September 12, 2021 U.S. Tax This Week for September 10 Ernst & Young's U.S. Tax This Week newsletter for the week ending September 10 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.
————————————————————————— Implementing income recognition rules under IRC Section 451 (September 13) International tax talk quarterly series with the EY Global Tax Desk Network (September 14) US international tax reform: Update on recent developments (September 20) Accounting for income taxes: A quarterly perspective (September 21) US Indirect Tax Controversy: Current audit trends and outlook, including ways to manage your state tax posture (September 29) ————————————————————————— Internal Revenue Service — Sep 08: IRS allows taxpayer to reverse "gap period" transaction through late check-the-box election (Tax Alert 2021-1629) — Sep 08: QUEST Economic Update highlights key US and global economic trends — September 8, 2021 (Tax Alert 2021-1627) — Sep 08: IRS says employers that fail to timely deposit any portion of deferred employment taxes under CARES Act will owe penalty on entire amount (Tax Alert 2021-1624) — Sep 02: IRS allows e-signatures on specified forms indefinitely (Tax Alert 2021-1606) — Aug 30: CCA articulates five-factor test in determining income inclusion of reimbursement payments (Tax Alert 2021-1584) — Aug 30: Eligible taxpayers may use IRS FIRE System's new online application for information returns beginning September 26, 2021 (Tax Alert 2021-1583) — Aug 26: IRS rules payments to REIT for use of fiber optic cable capacity are 'rents from real property,' geographic operational area can be used for limited rental exception (Tax Alert 2021-1573) — Aug 26: New guidance on income recognition modifies procedures for obtaining automatic consent to change accounting methods (Tax Alert 2021-1572) International — Sep 09: PE Watch | Latest developments and trends, September 2021 (Tax Alert 2021-1633) — Sep 09: EY Canada's Tax Matters @ EY for September 2021 (Tax Alert 2021-1632) — Sep 09: Norwegian Government proposes changes in petroleum taxation (Tax Alert 2021-1621) — Sep 08: Turkey reduces withholding tax rate to 0% for certain venture capital and real estate investment fund earnings (Tax Alert 2021-1620) — Sep 08: German Ministry of Finance issues guidance on dispute resolutions for income and property taxes (Tax Alert 2021-1615) — Sep 07: Turkey extends application and first installment payment deadlines for Tax Amnesty (Tax Alert 2021-1614) — Sep 07: Thailand's nonresident electronic service providers subject to VAT from 1 September 2021 (Tax Alert 2021-1613) — Sep 07: Argentine Central Bank issues new guidance for entities with new financial debt to access the official foreign-exchange market (Tax Alert 2021-1612) — Sep 02: Nigerian Government signs Petroleum Industry Bill 2020 into Law (Tax Alert 2021-1603) — Sep 02: Brazilian House of Deputies approves bill modifying the corporate income tax system as part of comprehensive tax reform (Tax Alert 2021-1600) — Sep 01: Global labor and employment law strategic topics | July 2021 Edition 2 (Tax Alert 2021-1595) — Sep 01: Mainland China simplifies application procedures for unilateral advance pricing arrangements (Tax Alert 2021-1594) — Sep 01: Australian Treasury releases revised draft law on Corporate Collective Investment Vehicle regime (Tax Alert 2021-1593) — Aug 31: Thailand's VAT to remain at 7% for an additional two years (Tax Alert 2021-1585) — Aug 27: USCIS requires COVID-19 vaccinations for applicants applying for adjustment of status or refugee status (Tax Alert 2021-1579) — Aug 27: Japan's application process starts for Carbon Neutrality and Digital Transformation related tax incentives (Tax Alert 2021-1571) — Aug 26: Dominican Republic enacts Law No. 163-21 promoting the trading of publicly-offered securities on the Dominican Republic Stock Exchange (Tax Alert 2021-1575) Legislation — Sep 09: Education and Labor Committee unveils $761B reconciliation package (Tax Alert 2021-1634) — Sep 08: What to expect in Washington (September 8) (Tax Alert 2021-1619) — Sep 08: Ways and Means Committee unveils portion of reconciliation plans (Tax Alert 2021-1618) — Sep 01: Treasury announces it awarded $5 billion in New Markets Tax Credit program (Tax Alert 2021-1598) — Aug 29: Discussion draft released by Senators Wyden, Brown, Warner proposes significant changes to current international tax rules (Tax Alert 2021-1580) States — Sep 08: Ohio taxpayers allege double taxation resulted from state's failure to correctly attribute withheld taxes (Tax Alert 2021-1628) — Sep 08: EY special report analyzes impact of COVID-19 on current and future employer unemployment insurance costs (Tax Alert 2021-1623) — Sep 07: Illinois enacts elective pass-through entity tax (Tax Alert 2021-1616) — Sep 07: North Carolina will impose penalty for failure to electronically file 2021 annual withholding return and Forms W-2; other changes apply to reporting of Forms 1099-MISC and 1099-NEC (Tax Alert 2021-1611) — Sep 07: Social Security Administration publishes wage-base projections for 2022 through 2030 (Tax Alert 2021-1601) — Sep 02: Maryland Comptroller proposes regulations for digital advertising tax (Tax Alert 2021-1609) — Sep 02: Multistate Tax Commission updates statement on P.L. 86-272 to address its views on activities conducted over the internet (Tax Alert 2021-1608) — Sep 01: Virginia law protects employers from SUI tax increases in 2022 due to COVID-19 (Tax Alert 2021-1596) — Aug 31: Kentucky law requires that employer leave policies extend to the adoption of a child (Tax Alert 2021-1589) — Aug 30: New Jersey fiscal year 2022 SUI tax rates increase due to COVID-19 benefit claims (Tax Alert 2021-1582) ————————————————————————— State and Local Tax Weekly
ITS/Washington Dispatch Legislation
IRS news
Transfer pricing news
OECD developments
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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. | ||||||||||||||||||||||||||||||||||