May 1, 2022
U.S. Tax This Week for April 29
Ernst & Young's U.S. Tax This Week newsletter for the week ending April 29 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.
International tax talk (May 10)
How MNEs can adapt to TP developments in financial transactions and related controversy (May 11)
Work reimagined: How to prepare for ‘renaissance and recommitment’ (May 17)
How to realize the full potential of your tax and finance function (May 23)
Internal Revenue Service
— Apr 27: IRS provides penalty relief for failure to deposit superfund chemical taxes (Tax Alert 2022-0688)
— Apr 22: IRS allows taxpayers to make late cost recovery elections for certain qualified Indian reservation property, qualified second-generation biofuel plant property, and certain film, television, and live theatrical productions (Tax Alert 2022-0666)
— Apr 27: Updates provided regarding US designated Temporary Protected Status for Cameroon and Ukraine (Tax Alert 2022-0685)
— Apr 27: Canada announces program changes targeted to help attract and retain talent (Tax Alert 2022-0684)
— Apr 27: Canada's budget 2022 and the updated immigration imperative (Tax Alert 2022-0683)
— Apr 27: Sweden's new work permit legislation to go into effect on June 1 (Tax Alert 2022-0682)
— Apr 27: Kenya publishes additional regulations on beneficial ownership (Tax Alert 2022-0680)
— Apr 25: EU VAT rates proposal agreed to and published in the Official Journal (Tax Alert 2022-0674)
— Apr 25: OECD releases public consultation document on Extractives Exclusion under Amount A for Pillar One (Tax Alert 2022-0673)
— Apr 25: Portugal | European Court of Justice decision on withholding tax applicable on dividends distributed to nonresident Undertakings for Collective Investment discussed (Tax Alert 2022-0672)
— Apr 22: Austria implements new wage tax exemption for profit sharing payments made to employees (Tax Alert 2022-0664)
— Apr 22: Eswatini presents 2022 Budget (Tax Alert 2022-0663)
— Apr 13: Brazil to propose new transfer pricing system in line with OECD (Tax Alert 2022-0606)
— Apr 28: Senate HELP hearing on FDA user fee agreements | Advancing medical product regulation and innovation for the benefit of patients, FDA Center Directors (Tax Alert 2022-0689)
— Apr 27: What to expect in Washington (April 27) (Tax Alert 2022-0679)
— Apr 27: Maryland law establishes a paid family and medical leave insurance program with contributions due starting October 1, 2023 (Tax Alert 2022-0686)
— Apr 25: Puerto Rico extends due date for volume of business declarations (Tax Alert 2022-0675)
State and Local Tax Weekly
— New York governor signs Fiscal 2022—2023 budget bill into law, includes various tax law changes On April 9, 2022, Governor Kathy Hochul signed into law 2022 NY A9009/S8009(N.Y. Laws 2022, ch. 59), New York's Fiscal 2022—2023 budget (budget bill).
— Kentucky legislature overrides governor's veto of HB 8 to enact conditional income tax rate cuts, sales/use tax base expansion and tax amnesty program On April 13, 2022, the Kentucky General Assembly overrode Governor Andy Beshear's veto of 2022 KY HB 8, which makes several changes to Kentucky tax laws.
— Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property
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.