February 13, 2022 U.S. Tax This Week for February 11 Ernst & Young's U.S. Tax This Week newsletter for the week ending Feburary 11 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.
————————————————————————— Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (February 18) Domestic tax quarterly webcast series: A focus on state tax matters (February 23) BorderCrossings (February 24) The indirect tax technology journey - Now. Next. Beyond. (March 2) ————————————————————————— Internal Revenue Service — Feb 10: IRS suspends mailing certain automatic tax notifications due to backlog of unprocessed returns (Tax Alert 2022-0243) — Feb 09: IRS rules payments to REIT based on lessee's adjusted revenue are not rents from real property, partially revoking earlier ruling (Tax Alert 2022-0236) — Feb 09: IRS memorandum analyzes basis determination for assets held by former public charity (Tax Alert 2022-0234) — Feb 08: IRS rules web-based property reservations business provided brokerage services under IRC Section 1202 (Tax Alert 2022-0226) — Feb 07: IRS rules solar energy facility charging fixed rates is not public utility property (Tax Alert 2022-0217) International — Feb 10: Curaçao releases new guidance on innovation box regime (Tax Alert 2022-0241) — Feb 10: PE Watch | Latest developments and trends, February 2022 (Tax Alert 2022-0240) — Feb 09: Canada's Department of Finance releases draft legislation for 2021 budget measures (Tax Alert 2022-0231) — Feb 08: Australia reopens international border from February 21 (Tax Alert 2022-0227) — Feb 08: Indian Government releases restrictive interpretation of Most Favored Nation clause (Tax Alert 2022-0224) — Feb 04: Chile enacts tax reform to fund pension reform (Tax Alert 2022-0216) — Feb 04: Ghana Revenue Authority issues administrative guidelines on certain provisions of the VAT Amendment Act (Tax Alert 2022-0212) — Feb 04: Cyprus Tax Authorities publish 10-year government bond yield rates for NID purposes (Tax Alert 2022-0211) Legislation — Feb 09: What to expect in Washington (February 9) (Tax Alert 2022-0230) — Feb 08: Energy and Commerce hearing on FDA user fee reauthorization (Tax Alert 2022-0225) — Feb 07: House Ways & Means health panel examines medicare’s 24-month waiting period, priority of extending telehealth waivers (Tax Alert 2022-0221) — Feb 04: House passes $350 billion bill to spur competition with China, now moves to conference with Senate (Tax Alert 2022-0214) States — Feb 10: New requirement to begin disclosing unclaimed property compliance on 2021 California business tax returns could increase enforcement (Tax Alert 2022-0244) — Feb 09: California governor signs bill restoring NOLs and R&D credits for 2022, modifies elective pass-through entity tax (Tax Alert 2022-0235) — Feb 09: Indiana county income tax rates increase in some jurisdictions effective January 1, 2022 (Tax Alert 2022-0233) — Feb 09: Puerto Rico's Treasury Department issues guidance on tax exemption revocations (Tax Alert 2022-0232) — Feb 08: Massachusetts Department of Revenue will not recognize certain fringe benefit exclusions under temporary federal COVID-19 provisions (Tax Alert 2022-0228) ————————————————————————— State and Local Tax Weekly — California governor proposes to restore NOLs and R&D credits for 2022 On Jan. 25, 2022, California Governor Newsom and legislative leaders announced they reached an agreement that would support businesses impacted by the ongoing COVID-19 pandemic. The agreed to framework calls for the shortening, by one tax year, of a prior suspension of net operating losses (NOLs) for tax years tax years 2020 through 2022 and prior limits on the use of business tax credits, including the research and development (R&D) credit, for the same period. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property ITS/Washington Dispatch Legislation
Treasury and IRS news
OECD Developments
————————————————————————— 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. | |||||||