March 6, 2022 U.S. Tax This Week for March 4 Ernst & Young's U.S. Tax This Week newsletter for the week ending March 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.
————————————————————————— Accounting for income taxes: A quarterly perspective (March 22) Transparency in the sharing economy: What to know about DAC7 and beyond (March 24) ————————————————————————— Courts — Mar 03: Sixth Circuit holds IRS notice on listed transactions involving life insurance policies is not enforceable because APA notice-and-comment procedures weren't satisfied (Tax Alert 2022-0360) — Mar 02: Tax Court rejects common positions on assumed liabilities for deferred compensation in memorandum opinion (Tax Alert 2022-0350) — Mar 01: Tax Court determines tax consequences of decedent's split-dollar life insurance arrangements with premiums paid by her revocable trust (Tax Alert 2022-0335) Internal Revenue Service — Mar 03: IRS withdraws LB&I directives on transaction costs (Tax Alert 2022-0359) — Feb 25: IRS rules that solar energy facility is not public utility property (Tax Alert 2022-0330) International — Mar 03: EY Canada's Tax Matters @ EY for March 2022 (Tax Alert 2022-0356) — Mar 03: Peru's President amends Tax Code and registration process for the Tax ID Registry (Tax Alert 2022-0355) — Mar 03: European Commission proposes new Directive on corporate sustainability due diligence aimed at establishing legal accountability for global value chains (Tax Alert 2022-0353) — Mar 02: Czech Republic introduces special immigration provisions for Ukrainian nationals (Tax Alert 2022-0352) — Mar 02: Luxembourg Tax Authority clarifies application of real estate levy including reporting requirement for all Luxembourg corporate investment vehicles (Tax Alert 2022-0348) — Mar 01: Hong Kong 2022 - 23 Budget Proposal discussed (Tax Alert 2022-0344) — Mar 02: European Parliament provides recommendations on EU Carbon Border Adjustment Mechanism (Tax Alert 2022-0340) — Mar 02: Italian Tax Authorities issue resolution on Mandatory Disclosure Rules (Tax Alert 2022-0339) — Mar 02: Kenya High Court invalidates VAT Regulations, 2017 and declares maritime agency services provided to nonresident shippers should qualify as exported services (Tax Alert 2022-0338) — Feb 25: Prince Edward Island budget 2022-23 discussed (Tax Alert 2022-0329) — Feb 25: Hong Kong announces 2022-23 budget (Tax Alert 2022-0327) — Feb 25: EU Member States adopt revised list of non-cooperative jurisdictions for tax purposes (Tax Alert 2022-0326) — Feb 25: Alberta budget 2022–23 discussed (Tax Alert 2022-0325) Legislation — Mar 03: Ways and Means Committee hearing on substance use, suicide risk, and the American health system (Tax Alert 2022-0357) — Mar 02: What to expect in Washington (March 2) (Tax Alert 2022-0346) — Feb 25: CMS Innovation Center redesigns direct contracting model and releases applications for revised ACO REACH Model (Tax Alert 2022-0328) States — Mar 02: Iowa governor signs legislation that changes corporate and individual income tax rates and overhauls the research activities credit (Tax Alert 2022-0351) — Mar 02: Oregon employer district transit taxes increase for 2022 (Tax Alert 2022-0349) — Mar 01: Philadelphia provides guidance concerning the expiration of temporary nexus relief for telework during the COVID-19 emergency (Tax Alert 2022-0343) — Feb 28: Nevada 2022 SUI wage base increased but tax rates remain unchanged (Tax Alert 2022-0337) — Feb 28: California bill would establish new unclaimed property voluntary compliance program (Tax Alert 2022-0334) ————————————————————————— State and Local Tax Weekly Highlights of this edition include: — California Franchise Tax Board TAM discusses application of P.L. 86-272 to activities conducted over the internet In its Technical Advice Memorandum 2022-01 (FTB TAM 2022-01) (issued Feb. 14, 2022), the California Franchise Tax Board (CA FTB) advised on applying P.L. 86-2721 to "fact patterns that are common in the current economy due to technological advancements … " (i.e., activities conducted over the internet and telecommuting). — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property ————————————————————————— Final Regulations
Proposed Regulations
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. | ||||||||||