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Ernst & Young's U.S. Tax This Week newsletter for the week ending December 3 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.

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EY Guides, Surveys, and Reports

Latest Business Tax Policy Barometer available
The Tax Council (TTC) and Ernst & Young LLP periodically produce the Business Tax Policy Barometer, providing insights on the business community's perceptions on a variety of business tax and other key policy issues. This 20th Barometer tracks the views reported from October 20 through November 2, 2021. Results show that the potential for tax increases is the top concern for the business community for 2022.

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Upcoming Webcasts

2021 employment tax year in review (December 7)
In meeting their 2021 year-end employment reporting requirements, employers will need to address the unique challenges created by temporary federal and state COVID-19 provisions while also following other necessary procedures for closing the tax year. During this EY Webcast, Ernst & Young employment tax and benefits professionals will discuss several common areas of year-end employment tax concern.

Latin American tax trends and expectations for 2022 (December 8)
Several Latin America countries recently enacted or proposed significant tax changes that may affect multinational companies operating in the region. Changes include increased tax rates, the introduction of new withholding taxes and measures aimed at increasing tax enforcement and collection. During this EY Webcast, Ernst & Young professionals will discuss the significant changes and actions being taken by businesses to address these changes.

Global Withholding Tax Reporting (December 8)
During this EY Webcast, Ernst & Young professionals will discuss recent global withholding tax reporting industry trends, developments, and outlook. We look forward to your participation for what will be an insightful discussion on cross-border investing and updates from the US, Latin America, and Europe.

Implications of the Superfund chemicals excise tax (December 13)
During this EY Webcast, Ernst & Young professionals focus on the recently enacted Infrastructure Investment and Jobs Act, specifically the reinstatement and expansion of the Superfund chemicals excise tax.

BEPS 2.0: Focus on Pillar Two (December 14)
This EY Webcast continues the series of EY Global webcasts addressing BEPS 2.0 developments. Please join us for a timely discussion of the Pillar Two model rules scheduled to be released at the end of November. Panelists will discuss the key elements of the Pillar Two model rules, highlighting what is new with this latest release. They also will share perspectives on how the European Union and other jurisdictions plan to incorporate these model rules into domestic law.

Tax aspects of the LIBOR transition: What to consider for year-end (December 16)
During this EY Webcast, Ernst & Young professionals will discuss tax considerations of the London Interbank Offered Rate (LIBOR) transition and what steps multinational companies can take before the year-end to prevent disruption.

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Recent Tax Alerts

Internal Revenue Service

— Dec 01: IRS proposes permanently extending Affordable Care Act reporting deadline until March 2, 2022 (Tax Alert 2021-2165)

— Nov 30: IRS will accept e-signatures on specified forms until October 31, 2023 (Tax Alert 2021-2159)

International

— Dec 02: EY Canada's Tax Matters @ EY for December 2021 (Tax Alert 2021-2175)

— Dec 02: Costa Rica's General Directorate of Customs establishes two new categories of temporary importation for vessels (Tax Alert 2021-2173)

— Dec 02: Russia announces temporary ban on travel from Botswana, Eswatini, Hong Kong, Lesotho, Madagascar, Mozambique, Namibia, South Africa, Tanzania and Zimbabwe (Tax Alert 2021-2172)

— Dec 02: EU Public CbCR Directive enters into force on 21 December 2021 (Tax Alert 2021-2171)

— Dec 02: Spain’s amendments to CFC rules and participation regime may require action by multi-tier international structures under Spanish holdings (Tax Alert 2021-2169)

— Dec 02: India and US agree on transitional approach for India’s 2% Equalization Levy prior to implementation of Pillar One rules (Tax Alert 2021-2168)

— Dec 01: Argentina announces new, heightened entry rules for individuals traveling from Africa (Tax Alert 2021-2167)

— Dec 01: Canada introduces new measures to address COVID-19 Omicron variant (Tax Alert 2021-2166)

— Dec 01: US travel restrictions suspend entry of noncitizens from certain countries (Tax Alert 2021-2164)

— Dec 01: Brazil imposes temporary ban on travel from Botswana, Eswatini, Lesotho, Namibia, South Africa and Zimbabwe (Tax Alert 2021-2163)

— Nov 30: Australia's international borders to begin reopening December 15 in order to reinvigorate skilled migration (Tax Alert 2021-2158)

— Nov 30: Argentine Government issues new regulations on tax on financial transactions (Tax Alert 2021-2157)

— Nov 30: OECD releases 2020 mutual agreement procedure statistics and 2020 mutual agreement procedure awards (Tax Alert 2021-2155)

— Nov 30: Cyprus Administrative Court rules on Correction of Error request related to overpayment of VAT later assessed in another EU Member State (Tax Alert 2021-2154)

— Nov 29: Australia introduces proposed Corporate Collective Investment Vehicle tax and regulatory laws (Tax Alert 2021-2153)

— Nov 29: Denmark adopts new rules relaxing transfer pricing documentation requirements for domestic controlled transactions and addressing application of benchmarking (Tax Alert 2021-2152)

— Nov 29: Belgium and France sign new double tax treaty (Tax Alert 2021-2151)

— Nov 29: Poland ratifies protocol to revise tax treaty with the Netherlands (Tax Alert 2021-2150)

Legislation

— Dec 01: What to expect in Washington (December 1) (Tax Alert 2021-2162)

— Nov 30: Tax proposals in House-passed Build Back Better Act would affect higher-income individuals, trusts and estates (Tax Alert 2021-2160)

— Nov 23: Build Back Better Act reconciliation bill passes House with most housing and energy tax credits intact (Tax Alert 2021-2139)

— Nov 19: An overview of health care provisions in House-passed Build Back Better Act (Tax Alert 2021-2125)

States

— Dec 02: North Carolina enacts significant tax law changes for businesses and individuals (Tax Alert 2021-2174)

— Nov 30: Final Virgin Islands 2021 FUTA credit reduction released, additional Benefit Cost Rate waived; October 2021 jobless rate decreased (Tax Alert 2021-2156)

— Nov 22: Kansas makes many changes to SUI law, including a revamp of employer tax rate schedules (Tax Alert 2021-2133)

— Nov 22: Tax provisions in House-passed reconciliation bill could have state income tax implications (Tax Alert 2021-2130)

— Nov 19: Illinois adopts 20-year net loss deduction carryover, establishes new tax credit for electric vehicles (Tax Alert 2021-2119)

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Recent Newsletters

State and Local Tax Weekly
   Highlights of this edition include:

— North Carolina enacts significant tax law changes affecting businesses and individuals. On Nov. 18, 2021, Governor Roy Cooper signed into law the 2021 Appropriations Act (2021-2022 N.C. Sess. Laws, ch. SL 2021-180, 2021 NC Senate Bill 105) (the Bill), which affects various North Carolina taxes.

— Tax provisions in House-passed reconciliation bill could have state income tax implications. On Nov. 19, 2021, the US House of Representatives approved the Build Back Better Act (H.R. 5376) reconciliation bill (House bill), which includes social spending measures on health, climate, low-income tax credits and many other issues, paid with tax increases on corporations and individuals (see Tax Alert 2021-9027).

— Income/Franchise, Sales & Use, Business Incentives, Payroll & Employment Tax, Miscellaneous Tax, Global Trade, Value Added Tax, Upcoming Webcasts

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IRS Weekly Wrap-Up

Final Regulations

Proposed Regulations

Revenue Procedures

Revenue Rulings

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.