February 20, 2022 U.S. Tax This Week for February 18 Ernst & Young's U.S. Tax This Week newsletter for the week ending February 18 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.
————————————————————————— Domestic tax quarterly webcast series: A focus on state tax matters (February 23) BorderCrossings (February 24) The outlook for global tax policy and controversy in 2022 (March 1) The indirect tax technology journey - Now. Next. Beyond. (March 2) ————————————————————————— Internal Revenue Service — Feb 17: IRS provides new FAQs on transition relief for certain domestic partnerships and S corporations completing Schedules K-2 and K-3 (Tax Alert 2022-0288) — Feb 15: EY-annotated Form 990 highlights changes to 2021 Forms 990 and 990-PF, schedules and instructions (Tax Alert 2022-0271) — Feb 15: IRS adds two FAQs on COVID-19-related Higher Education Emergency Grants (Tax Alert 2022-0270) International — Feb 17: Uruguay's Executive Branch increases income limit to apply for simplified personal income tax regime (Tax Alert 2022-0287) — Feb 17: Uruguay extends application of reduced VAT rate (Tax Alert 2022-0286) — Feb 17: Canada's Department of Finance releases proposed measures regarding avoidance of tax debts and audit authorities (Tax Alert 2022-0285) — Feb 17: Thailand signs Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (Tax Alert 2022-0284) — Feb 17: Vietnam signs Multilateral Convention to Implement Tax Treaty Related Measures to Prevent BEPS (Tax Alert 2022-0280) — Feb 15: The Latest on BEPS and Beyond for February 2022 (Tax Alert 2022-0269) — Feb 15: Australian Parliament passes bill to reform electronic signing of documents, virtual and hybrid meetings (Tax Alert 2022-0268) — Feb 14: Ukraine implements new VAT rules for nonresidents supplying electronic services to Ukrainian customers (Tax Alert 2022-0265) — Feb 14: Spain’s Tax Audit Plan for 2022 reveals intensified focus on conduit entities and beneficial ownership along with an increased use of technology (Tax Alert 2022-0264) — Feb 11: Australia introduces bill on 17% patent box for medical and biotech technologies (Tax Alert 2022-0256) — Feb 11: OECD releases Pillar One public consultation document on draft nexus and revenue sourcing rules (Tax Alert 2022-0254) — Feb 11: Spain proposes improvements to tax treatment of carried interest and inpatriates regime (Tax Alert 2022-0252) Legislation — Feb 16: Ways & Means subpanel holds infrastructure hearing (Tax Alert 2022-0277) — Feb 16: What to expect in Washington (February 16) (Tax Alert 2022-0276) — Feb 14: HELP Subcommittee hearing on the health care workforce shortage (Tax Alert 2022-0266) States — Feb 17: Delaware's temporary COVID-19 income tax relief for teleworkers applies through December 31, 2021 (Tax Alert 2022-0289) — Feb 16: California Franchise Tax Board TAM discusses application of P.L. 86-272 to activities conducted over the internet (Tax Alert 2022-0281) — Feb 11: North Carolina violated US Constitution by basing deductibility of debt owed by affiliated corporations on whether affiliates are subject to state franchise tax (Tax Alert 2022-0257) ————————————————————————— State and Local Tax Weekly — North Carolina violated US Constitution by basing deductibility of debt owed by affiliated corporations on whether affiliates are subject to state franchise tax In Philip Morris USA, Inc., the North Carolina Office of Administrative Hearings (NC OAH) determined that the North Carolina Department of Revenue (NC DOR) violated the US Constitution's commerce clause to the extent it denied a franchise tax deduction for debt owed to an out-of-state corporation by affiliated corporations not doing business in North Carolina but allowed the deduction for debt owed by affiliates that conducted business in the state — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property ————————————————————————— Revenue Rulings
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. | |||||||