June 12, 2022 U.S. Tax This Week for June 10 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.
——————————————————————— Competent Authority procedures in cross-border controversy in the Americas (June 15) Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (June 17) What to know about the growing global demands for tax governance (June 20) Accounting for income taxes: A quarterly perspective (June 21) How to navigate global TP controversy in life sciences — US focus (June 22) BorderCrossings (June 30) ————————————————————————— 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) ————————————————————————— 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
IRS news
OECD developments
————————————————————————— 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. | ||||||||||