October 31, 2021 U.S. Tax This Week for October 29 Ernst & Young's U.S. Tax This Week newsletter for the week ending October 29 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.
————————————————————————— The indirect tax technology journey: Now. Next. Beyond (November 3) Tax in the time of COVID-19: update on legislative, economic, regulatory and IRS developments (November 5) International tax talk quarterly series with the EY Global Tax Desk Network (November 9) ————————————————————————— Internal Revenue Service — Oct 28: IRS further extends filing and payment deadlines for parts of Mississippi affected by Hurricane Ida (Tax Alert 2021-1958) — Oct 26: IRS revises Forms W-8ECI, W-8BEN-E, W-8BEN (Tax Alert 2021-1953) — Oct 26: IRS establishes standards for LLCs to receive exemption under IRC Section 501(c)(3) (Tax Alert 2021-1952) — Oct 22: IRS rules that normalization rules do not allow adjustment based on excess deferred income taxes without other adjustments to rate base (Tax Alert 2021-1928) International — Oct 28: Argentine Government extends the promotional regime for industrial entities located in Tierra del Fuego, Antarctica and Southern Atlantic Islands (Tax Alert 2021-1974) — Oct 28: Indian tax authorities may be preparing to enforce GST and EL compliance on payments to US universities for online courses (Tax Alert 2021-1973) — Oct 28: Paraguayan tax authority issues new transfer pricing rules (Tax Alert 2021-1972) — Oct 28: UK Chancellor delivers second Budget of 2021 (Tax Alert 2021-1971) — Oct 28: India implements new policies for inbound travelers (Tax Alert 2021-1970) — Oct 28: Paraguayan Government modifies transfer pricing provisions related to the exportation of certain commodities (Tax Alert 2021-1969) — Oct 28: Nigeria issues list of approved COVID-19 vaccines; removes Brazil, South Africa and Turkey from red list (Tax Alert 2021-1968) — Oct 28: China implements new requirements for Official Invitation (PU) letters sponsored by companies based in Beijing (Tax Alert 2021-1967) — Oct 28: OECD releases Brazil Stage 2 peer review report on implementation of Action 14 minimum standard (Tax Alert 2021-1965) — Oct 28: Ghana Revenue Authority issues Practice Notes on certain provisions of the VAT Act (Tax Alert 2021-1964) — Oct 28: Italy issues Law Decree with urgent tax measures including voluntary disclosure for R&D tax credit (Tax Alert 2021-1962) — Oct 27: OECD releases People’s Republic of China Stage 2 peer review report on implementation of Action 14 minimum standard (Tax Alert 2021-1960) — Oct 27: Italian Government approves 2022 Budget document and proposes postponement of Italy's Sugar Tax and Plastic Tax to 2023 (Tax Alert 2021-1959) — Oct 26: US issues Presidential Proclamation regarding new air travel rules (Tax Alert 2021-1951) — Oct 26: Nigeria implements new, updated policies for inbound travelers (Tax Alert 2021-1950) — Oct 26: Portugal proposes changes to VAT law (Tax Alert 2021-1948) — Oct 25: Costa Rica's Ministry of Finance increases taxes on packaged non-alcoholic beverages and 'toilet' soap (Tax Alert 2021-1943) — Oct 25: Costa Rica's Economic Affairs Commission of the Legislative Assembly approves reform of General Customs Law (Tax Alert 2021-1942) — Oct 26: Kenya | Action required for LIBOR transition (Tax Alert 2021-1941) — Oct 25: OECD releases outcomes of fourth phase of peer reviews on BEPS Action 13 (Tax Alert 2021-1939) — Oct 25: OECD releases seventh batch of Stage 2 peer review reports on dispute resolution (Tax Alert 2021-1938) — Oct 25: United Nations launches MAP and Tax Dispute Resolution Handbook (Tax Alert 2021-1932) — Oct 25: Italy issues Law Decree on new patent box regime (Tax Alert 2021-1929) — Oct 22: Peruvian Tax Court establishes guidelines that entities must meet to qualify as beneficial owners under Peru-Chile income tax treaty (Tax Alert 2021-1927) — Oct 22: Thailand publishes mandatory requirements for Thai transfer pricing documentation (Tax Alert 2021-1923) Legislation — Oct 28: House Energy and Commerce hearing on legislation to support patients, caregivers and providers (Tax Alert 2021-1966) — Oct 27: What to expect in Washington (October 27) (Tax Alert 2021-1957) — Oct 27: Sens. Wyden, Warren, King unveil minimum tax on corporate profits (Tax Alert 2021-1956) States — Oct 27: Rhode Island delays computation of 2022 SUI tax rates; relief of COVID-19 benefits charges to employer accounts extended (Tax Alert 2021-1961) — Oct 26: Tennessee law will lower maximum weeks of unemployment insurance benefits available to claimants (Tax Alert 2021-1949) — Oct 25: District of Columbia extends temporary COVID-19 paid sick and family leave provisions through November 5, 2021 (Tax Alert 2021-1944) — Oct 25: Oregon Workers' Benefit Fund assessment unchanged for 2022 (Tax Alert 2021-1926) ————————————————————————— State and Local Tax Weekly Highlights of this edition include: — Texas adopts amendments to its franchise tax rule for credits for research and development activities On Oct. 4, 2021, the Texas Comptroller of Public Accounts (TX Comptroller) filed with the Texas Secretary of State the final amendments to its franchise tax rule,34 Tex. Admin. Code § 3.599 (Section 3.599), regarding the tax credit for research and development (R&D) activities. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property ————————————————————————— 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. | |||||||