July 3, 2022 U.S. Tax This Week for July 1 Ernst & Young's U.S. Tax This Week newsletter for the week ending July 1 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.
————————————————————————— EY publication highlights accounting implications of 2022 Q2 tax developments ————————————————————————— Taxing crypto and other digital assets: Using practical scenarios to explore key tax concepts for individuals and businesses (July 21) ————————————————————————— Internal Revenue Service — Jun 29: IRS issues new guidance ahead of July 1, 2022 effective date for Superfund excise tax (Tax Alert 2022-1015) — Jun 29: IRS rules on when normalization rules apply to depreciable property included in setting rates (Tax Alert 2022-1009) — Jun 24: IRS publishes new FAQs on reinstated Superfund chemical tax (Tax Alert 2022-0987) — Jun 24: IRS announces it won't rule on whether a transaction results in an employer reversion (Tax Alert 2022-0978) International — Jun 30: CJEU rules that Spanish rules on compensation for damages by the State are against EU law (Tax Alert 2022-1022) — Jun 30: Türkiye's Istanbul Finance Center Law enters into force (Tax Alert 2022-1020) — Jun 30: Swedish Ministry of Finance proposes new Withholding Tax Act (Tax Alert 2022-1018) — Jun 30: Kenya enacts Finance Act, 2022 (Tax Alert 2022-1017) — Jun 30: Hong Kong proposes to refine its foreign source income exemption regime forcertain passive income (Tax Alert 2022-1016) — Jun 29: Costa Rica outlines requirements for qualifying as an approved exporter under certain free trade agreements (Tax Alert 2022-1011) — Jun 29: Costa Rica reopens Customs Information System (Tax Alert 2022-1010) — Jun 29: German Ministry of Finance extends deadline for applications for retroactive exemption in "clear" treaty cases to 30 June 2023 (Tax Alert 2022-1007) — Jun 28: China | Customs and Tax Authorities in Shenzhen launch collaborative management of transfer pricing related to goods imported from related parties (Tax Alert 2022-1001) — Jun 27: UAE Federal Tax Authority issues public clarification on excise tax (Tax Alert 2022-0997) — Jun 27: Swiss Federal Council releases dispatch on constitutional amendment for BEPS 2.0 implementation in Switzerland (Tax Alert 2022-0994) — Jun 24: Canada's 2022 Budget implementation bill receives Royal Assent (Tax Alert 2022-0990) — Jun 24: Taiwan lifts transit ban, shortens quarantine period (Tax Alert 2022-0989) — Jun 24: Saudi Arabia increases customs duties on certain goods (Tax Alert 2022-0986) — Jun 24: European Parliament adopts carbon legislation package, final negotiations with EU Member State representatives expected soon (Tax Alert 2022-0977) — Jun 24: UK Government launches short consultation on draft Energy (Oil and Gas) Profits Levy Bill (Tax Alert 2022-0976) Legislation — Jun 24: What to expect in Washington (June 24) (Tax Alert 2022-0988) States — Jun 30: State corporate income and franchise tax developments in the second quarter of 2022 (Tax Alert 2022-1021) — Jun 29: Reinstated Superfund excise tax applies to companies operating in Puerto Rico (Tax Alert 2022-1013) — Jun 28: Vermont enacts significant corporate income tax changes (Tax Alert 2022-1006) — Jun 28: Washington State requires disclosures in employer job opportunity advertising starting in 2023 (Tax Alert 2022-1005) — Jun 28: Sales and Use Tax Quarterly Update for third quarter of 2022 (Tax Alert 2022-1004) — Jun 27: City of Hazelton, Pennsylvania replaces business privilege and mercantile tax with Payroll Preparation Tax starting in 2022 (Tax Alert 2022-0998) — Jun 24: Ohio clarifies tax treatment of certain sales of ownership interests in businesses (Tax Alert 2022-0991) ————————————————————————— State and Local Tax Weekly — New Jersey Division of Taxation offers new transfer pricing initiative that runs through March 2, 2023. The New Jersey Division of Taxation (NJ DOT) is conducting a voluntary transfer pricing initiative that runs through March 2, 2023 (initiative). — Vermont enacts significant corporate income tax changes. Recently enacted law (2022 Vt. Laws Act No. 148 (2022 VT SB 53) (2022 VT SB 53 or new law)), makes a number of significant changes to the state's corporate income tax laws and updates the state's conformity to the Internal Revenue Code of 1986, as amended (IRC). — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Compliance & Reporting, Controversy, Miscellaneous Tax ITS/Washington Dispatch Legislation
Courts
IRS news
OECD Developments
OECD releases public consultation documents on tax certainty under Amount A for Pillar One ————————————————————————— Proposed Regulations
Notices
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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