December 5, 2021 U.S. Tax This Week for December 3 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.
————————————————————————— Latest Business Tax Policy Barometer available ————————————————————————— 2021 employment tax year in review (December 7) Latin American tax trends and expectations for 2022 (December 8) Global Withholding Tax Reporting (December 8) Implications of the Superfund chemicals excise tax (December 13) BEPS 2.0: Focus on Pillar Two (December 14) Tax aspects of the LIBOR transition: What to consider for year-end (December 16) ————————————————————————— 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) ————————————————————————— State and Local Tax Weekly — 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 ————————————————————————— 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. | |||||||||||||||||||||||||
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