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Ernst & Young's U.S. Tax This Week newsletter for the week ending November 4 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

International tax talk quarterly series with the EY Global Tax Desk Network: A discussion on recent tax developments in the LATAM region (November 8)
Latin America has a complex tax environment, and recent developments in the region have resulted in additional considerations for year-end and future years. During this EY Webcast, Ernst & Young professionals will address the expected impact of regional developments.

An essential unclaimed property update (November 15)
During this EY Webcast, Ernst & Young professionals will provide an update on legislation, real-time controversy issues, industry responses and overall trends. The panelists will also discuss the impact of recent developments on current and future compliance issues, in addition to identifying leading practices that are vital to an effective unclaimed property compliance program.

BorderCrossings ... With EY transfer pricing and tax professionals (November 17)
During this EY Webcast, Ernst & Young transfer pricing and tax professionals will help you stay informed and able to adopt a more proactive stance in developing and defending your transfer pricing policies and practices.

Tax in the time of COVID-19: Update on legislative, economic, regulatory and IRS developments (November 18)
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.

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Recent Tax Alerts

Internal Revenue Service

— Nov 03: In calculating self-dealing excise tax, disqualified person's loan balance includes unpaid interest from closed years (Tax Alert 2022-1658)

— Oct 28: IRS Exempt Organizations and Government Entities division chief details FY22 compliance projects (Tax Alert 2022-1637)

— Oct 31: IRS releases 2023 inflation adjustments for fringe benefits and Form W-2/1099 information reporting penalties (Tax Alert 2022-1636)

— Oct 31: IRS releases the qualified retirement plan limitations for year 2023: 401(k) pretax limit increases to $22,500; catch-up limit rises to $7,500 (Tax Alert 2022-1635)

International

— Nov 03: Peruvian President ratifies Convention to Harmonize the Double Tax Treaties of Pacific Alliance (Tax Alert 2022-1655)

— Nov 03: Spain implements reverse hybrid mismatches rule under EU ATAD 2 (Tax Alert 2022-1654)

— Nov 03: EY Canada's Tax Matters @ EY for November 2022 (Tax Alert 2022-1653)

— Nov 03: UAE amends VAT Decree Law (Tax Alert 2022-1650)

— Nov 02: Senegal introduces COVID-19 vaccination requirement for inbound travelers (Tax Alert 2022-1648)

— Nov 02: Argentine Tax Authority extends suspension of mandatory disclosure regime (Tax Alert 2022-1646)

— Nov 01: Spanish tax authorities deny interest deductions on debt to fund a share premium distribution, overall transaction declared as abusive in binding report (Tax Alert 2022-1643)

— Nov 01: Turkey extends application of corporation tax exemption on "FX-protected Deposit and Participation Accounts" to 30 September dated balance sheets (Tax Alert 2022-1641)

— Oct 31: Japan’s consumption tax reform will be effective from 1 October 2023 (Tax Alert 2022-1640)

— Oct 31: Spain relaxes entry rules for individuals traveling from outside of the European Union and Schengen Area (Tax Alert 2022-1639)

— Oct 28: Peru enacts regulations on temporary VAT reduction for specific hotels and restaurants (Tax Alert 2022-1628)

Legislation

— Oct 28: Treasury announces $5 billion award for New Markets Tax Credit program for CY 2021 (Tax Alert 2022-1634)

States

— Nov 01: Arizona announces lower income tax withholding rates for 2022 and 2023 (Tax Alert 2022-1645)

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Recent Newsletters

State and Local Tax Weekly
   Highlights of this edition include:

— Maryland Circuit Court strikes down Digital Advertising Services Tax, citing violations of Internet Tax Freedom Act, Commerce Clause and First Amendment. Anne Arundel County (MD) Circuit Court Judge Alison Asti held that the Maryland's Digital Advertising Services Tax (DAT), which took effect on Jan. 1, 2022, violates (1) the Internet Tax Freedom Act (ITFA) and Supremacy Clause because it "constitutes a discriminatory tax"; (2) the Commerce Clause as it discriminates against interstate commerce; and (3) the First and Fourteenth Amendments because it singles out the plaintiff for selective taxation and is not content-neutral.

— Income/Franchise, Sales & Use, Business Incentives, Property Tax, Compliance & Reporting, Payroll & Employment Tax, Miscellaneous Tax, Upcoming Webcasts

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IRS Weekly Wrap-Up

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.