July 17, 2022 U.S. Tax This Week for July 15 Ernst & Young's U.S. Tax This Week newsletter for the week ending July 15 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.
————————————————————————— Our US employment tax rates and limits publication is updated through June 15, 2022 ————————————————————————— 2022 Alternative and registered funds mid-year update (July 20) Taxing crypto and other digital assets: Using practical scenarios to explore key tax concepts for individuals and businesses (July 21) Financing the energy transition — US tax equity arrangements (July 28) Private equity and private capital — navigating transformative global and US legislative change (August 18) ————————————————————————— Internal Revenue Service — Jul 14: Proposed regulations address deductibility of certain estate expenses (Tax Alert 2022-1061) — Jul 14: Proposed regulations would limit IRC Section 1256 mark-to-market accounting for foreign currency contracts to foreign currency forward contracts (Tax Alert 2022-1060) — Jul 13: IRS TE/GE 'Issue Snapshot' identifies issue indicators and audit tips related to self-dealing exceptions (Tax Alert 2022-1053) — Jul 12: IRS rules certain independent retirement living facilities are not health care facilities for purposes of REIT rules (Tax Alert 2022-1045) — Jul 11: New proposed regulations define 'foreign currency contract' for purposes of IRC Section 1256 mark-to-market rules (Tax Alert 2022-1040) International — Jul 14: Costa Rica's Government publishes regulations to implement the Digital Nomads Law (Tax Alert 2022-1063) — Jul 14: Tanzania’s President assents to Finance Act 2022 (Tax Alert 2022-1058) — Jul 14: Saudi Arabia issues public consultation document to modify Transfer Pricing Bylaws (Tax Alert 2022-1056) — Jul 13: Italy’s plastic tax will enter into force on 1 January 2023 (Tax Alert 2022-1052) — Jul 13: Canada's new Underused Housing Tax Act receives Royal Assent (Tax Alert 2022-1049) — Jul 12: OECD releases Progress Report on Amount A of Pillar One of BEPS 2.0 project and invites public comment (Tax Alert 2022-1042) — Jul 12: Italian Tax Authority issues Ministerial Circular on Mandatory Disclosure Rules (Tax Alert 2022-1041) — Jul 11: China reduces COVID-19 isolation period for all inbound travelers, PU letters no longer required for business visitors (Tax Alert 2022-1038) — Jul 11: Sri Lanka introduces new 10-year Golden Paradise Residence Visa for investors (Tax Alert 2022-1037) — Jul 11: South Africa | Overview of procedure to cease tax residency (Tax Alert 2022-1036) — Jul 11: Poland proposes significant changes to Corporate Income Tax law (Tax Alert 2022-1033) — Jul 11: Denmark publishes draft bill introducing tax liability for activities carried out in Denmark's Exclusive Economic Zone (Tax Alert 2022-1032) — Jul 01: Brazil ratifies income tax treaty with Singapore, making treaty fully effective (Tax Alert 2022-1031) — Jul 01: Cyprus introduces transfer pricing rules and documentation requirements (Tax Alert 2022-1028) — Jul 11: The Netherlands issues new transfer pricing decree (Tax Alert 2022-1027) Legislation — Jul 13: Ways & Means holds housing hearing (Tax Alert 2022-1057) — Jul 13: What to expect in Washington (July 13) (Tax Alert 2022-1047) — Jul 13: CMS issues proposed CY2023 Medicare physician fee schedule (Tax Alert 2022-1050) — Jul 13: Energy and Commerce Subcommittee hearing on oversight of Medicare advantage plans (Tax Alert 2022-1048) States — Jul 14: "Final updates" to New York's draft business corporate franchise tax regulations will affect all industries (Tax Alert 2022-1062) — Jul 14: City of Scranton, Pennsylvania's payroll preparation tax return for second quarter is due August 31, 2022 (Tax Alert 2022-1059) — Jul 13: New York State appeals court holds infrequently used vacation home is not permanent place of abode for purposes of determining New York residency (Tax Alert 2022-1054) — Jul 13: Ohio revisits Internal Revenue Code conformity, moves the date back (Tax Alert 2022-1051) — Jul 12: Ohio Supreme Court to review Ohio city income tax imposition on remote workers (Tax Alert 2022-1044) ————————————————————————— ITS/Washington Dispatch Legislation
Courts
IRS news
OECD Developments
————————————————————————— Proposed Regulations
Revenue Procedures
Revenue Rulings
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. | ||||||||||||||||