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Ernst & Young's U.S. Tax This Week newsletter for the week ending June 10 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.

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Upcoming Webcasts

Competent Authority procedures in cross-border controversy in the Americas (June 15)
During this EY Webcast, Ernst & Young professionals will discuss trends and developments in Advance Pricing Agreements (APAs) and Mutual Agreement Procedure (MAP) in selected jurisdictions in the Americas.

Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (June 17)
During this EY Webcast, Ernst & Young professionals will discuss how businesses can navigate the tax policy environment and continue to effectively operate their tax function in this time of crisis and change. Panelists will provide updates on: (i) the US economy and tax policy; (ii) breaking developments; and (iii) what’s happening at the IRS.

What to know about the growing global demands for tax governance (June 20)
During this EY Webcast, Ernst & Young professionals will discuss the growing need for companies to demonstrate higher levels of tax governance.

Accounting for income taxes: A quarterly perspective (June 21)
During this EY Webcast, Ernst & Young professionals will address developments and issues in accounting for income taxes.

How to navigate global TP controversy in life sciences — US focus (June 22)
During this EY Webcast, Ernst & Young professionals will explore life sciences transfer pricing controversy trends and developments in the US. Our team of life sciences and transfer pricing specialists will discuss and share their perspectives on emerging trends and hot topics relevant to this market.

BorderCrossings (June 30)
During this EY Webcast, Ernst & Young professionals will discuss the current scope and framework of the Pillar One and Pillar Two proposals, the impact on multinationals, a US legislative update on related matters, and next steps.

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Recent Tax Alerts

Courts

— Jun 03: Fifth Circuit denies rehearing request on its decision that federal oil spill tax on exported crude oil is unconstitutional (Tax Alert 2022-0869)

Internal Revenue Service

— Jun 03: Pharmacy business constitutes a qualified trade or business under IRC Section 1202(e)(3), IRS rules (Tax Alert 2022-0868)

— May 31: IRS GLAM addresses allocating and apportioning 'deferred compensation expense' for FDII deductions (Tax Alert 2022-0854)

International

— Jun 07: OECD releases public consultation documents on tax certainty under Amount A for Pillar One (Tax Alert 2022-0888)

— Jun 07: Uruguay extends deadline for submitting large economic projects to application council to December 31, 2023 (Tax Alert 2022-0887)

— Jun 07: Uruguay extends period for performing promoted investments under Decree No. 329/016 to December 31, 2023 (Tax Alert 2022-0886)

— Jun 07: UAE implements Comprehensive Economic Partnership Agreement with India related to imports (Tax Alert 2022-0882)

— Jun 07: New Zealand Inland Revenue Officials consult on domestic adoption of OECD Pillar Two (Tax Alert 2022-0881)

— Jun 06: Spain deposits notifications of completion of its internal procedures for entry into effect of the MLI (Tax Alert 2022-0878)

— Jun 02: EY Canada's Tax Matters @ EY for June 2022 (Tax Alert 2022-0863)

— Jun 02: Nunavut budget 2022-23 discussed (Tax Alert 2022-0862)

— Jun 02: Turkey introduces continuous reporting requirement of certain information for property listings published on the internet (Tax Alert 2022-0861)

— Jun 01: The Netherlands announces 30% facility cap (Tax Alert 2022-0860)

— Jun 01: Spain tightens rules for taxation of long-term incentives under special tax regime for inbound employees (Tax Alert 2022-0859)

— Jun 01: Ireland launches consultation on Pillar Two implementation (Tax Alert 2022-0857)

— May 31: Recent updates to Quebec immigration discussed (Tax Alert 2022-0856)

— May 31: DHS announces procedures for Afghan Temporary Protected Status applications and offers Special Student Relief for Afghan F-1 students (Tax Alert 2022-0855)

— May 31: Australia's immigration policy as of July 1 discussed (Tax Alert 2022-0853)

— May 31: European Union to implement Entry and Exit System (EES) and European Travel Information and Authorisation System (ETIAS) (Tax Alert 2022-0852)

— May 26: UK announces new 25% energy profits levy (Tax Alert 2022-0846)

— May 26: Norway proposes changes to VAT rules on e-commerce (Tax Alert 2022-0845)

Legislation

— Jun 08: What to expect in Washington (June 8) (Tax Alert 2022-0891)

— Jun 07: Secretary Yellen faces questions from Senate Finance Committee (Tax Alert 2022-0890)

— Jun 03: Medicare Trustees push Hospital Insurance Trust Fund insolvency date to 2028 (Tax Alert 2022-0874)

— Jun 06: Social Security Administration publishes wage base projections for 2023 through 2031 (Tax Alert 2022-0873)

— Jun 01: House Energy & Commerce Oversight and Investigations Subcommittee hearing on formula safety and supply (Tax Alert 2022-0858)

States

— Jun 09: Retailers must collect new Colorado Retail Delivery Fee beginning July 1, 2022 (Tax Alert 2022-0902)

— Jun 07: Ohio Department of Taxation issues final determination effectively applying look-through sourcing on asset management services (Tax Alert 2022-0885)

— Jun 02: Puerto Rico's sales tax holiday for school uniforms and supplies will run from July 15 through July 16 (Tax Alert 2022-0865)

— Jun 02: New Jersey publishes proposed combined reporting regulations for public comment (Tax Alert 2022-0864)

— May 31: Tucson, Arizona enacts Minimum Wage Act | raises the minimum wage and imposes other wage payment rules (Tax Alert 2022-0848)

— May 26: Puerto Rico's Treasury Secretary announces sales and use tax holiday for hurricane-season purchases will take place from June 17-June 19, 2022 (Tax Alert 2022-0847)

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Recent Newsletters

State and Local Tax Weekly

   Highlights of this edition include:

— Colorado makes elective pass-through entity tax retroactive to 2018 On May 16, 2022, Colorado Governor Jared Polis signed 2022 CO SB 22-124, which makes Colorado's elective pass-through entity (PTE) tax (enacted in 2021 by the SALT Parity Act) retroactive to Jan. 1, 2018. 2022 CO SB 22-124 makes other changes to the Colorado PTE tax law as well as the resident credit for taxes paid to other states under the Colorado personal income tax law.

—  Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property

ITS/Washington Dispatch

   Highlights of this edition include:

Legislation

• Budget reconciliation remains stalled, but with some behind-the-scenes talks

IRS news

• More US FTC guidance coming
• US government officials offer update on future international projects
• IRS GLAM addresses allocating and apportioning 'deferred compensation expense' for FDII deductions
• Changes to QI withholding agreement rules expand QI withholding and reporting responsibilities

OECD developments

• OECD officials offer BEPS 2.0 update
• OECD releases public consultation document on Regulated Financial Services Exclusion under Amount A for Pillar One

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IRS Weekly Wrap-Up

Proposed Regulations

Announcements

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.