13: Russia's law on activities of foreign Internet companies in Russia signed by the President (Tax Alert 2021-1332) — Jul 12: EY Canada's Tax Matters @ EY for July 2021 (Tax Alert 2021-1330) — Jul 12: South Korea launches pilot project 'Electronic Travel Authorization' for visa-free entry for foreign nationals; official launch in September 2021 (Tax Alert 2021-1328) — Jul 12: India releases significant international travel announcements (Tax Alert 2021-1327) — Jul 12: PE Watch | Latest developments and trends, July 2021 (Tax Alert 2021-1325) — Jul 12: G20 Finance Ministers endorse key components of global tax changes and invite holdouts to back the agreement (Tax Alert 2021-1324) — Jul 05: Spanish National High Court overturns denial of withholding tax exemption on dividend payments to EU shareholder (Tax Alert 2021-1320) — Jul 05: Ireland broadly supports OECD agreement with reservation on rate (Tax Alert 2021-1319) — Jul 02: OECD announces conceptual agreement in BEPS 2.0 project (Tax Alert 2021-1308) — Jul 02: China announces new Stamp Duty Law (Tax Alert 2021-1303) — Jul 02: Poland introduces VAT option on financial services to be effective 1 January 2022 (Tax Alert 2021-1302) — Jul 02: Nigeria’s Federal High Court Issues Practice Directions on tax matters related to the Federal Inland Revenue Service (Tax Alert 2021-1301) Legislation — Jul 15: Senate Finance subpanel holds competitiveness hearing (Tax Alert 2021-1361) — Jul 15: Ways & Means subpanel holds housing hearing (Tax Alert 2021-1360) — Jul 15: CMS issues proposed CY2022 medicare physician fee schedule (Tax Alert 2021-1359) — Jul 14: What to expect in Washington (July 14) (Tax Alert 2021-1352) — Jul 12: President Biden signs executive order on promoting competition in American economy, including four areas of health care (Tax Alert 2021-1336) — Jul 02: Most Inclusive Framework countries endorse high-level agreement (Tax Alert 2021-1342) — Jul 02: Biden Administration expects increased IRS enforcement to generate more revenue to fund infrastructure (Tax Alert 2021-1321) — Jul 02: Revenue proposals detailed in Treasury Green Book would significantly affect international private companies and families (Tax Alert 2021-1317) — Jun 29: Ways & Means subpanel holds education hearing (Tax Alert 2021-1341) States — Jul 15: Colorado continues to relieve employer accounts of regular COVID-19 UI benefits, 2022 SUI tax rates and wage base expected to increase (Tax Alert 2021-1365) — Jul 14: New York income tax withholding changes apply to wages paid on and after July 1, 2021 (Tax Alert 2021-1354) — Jul 13: New Jersey governor signs law revising state credit and incentives programs (Tax Alert 2021-1351) — Jul 13: Supreme Court rules that California can no longer require charities to submit a list of contributors (Tax Alert 2021-1350) — Jul 13: Louisiana law gives income tax relief to short-term business travelers and tax incentives to teleworkers moving to the state (Tax Alert 2021-1346) — Jul 12: Sales and Use Tax Quarterly Update for third quarter of 2021 (Tax Alert 2021-1335) — Jul 02: Ohio enacts tax changes, including individual rate reductions, excluding certain capital gains from income (Tax Alert 2021-1322) — Jul 02: Colorado expands sales and use tax to cover digital goods, mainframe computer access, and packing and crating (Tax Alert 2021-1318) — Jul 02: US Supreme Court declines to hear New Hampshire case against Massachusetts temporary teleworker income tax rules for COVID-19 (Tax Alert 2021-1316) — Jul 02: City of Eugene, Oregon revises wage brackets subject to Community Safety Payroll Tax effective July 1, 2021 (Tax Alert 2021-1315) — Jul 02: State corporate income and franchise tax developments in the second quarter of 2021 (Tax Alert 2021-1310) — Jul 01: Arkansas will not charge regular COVID-19 benefits to employer SUI accounts; law prevents increase in SUI wage base for 2022 (Tax Alert 2021-1305) — Jul 01: Texas reduces impact of COVID-19 on employer 2021 SUI tax rates; 2021 SUI tax rates unchanged from 2020 (Tax Alert 2021-1304) ————————————————————————— State and Local Tax Weekly — Connecticut budget bill includes business tax changes. The recently enacted budget bill (SB 1202) makes the following tax changes:
— Missouri enacts marketplace facilitator and remote seller nexus rules. On June 30, 2021, Missouri Governor Mike Parson signed SB 153, which establishes marketplace facilitator and remote seller nexus rules for Missouri sales and use tax purposes effective Jan. 1, 2023. — Income/Franchise, Sales & Use, Business Incentives, Compliance & Reporting, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Global Trade, Value Added Tax, Upcoming Webcasts ————————————————————————— Final Regulations
Proposed Regulations
Revenue Procedures
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. | ||||||||||||||||||||||