Tax News Update    Email this document    Print this document  

May 15, 2022
2022-0762

U.S. Tax This Week for May 13

Ernst & Young's U.S. Tax This Week newsletter for the week ending May 13 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.

—————————————————————————
Top of the Week

Changes to QI withholding agreement rules expand QI withholding and reporting responsibilities

The IRS has published changes (Notice 2022-23) to the qualified intermediary (QI) withholding agreement rules that will allow a QI to assume withholding and reporting responsibilities for purposes of IRC Sections 1446(a) and (f). Generally, these changes would apply to a QI that sells an interest in a publicly traded partnership (PTP) or receives a distribution from a PTP on behalf of a QI account holder. EY Tax Alert 2022-0754 has details.

IRS corrects 2022 inflation adjustments for renewable energy production tax credits

The IRS has issued a correction (Notice 2022—09695) to its recently issued 2022 inflation adjustment facts and reference prices for the IRC Section 45 production tax credit (PTC) for qualified energy sources (Tax Alert 2022-0699). EY Tax Alert 2022-0741 has details.

—————————————————————————
Upcoming Webcasts

Work reimagined: How to prepare for ‘renaissance and recommitment’ (May 17)
During this EY Webcast, Ernst & Young professionals will explore the results of the newly released EY 2022 Work Reimagined Survey, which included more than 17,000 employees and 1,500 employers across 22 countries.

Private equity and private capital quarterly tax webcast (May 17)
During this EY Webcast, Ernst & Young professionals will discuss recent global private equity (PE) industry trends and the outlook for US and international legislative and regulatory changes relevant to PE and alternative funds, transactions and portfolio companies.

How to realize the full potential of your tax and finance function (May 23)
During this EY Webcast, Ernst & Young professionals will discuss recent tax industry trends and the outlook for changes relevant to financial services tax companies.

BorderCrossings (May 25)
During this EY Webcast, Ernst & Young professionals will discuss issues arising from transactions and global economic developments impacting domestic transfer pricing (TP). Panelists will also review the latest state tax administrative approaches to resolving TP disputes, such as state advanced pricing agreement initiatives, as well as recent case law and legislative proposals – highlighting controversy considerations for multicorporate businesses.

Domestic tax quarterly webcast series: A focus on state tax matters (June 2)
During this second quarter EY Webcast, Ernst & Young professionals will discuss important state tax policy developments, as well as international tax policy developments that could affect state and local taxes.

The indirect tax technology journey: Now. Next. Beyond. (June 9)
During this EY Webcast, Ernst & Young professionals will share insights into how market-leading organizations are using technology to adapt to new legislation and market trends, and to effectively transform tax operations. This webcast will focus on leading practices for global indirect tax technology selection and implementation.

—————————————————————————
Recent Tax Alerts

Internal Revenue Service

— May 06: IRS rules qualified nuclear decommissioning reserve fund can be used for waste storage facility (Tax Alert 2022-0736)

International

— May 12: PE Watch | Latest developments and trends, May 2022 (Tax Alert 2022-0757)

— May 12: Germany’s Ministry for the Environment circulates proposal on implementation of Extended Producer Responsibility regime for single-use plastic items (Tax Alert 2022-0755)

— May 12: European Commission proposes Directive to tackle debt-equity bias in taxation (Tax Alert 2022-0753)

— May 11: Canada's proposed hybrid mismatch arrangement rules discussed (Tax Alert 2022-0751)

— May 10: UK delays import checks on EU products (Tax Alert 2022-0745)

— May 09: EU imposes sanctions in response to war in Ukraine (Tax Alert 2022-0739)

— May 06: South Africa’s Minister of Finance proposes further disclosure of wealth (Tax Alert 2022-0729)

Legislation

— May 12: House Energy & Commerce Health Subcommittee advances bipartisan user fee, mental health and research bills to full committee (Tax Alert 2022-0759)

— May 11: What to expect in Washington (May 11) (Tax Alert 2022-0752)

— May 06: Senate Commerce Subcommittee hearing on ensuring fairness and transparency in the market for prescription drugs (Tax Alert 2022-0730)

States

— May 11: Puerto Rico's Municipal Revenue Collections Center extends due date for filing personal property tax return for tax year 2021 to May 23, 2022 (Tax Alert 2022-0756)

— May 10: New Colorado law penalizes unreasonable or incomplete sales-and-use-tax refund claims (Tax Alert 2022-0746)

— May 09: New York City issues guidance on new salary transparency law (Tax Alert 2022-0742)

— May 06: New York updates draft regulations to identify protected and unprotected internet activities under P.L. 86-272 (Tax Alert 2022-0734)

— May 09: Georgia law lowers personal income tax rates starting in 2024 (Tax Alert 2022-0732)

—————————————————————————
Recent Newsletters

ITS/Washington Dispatch
   Highlights of this edition include:

Legislation

  • Congress returns amid speculation over limited budget reconciliation
  • Senate proposal would disallow foreign tax credits, other US tax benefits connected with operations in Russia or Belarus

IRS news

  • IRS issues annual APA report for 2021
  • New Schedules K-2 and K-3 FAQs released

OECD developments

  • OECD holds public consultation meeting on Implementation Framework for Pillar Two GloBE Rules
  • OECD releases public consultation document on draft rules regarding scope under Amount A for BEPS Pillar One
  • OECD releases public consultation document on Extractives Exclusion under Amount A for Pillar One
  • OECD releases ninth batch of Stage 2 peer review reports on dispute resolution
  • OECD releases fourth annual peer review report on BEPS Action 6 relating to prevention of treaty abuse

—————————————————————————
IRS Weekly Wrap-Up

Revenue Procedures

 2022-2226 CFR 1.6012-1: Individuals required to make returns of income

Internal Revenue Bulletin

 2022-20Internal Revenue Bulletin of May 16, 2022

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.

 

The information contained herein is general in nature and is not intended, and should not be construed, as legal, accounting or tax advice or opinion provided by Ernst & Young LLP to the reader. The reader also is cautioned that this material may not be applicable to, or suitable for, the reader's specific circumstances or needs, and may require consideration of non-tax and other tax factors if any action is to be contemplated. The reader should contact his or her Ernst & Young LLP or other tax professional prior to taking any action based upon this information. Ernst & Young LLP assumes no obligation to inform the reader of any changes in tax laws or other factors that could affect the information contained herein.

 

Copyright © 1996 – 2024, Ernst & Young LLP

 

All rights reserved. No part of this document may be reproduced, retransmitted or otherwise redistributed in any form or by any means, electronic or mechanical, including by photocopying, facsimile transmission, recording, rekeying, or using any information storage and retrieval system, without written permission from Ernst & Young LLP.

 

EY US Tax News Update Master Agreement | EY Privacy Statement