April 10, 2022 U.S. Tax This Week for April 8 Ernst & Young's U.S. Tax This Week newsletter for the week ending April 8 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.
————————————————————————— Asean Mobility Spotlight (April 2022) ————————————————————————— BEPS 2.0: Perspectives, practicalities and preparedness (April 12) Indirect tax considerations of digital assets, Web3 and the metaverse (April 13) Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (April 15) Leverage data and AI to enable Finance and Tax to pioneer transformation throughout the organization (April 28) ————————————————————————— Internal Revenue Service — Apr 06: IRS rules when proration must be applied to accumulated deferred income taxes for setting rates (Tax Alert 2022-0559) — Apr 05: IRS issues proposed premium tax credit regulations on affordability of minimum essential coverage for family members (Tax Alert 2022-0543) — Apr 04: IRS issues annual APA report for 2021 (Tax Alert 2022-0527) International — Apr 07: EY Canada's Tax Matters @ EY for April 2022 (Tax Alert 2022-0571) — Apr 07: Cypriot Tax Department publishes MDR FAQs (Tax Alert 2022-0567) — Apr 06: Brazil removes pre-travel COVID-19 test requirement for vaccinated travelers (Tax Alert 2022-0562) — Apr 06: Brazil modifies additional freight for merchant marine renewal rate (Tax Alert 2022-0560) — Apr 06: EU Finance Ministers continue negotiations to adopt Pillar Two Directive in light of Poland’s remaining objection (Tax Alert 2022-0558) — Apr 06: Indian Fiscal Budget 2022 includes key tax proposals for individuals (Tax Alert 2022-0557) — Apr 06: Singapore's 2022 Budget Statement includes increase in top marginal personal income tax rates and updates to foreign workforce policies (Tax Alert 2022-0554) — Apr 06: UK Parliamentary committee calls for development of UK Carbon Border policy (Tax Alert 2022-0551) — Apr 05: Swedish Parliament to vote on new work permit legislation on April 20 (Tax Alert 2022-0547) — Apr 05: Ontario increases nonresident speculation tax rate and extends application provincewide (Tax Alert 2022-0546) — Apr 05: Japan enacts 2022 tax reform bill (Tax Alert 2022-0542) — Apr 04: OECD releases fourth annual peer review report on BEPS Action 6 relating to prevention of treaty abuse (Tax Alert 2022-0538) — Apr 04: Italy publishes draft IVASS Regulation regarding online comparison system between insurance undertakings operating in Italy in the motor liability insurance sector (Tax Alert 2022-0536) — Apr 01: Peru's President amends rules for determining the fair market value of Peruvian shares in direct transfers (Tax Alert 2022-0532) — Apr 01: Peru's President amends silent partnership rules (Tax Alert 2022-0530) — Apr 01: USCIS announces new actions to reduce backlogs and expand premium processing (Tax Alert 2022-0526) — Apr 01: Italy to introduce new rules for remote workers (Tax Alert 2022-0524) — Apr 01: Colombia modifies regulations on ultimate beneficial owners (Tax Alert 2022-0523) — Apr 01: Canada expands sanctions on Russia, announces prohibitions on exports of goods and technology (Tax Alert 2022-0520) Legislation — Apr 08: What to expect in Washington (April 8) (Tax Alert 2022-0581) — Apr 07: EY publication highlights 2022 Q1 tax policy developments across the Americas (Tax Alert 2022-0573) — Apr 07: Senate Health, Education, Labor & Pensions hearing on FDA user fee agreements | Advancing medical product regulation and innovation for the benefit of patients (Tax Alert 2022-0572) — Apr 07: House Energy & Commerce Subcommittee on Health hearing on communities in need | Legislation to support mental health and well-being (Tax Alert 2022-0570) — Apr 05: Biden Administration's FY2023 budget and Green Book renew some partnership-related proposals and add new ones (Tax Alert 2022-0550) — Apr 05: Biden Administration's FY 2023 budget proposes increasing income tax rates for high net-worth individuals, modifying estate and trust tax rules, and significantly expanding capital gain recognition (Tax Alert 2022-0548) — Apr 04: "Modernization" rules proposed in Treasury Green Book would affect taxpayers holding and transacting with digital assets (Tax Alert 2022-0540) — Apr 04: House Committee on Energy and Commerce hearing on FDA user fee reauthorization | Ensuring safe and effective medical devices (Tax Alert 2022-0537) — Apr 01: President's FY2023 budget includes proposals affecting accounting methods and calculation of taxable income (Tax Alert 2022-0533) — Apr 01: Senate Finance Committee hearing on behavioral health care when Americans need it | Ensuring parity and care integration (Tax Alert 2022-0521) States — Apr 06: Kentucky Legislature passes bill including conditional cuts in income tax rate, expansion of sales/use tax base and tax amnesty program (Tax Alert 2022-0564) — Apr 06: Minnesota 2022 SUI taxes to increase sharply due to impact of COVID-19 on the state's UI trust fund (Tax Alert 2022-0563) — Apr 06: Recent state law developments for tax-exempt organizations (Tax Alert 2022-0561) — Apr 06: Sales and Use Tax Quarterly Update for second quarter of 2022 (Tax Alert 2022-0556) — Apr 05: Ohio Supreme Court declines to hear appeal of challenge to city's income tax provisions for remote workers (Tax Alert 2022-0549) — Apr 05: Iowa Department of Revenue confirms changes to individual income tax provisions apply starting in 2023 (Tax Alert 2022-0545) — Apr 05: State corporate income and franchise tax developments in the first quarter of 2022 (Tax Alert 2022-0544) — Apr 04: Texas Supreme Court clarifies that "origin-based" system applies to sourcing gross receipts from the sale of services for Texas apportionment purposes (Tax Alert 2022-0539) — Apr 01: California Franchise Tax Board issues ruling on assigning gross receipts from sales of services to business entities (Tax Alert 2022-0531) — Apr 01: FY2023 Budget proposals could have state income tax implications (Tax Alert 2022-0528) ————————————————————————— State and Local Tax Weekly — California Franchise Tax Board issues ruling on assigning gross receipts from sales of services to business entities. In its Legal Ruling 2022-01, the California Franchise Tax Board (CA FTB) sets forth the "relevant considerations and proper analysis" that should be used to determine how to assign gross receipts from the sale of services to business entities under California Code of Regulations, title 18, section 25136-2 (Regulation 25136-2) for the purpose of the state's market-based sourcing rules (CA FTB Legal Ruling 2022-01). — Income/Franchise, Sales & Use, Property Tax, Payroll & Employment Tax, Miscellaneous Tax, Value Added Tax, Upcoming Webcasts ————————————————————————— 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. | |||||||
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