February 6, 2022 U.S. Tax This Week for February 4 Ernst & Young's U.S. Tax This Week newsletter for the week ending February 4 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.
————————————————————————— How to respond to the continued evolution of hybrid work (February 8) International tax talk quarterly series…With the EY Global Tax Desk Network (February 8) What India’s 2022-23 Budget could mean for its economy (February 9) Domestic tax quarterly webcast series: A focus on state tax matters (February 23) The indirect tax technology journey - Now. Next. Beyond. (March 2) ————————————————————————— Internal Revenue Service — Feb 03: Final regulations treat domestic partnerships as aggregates for applying certain subpart F provisions, and proposed regulations would apply a similar approach to PFICs (Tax Alert 2022-0203) — Feb 01: Proposed regulations would expand scope of Subpart F rules on related person insurance income (Tax Alert 2022-0182) — Jan 28: IRS publishes '2022 Cumulative List of Changes in Section 403(b) Requirements' (Tax Alert 2022-0167) International — Feb 03: PE Watch | 2021 in review (Tax Alert 2022-0198) — Feb 03: EY Canada's Tax Matters @ EY for February 2022 (Tax Alert 2022-0196) — Feb 03: Updated US list of foreign currency futures contracts - starting point for IRC Section 1256 (Tax Alert 2022-0195) — Feb 03: Danish Tax Administration publishes new guidance on submission deadline for Master Files covering income years as of 1 January 2021 (Tax Alert 2022-0193) — Feb 03: UAE to introduce corporate tax for financial years starting 1 June 2023 (Tax Alert 2022-0192) — Feb 02: Recent changes to Taiwan's tax legislation discussed (Tax Alert 2022-0191) — Feb 02: CJEU rules that Spain’s penalty regime for failure to report overseas assets and rights to tax authorities is contrary to EU law (Tax Alert 2022-0188) — Feb 02: Turkey enacts law to postpone inflation accounting and provides corporation tax exemption on gains related to conversions into Turkish Lira (Tax Alert 2022-0185) — Feb 02: Turkey reduces its corporation tax rate by one point for certain corporations on specified income (Tax Alert 2022-0184) — Feb 02: Kenya High Court rules that sale of copyrighted material is not a royalty and does not attract withholding tax (Tax Alert 2022-0183) — Feb 01: Digital nomads now eligible to work from Brazil (Tax Alert 2022-0181) — Jan 31: Peruvian tax authority establishes guidelines on using Peruvian banking system to pay for indirect transfers of shares (Tax Alert 2022-0177) — Jan 31: Mexico suspends visa waivers for Brazilian and Venezuelan citizens (Tax Alert 2022-0176) — Jan 31: OECD releases 2021 update on peer review of preferential tax regimes (Tax Alert 2022-0175) — Jan 28: OECD Council opens accession discussions with Peru as a candidate for OECD membership (Tax Alert 2022-0166) — Jan 28: German Ministry of Finance publishes guidance on German royalty deduction limitation rule (Tax Alert 2022-0165) — Jan 28: Peruvian tax authority establishes guidelines for permanent establishments (Tax Alert 2022-0163) — Jan 28: Spain’s Tax Authority issues ruling on remote workers and permanent establishments during and after COVID-19 restrictions (Tax Alert 2022-0162) Legislation — Feb 03: Senate Finance Committee hearing on hospital insurance trust fund and future of medicare financing (Tax Alert 2022-0197) — Feb 02: What to expect in Washington (February 2) (Tax Alert 2022-0190) States — Feb 03: Georgia lowers electronic filing threshold for SUI returns | 2022 SUI tax (Tax Alert 2022-0199) — Feb 02: North Dakota law changes electronic withholding tax payment and filing changes starting in 2022 (Tax Alert 2022-0194) — Feb 02: North Dakota law changes electronic withholding tax payment and filing changes starting in 2022 (Tax Alert 2022-0194) — Feb 01: Arizona 2022 SUI tax rates increase; act by February 28, 2022 to potentially lower your SUI tax rate (Tax Alert 2022-0187) — Jan 31: California governor proposes to restore NOLs and R&D credits for 2022, while legislators propose significant tax increases to fund single-payer health care system (Tax Alert 2022-0178) ————————————————————————— State and Local Tax Weekly — Governor Murphy signs New Jersey Business Alternative Income Tax revisions into law. On Jan. 18, 2022, Governor Murphy signed into law New Jersey Senate Bill 4068 /Assembly Bill 6110(P.L. 2021, c. 419) (S. 4068), which revises significant aspects of New Jersey's elective pass-through entity (PTE) tax, known as the Business Alternative Income Tax (BAIT). — Income/Franchise, Sales & Use, Business Incentives, Controversy, Compliance & Reporting, Payroll & Employment Tax, Value Added Tax ————————————————————————— Revenue Procedures
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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. | |||||||||||||