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August 1, 2021
2021-1439

U.S. Tax This Week for July 30

Ernst & Young's U.S. Tax This Week newsletter for the week ending July 30 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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Top of the Week

Senate votes to begin debate on bipartisan infrastructure bill, 67-32

On Wednesday, July 28, the Senate voted, 67-32, to proceed to a bipartisan infrastructure bill (HR 3684) that was the product of weeks of negotiations among a core group of 10 senators (five Democrats and five Republicans). The deal, which has the backing of President Biden, includes $550 billion in new federal spending, compared with the $578 billion figure initially agreed upon last month. The proposed package features historic investments in the nation's core infrastructure including roads and bridges, rail, transit, ports, airports, water systems and broadband. EY Tax Alert 2021-1435 has details.

OECD releases sixth batch of Stage 2 peer review reports on dispute resolution

On 26 July 2021, the Organisation for Economic Co-operation and Development (OECD) released the sixth batch of Stage 2 peer review reports relating to the outcome of the peer monitoring of the implementation by Argentina, Chile, Colombia, Croatia, India, Latvia, Lithuania, South Africa (the assessed jurisdictions) of the Base Erosion and Profit Shifting (BEPS) minimum standard on dispute resolution under Action 14 of the BEPS project. EY Tax Alert 2021-1431 has details.

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Upcoming Webcasts

The indirect tax technology journey: Now. Next. Beyond. (August 5)
During this Thought Center Webcast, Ernst & Young professionals will share insights into how market-leading organizations are using technology to adapt to new legislation and market trends, and to effectively transform tax operations.

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Recent Tax Alerts

Internal Revenue Service

— Jul 28: Important ACA and employee benefit plan forms and fees are due in August (Tax Alert 2021-1430)

— Jul 26: Global mergers and acquisitions decrease in 2020, but 2021 is looking favorable for M&A (Tax Alert 2021-1421)

— Jul 26: Our US employment tax rates and limits publication is updated through July 15, 2021 (Tax Alert 2021-1413)

International

— Jul 29: UK waives quarantine requirements for fully vaccinated individuals traveling to England from Europe and US effective August 2 (Tax Alert 2021-1437)

— Jul 29: Poland plans to simplify requirements for corporate income tax consolidation regime (Tax Alert 2021-1432)

— Jul 29: OECD releases sixth batch of Stage 2 peer review reports on dispute resolution (Tax Alert 2021-1431)

— Jul 27: Uruguayan tax authority extends due dates for certain taxpayers (Tax Alert 2021-1426)

— Jul 26: Colombia's Executive branch submits a new tax reform bill to Congress (Tax Alert 2021-1424)

— Jul 27: Japan and Switzerland sign Tax Convention Protocol (Tax Alert 2021-1423)

— Jul 27: Poland announces plans to introduce an investment agreement for strategic investors (Tax Alert 2021-1422)

— Jul 23: German Ministry of Finance issues new guidance on financing structures (Tax Alert 2021-1417)

— Jul 23: German Ministry of Finance issues new Administrative Principles regarding transfer pricing (Tax Alert 2021-1415)

— Jul 23: Greece issues updated guidance on application of tax residency and permanent establishment rules during COVID-19 outbreak (Tax Alert 2021-1414)

— Jul 23: UK publishes draft legislation for Finance Bill 2022 (Tax Alert 2021-1404)

Legislation

— Jul 29: Senate votes to begin debate on bipartisan infrastructure bill, 67-32 (Tax Alert 2021-1435)

— Jul 29: Senate Finance Committee holds retirement hearing (Tax Alert 2021-1434)

— Jul 28: What to expect in Washington (July 28) (Tax Alert 2021-1427)

States

— Jul 28: Significant legislative changes made to Delaware's unclaimed property law; immediate action may be required for holders currently under audit (Tax Alert 2021-1429)

— Jul 28: Wisconsin law cuts personal income taxes retroactive to January 1, 2021 (Tax Alert 2021-1428)

— Jul 22: Governor signs bill establishing elective pass-through entity tax in California (Tax Alert 2021-1407)

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Recent Newsletters

State and Local Tax Weekly
   Highlights of this edition include:

— Governor signs bill establishing elective pass-through entity tax in California. On July 16, 2021, Governor Gavin Newson signed 2021 California Assembly Bill 150 (2021 Cal. Stat. Ch. 82) (AB 150), establishing a new elective pass-through entity-level tax (PTE tax).

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

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IRS Weekly Wrap-Up

Revenue Procedures

 2021-30Introduction To Employee Plans Compliance Resolution System

Notices

 2021-46Premium Assistance for COBRA Benefits Part II

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.

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

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