March 20, 2022 U.S. Tax This Week for March 18 Ernst & Young's U.S. Tax This Week newsletter for the week ending March 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.
————————————————————————— How BEPS 2.0 could impact the alternative investment fund (AIF) industry ————————————————————————— Accounting for income taxes: A quarterly perspective (March 22) BEPS 2.0: Implications of Pillar Two for businesses (March 22) Transparency in the sharing economy: What to know about DAC7 and beyond (March 24) 17th Annual International Tax Quantitative and Reporting Conference (March 28 & 29) US corporate income tax compliance - Tax year 2021 readiness and preparing your tax function for what’s next (April 6) ————————————————————————— Internal Revenue Service — Mar 14: IRS temporarily suspends prototype IRA opinion letter program (Tax Alert 2022-0418) — Mar 14: IRS TE/GE publishes three new Technical Guides on religious entities, self-dealing taxes, and taxable expenditure excise taxes (Tax Alert 2022-0417) International — Mar 17: Australia's flexible work visa options support economic recovery (Tax Alert 2022-0439) — Mar 17: Brazil reduces financial transaction tax on foreign exchange settlements (Tax Alert 2022-0434) — Mar 17: EU Finance Ministers reach agreement on EU Carbon Border Adjustment Mechanism (Tax Alert 2022-0433) — Mar 16: EU Finance Ministers express broad support for compromise text for Pillar Two Directive which includes one-year delay of implementation timeline, but no unanimous agreement yet (Tax Alert 2022-0430) — Mar 16: European Commission unveils latest plan regarding fast tracking of renewables, hydrogen and biomethane to replace gas imports from Russia to the EU (Tax Alert 2022-0429) — Mar 16: The Latest on BEPS and Beyond | March 2022 edition (Tax Alert 2022-0427) — Mar 15: Argentina announces three-year residence permits to Ukrainian citizens (Tax Alert 2022-0425) — Mar 15: Singapore introduces new points-based COMPASS immigration framework (Tax Alert 2022-0424) — Mar 15: Peruvian Tax Court concludes loan proceeds qualify as a payment of services (Tax Alert 2022-0423) — Mar 14: Peruvian Tax Court addresses how to determine if payments to foreign entities qualify as payments for digital services (Tax Alert 2022-0422) — Mar 14: Costa Rica enacts law simplifying tax obligations for inactive entities and extending due date for simplified income tax return (Tax Alert 2022-0419) — Mar 11: Ecuadorian President proposes bill to attract new investments (Tax Alert 2022-0412) Legislation — Mar 17: Senate Finance holds charitable/nonprofit hearing (Tax Alert 2022-0438) — Mar 17: Senate Finance Committee hearing on prescription drug price inflation | An urgent need to lower drug prices in Medicare (Tax Alert 2022-0437) — Mar 16: What to expect in Washington (March 16) (Tax Alert 2022-0428) States — Mar 16: Texas mailed wrong insert with the 2022 SUI tax rate notices; 2022 SUI tax rate factors unchanged from 2021 (Tax Alert 2022-0432) — Mar 11: Colorado proposes law that would penalize "frivolous" claims for sales-and-use-tax refunds (Tax Alert 2022-0413) ————————————————————————— State and Local Tax Weekly Highlights of this edition include: — New Mexico governor signs various tax bills into law, reduces the state's gross receipts tax rate; establishes an elective pass-through entity tax On March 8, 2022, New Mexico Governor Michelle Lujan Grisham signed a suite of tax bills that reduces the state's gross receipts tax rate, establishes an elective pass-through entity tax, extends selected credits and provides for certain gross receipts tax deductions and individual tax credits. — 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
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. | |||||||||||||||||||