August 8, 2021 U.S. Tax This Week for August 6 Ernst & Young's U.S. Tax This Week newsletter for the week ending August 6 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.
————————————————————————— Courts — Jul 30: Second Circuit holds foreign trust owner/beneficiary liable for 35% penalty for failure to report trust distribution, rejecting argument that penalty limited to 5% for failure to report trust ownership (Tax Alert 2021-1447) Internal Revenue Service — Jul 30: IRS rules that solar facilities are not public utility property (Tax Alert 2021-1446) International — Aug 06: Australia's Refugee Talent pilot and international border update provided (Tax Alert 2021-1470) — Aug 05: Cyprus to introduce new tax measures as part of its National Recovery and Resilience Plan (Tax Alert 2021-1469) — Aug 05: Luxembourg Tax Authorities issue guidance on administrative fines related to tax infractions and procedures applicable to criminal tax offenses (Tax Alert 2021-1468) — Aug 05: Spanish National High Court issues favorable decisions with respect to international holding structures after ECJ Danish cases (Tax Alert 2021-1465) — Aug 04: Poland’s proposed tax reform includes significant changes to tax system (Tax Alert 2021-1462) — Aug 03: Israel publishes tax measures under its 2021 - 2022 proposed budget (Tax Alert 2021-1460) — Aug 03: Georgia postpones VAT on foreign suppliers of digital services to 1 October 2021 (Tax Alert 2021-1459) — Aug 02: Mexico extends deadline for complying with tax law on outsourcing services to September 1 (Tax Alert 2021-1456) — Jul 30: Arrangements between US and UK competent authorities clarify understanding of terms in the US-UK tax treaty (Tax Alert 2021-1448) — Aug 02: Cypriot Tax Department announces update of XML Schema for DAC6/MDR submissions (Tax Alert 2021-1445) — 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 22: 2021 Annual Report of the USCIS Ombudsman provided (Tax Alert 2021-1406) — Jul 22: Canada easing travel restrictions for U.S. citizens and Permanent Residents (Tax Alert 2021-1405) Legislation — Aug 04: What to expect in Washington (August 4) (Tax Alert 2021-1464) States — Aug 04: New Hampshire law establishes a voluntary paid family and medical leave insurance program (Tax Alert 2021-1466) — Aug 03: Oregon law delays collection of paid family and leave insurance contributions to January 1, 2023 (Tax Alert 2021-1461) ————————————————————————— Final 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. | ||||||||||||||||