October 3, 2021 U.S. Tax This Week for October 1 Ernst & Young's U.S. Tax This Week newsletter for the week ending October 1 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.
————————————————————————— Washington, DC update: Congress is back in session (October 6) Tax in the time of COVID-19: update on legislative, economic, regulatory and IRS developments (October 8) BorderCrossings: Trends driving new supply chain structures and multi-hub operating models (October 12) PE and Private Company quarterly tax webcast (October 21) ————————————————————————— Internal Revenue Service — Sep 28: IRS modifies list of countries that have information exchange agreements with US (Tax Alert 2021-1762) — Sep 27: IRS final regulations establish new user fee for estate tax closing letter requests (Tax Alert 2021-1753) International — Sep 30: Brazilian tax authority rules withholding tax does not apply to cross-border insurance premiums paid by Brazilian customers to a Norwegian insurance company (Tax Alert 2021-1771) — Sep 29: India Tax Administration extends applicability of transfer pricing safe harbor rules to financial year 2020-21 (Tax Alert 2021-1766) — Sep 29: Kenya Revenue Authority issues public ruling to withdraw guidance note issued on treatment of tax losses (Tax Alert 2021-1764) — Sep 29: EU Member States adopt public CbCR Directive (Tax Alert 2021-1763) — Sep 28: Higher taxes for Polish taxpayers and some foreign companies discussed (Tax Alert 2021-1761) — Sep 28: Poland plans to introduce tax on shifted profits (Tax Alert 2021-1758) — Sep 28: Russia refines application of VAT reverse charge mechanism (Tax Alert 2021-1756) — Sep 27: Sweden extends deadline for UK citizens to apply to retain their right of residence in Sweden; announces updated entry rules and restrictions (Tax Alert 2021-1755) — Sep 28: French Government releases draft Finance Bill for 2022 (Tax Alert 2021-1754) — Sep 27: New Zealand issues Operational Statement on Administration of imported hybrid mismatch rule (Tax Alert 2021-1751) — Sep 24: United States to ease foreign air travel restrictions (Tax Alert 2021-1747) — Sep 27: Israeli Court rules on reclassification of trademark transaction between a shareholder and its company and the arm’s-length return on R&D services (Tax Alert 2021-1746) — Sep 24: Costa Rica introduces Digital Nomad Visas (Tax Alert 2021-1744) — Sep 24: United Kingdom announces new entry rules for international travelers (Tax Alert 2021-1741) Legislation — Sep 29: Senate Banking panel questions Treasury Secretary Yellen, Fed Chair Powell on pandemic relief, other issues (Tax Alert 2021-1767) — Sep 29: What to expect in Washington (September 29) (Tax Alert 2021-1765) — Sep 24: Accounting methods and other domestic provisions would be affected by tax provisions in House Ways & Means Committee reconciliation bill (Tax Alert 2021-1743) States — Sep 30: Massachusetts enacts an elective tax on pass-through entities (Tax Alert 2021-1775) — Sep 30: EY publication highlights accounting implications of 2021 Q3 income tax developments (Tax Alert 2021-1774) — Sep 30: Oklahoma reinstates charging COVID-19 UI benefits to employer SUI accounts; deposit of federal funds made to avoid employer SUI surcharge (Tax Alert 2021-1773) — Sep 29: Puerto Rico's Treasury Department clarifies guidance on transfer pricing studies and certification required with income tax return (Tax Alert 2021-1770) — Sep 29: Puerto Rico's Department of State further extends due date to file 2020 corporate annual reports (Tax Alert 2021-1769) — Sep 28: Ohio repays federal UI loan balance, removing FUTA credit reduction for 2022; employers resume being charged with UI benefits (Tax Alert 2021-1760) ————————————————————————— State and Local Tax Weekly — Tax provisions in House Ways and Means reconciliation bill could have state income tax implications On Sept. 13, 2021, the House Ways and Means Committee released the tax portion of its reconciliation bill (HW&M proposal) and a section-by-section summary of the tax proposals. The HW&M proposal, if enacted, could affect corporate and individual income taxes imposed by state and local (collectively, state) governments. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property ————————————————————————— Final Regulations
Proposed Regulations
Corrections
Revenue Procedures
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. | ||||||||||||||||