September 26, 2021 U.S. Tax This Week for September 24 Ernst & Young's U.S. Tax This Week newsletter for the week ending September 24 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 Indirect Tax Controversy: Current audit trends and outlook, including ways to manage your state tax posture (September 29) Build Back Better legislative developments: Advanced manufacturing, sustainability and workforce incentives (September 30) Washington, DC update: Congress is back in session (October 6) PE and Private Company quarterly tax webcast (October 21) ————————————————————————— Internal Revenue Service — Sep 23: IRS launches new website providing information on refund cases subject to JCT review (Tax Alert 2021-1722) — Sep 21: IRS final regulations address treatment of qualified improvement property and provides guidance on foreign tax credits (Tax Alert 2021-1707) — Sep 20: IRS and Treasury issue 2021—2022 Priority Guidance Plan, addressing various accounting method issues (Tax Alert 2021-1699) — Sep 17: IRS clarifies guidance on e-signature relief (Tax Alert 2021-1687) International — Sep 23: Swiss Parliament acts to eliminate import customs duties on industrial goods as soon as 1 January 2022 (Tax Alert 2021-1726) — Sep 23: The Netherlands publishes draft legislation on reverse hybrid entities as final part of ATAD II implementation (Tax Alert 2021-1725) — Sep 23: China implements new, stricter requirements for obtaining health codes in 55 jurisdictions (Tax Alert 2021-1723) — Sep 22: Netherlands issues proposed legislation with unilateral measures against international transfer pricing mismatches (Tax Alert 2021-1717) — Sep 22: High Court of Kenya declares that minimum tax is unconstitutional (Tax Alert 2021-1714) — Sep 22: The Netherlands publishes 2022 budget proposals (Tax Alert 2021-1713) — Sep 21: Sweden implements new, stricter requirements for obtaining permanent residence (Tax Alert 2021-1712) — Sep 21: Israeli Tax Authority finalizes international tax reform package for further discussion and potential legislation (Tax Alert 2021-1710) — Sep 21: Cyprus announces further extension of non-application of administrative fines for DAC6 submissions to 30 November 2021 (Tax Alert 2021-1709) — Sep 22: The Latest on BEPS and Beyond | September 2021 edition (Tax Alert 2021-1708) — Sep 20: Brazil increases tax on financial transactions (Tax Alert 2021-1706) — Sep 21: Singapore expands transfer pricing guidance (Tax Alert 2021-1705) — Sep 20: Colombia enacts 2021 tax reform (Tax Alert 2021-1698) — Sep 20: Nigeria announces new entry guidelines for Indian citizens and India-outbound travelers (Tax Alert 2021-1695) — Sep 20: China implements new, stricter requirements for Official Invitation (PU) letters sponsored by companies based in Shanghai (Tax Alert 2021-1694) — Sep 20: Poland's major tax reform proposal moves to Parliament (Tax Alert 2021-1692) — Sep 17: Mexico's 2022 economic proposal focuses on eliminating loopholes (Tax Alert 2021-1688) Legislation — Sep 23: Lily Batchelder confirmed as Assistant Secretary for Tax Policy (Tax Alert 2021-1728) — Sep 23: House Ways and Means Committee reconciliation bill contains proposed tax changes that would affect insurance companies (Tax Alert 2021-1727) — Sep 22: Reconciliation bill approved by Ways & Means committee contains proposals affecting corporate M&A (Tax Alert 2021-1724) — Sep 22: Cryptocurrency and other digital assets would be affected by tax proposals in budget reconciliation bill (Tax Alert 2021-1721) — Sep 22: What to expect in Washington (September 22) (Tax Alert 2021-1718) — Sep 21: Decreased affordability percentage under Affordable Care Act could impact affordability of employer health plans (Tax Alert 2021-1715) — Sep 17: Tax plan in House Ways & Means reconciliation bill includes several proposals that would affect financial transactions and digital assets (Tax Alert 2021-1697) — Sep 17: Build Back Better tax proposals would affect higher-income individuals, as well as trusts and estates (Tax Alert 2021-1696) — Sep 17: Tax M&A Update for August 2021 (Tax Alert 2021-1689) States — Sep 23: South Carolina extends COVID-19 income tax relief for teleworkers through December 31, 2021 (Tax Alert 2021-1734) — Sep 21: Texas clarifies that the second-quarter 2021 SUI tax payment is due by September 30, 2021 (Tax Alert 2021-1711) — Sep 17: Connecticut deadline for employer paid family and medical leave insurance catch-up contributions is September 30, 2021 (Tax Alert 2021-1690) ————————————————————————— State and Local Tax Weekly — Illinois enacts elective pass-through entity tax. On Aug. 27, 2021, Illinois Governor J.B. Pritzker signed Public Act 102-0658 (the Act and formerly, Senate Bill 2531), establishing an elective income tax regime for pass-through entities (PTEs), including partnerships, S corporations and LLCs treated as either. — New York tax department issues guidance on new pass-through entity tax; 2021 election must be made by Oct. 15, 2021. The New York Department of Taxation and Finance issued guidance1 on the newly-enacted elective tax on pass-through entities (which applies to certain eligible partnerships, S corporations and limited liability companies (LLC) treated as either, referred to herein as a PTE). — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Compliance & Reporting, Controversy, Payroll & Employment Tax, Value Added Tax, Upcoming Webcasts ————————————————————————— Final Regulations
Notices
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. | ||||||||||