Tax News Update    Email this document    Print this document  

November 13, 2022

U.S. Tax This Week for November 11

Ernst & Young's U.S. Tax This Week newsletter for the week ending November 11 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.

Top of the Week

IRS and Treasury release 2022--023 guidance plan listing energy-related projects, request comments on certain IRA energy provisions

On November 4, 2022, the IRS and Treasury released the 2022—2023 Priority Guidance Plan, which lists the projects to which the IRS and Treasury will allocate resources for plan year July 1, 2022 through June 30, 2023. The guidance plan contains 10 projects concerning energy security. In addition, the IRS released three notices requesting comments on energy-related tax credits enacted by the Inflation Reduction Act (IRA). EY Tax Alert 2022-1678 has details.

FY2023 priorities for IRS Tax Exempt & Government Entities division provided in annual Priority Guidance Plan and TE/GE Program Letter

The IRS Tax Exempt & Government Entities (TE/GE) division recently published its Fiscal Year 2023 Program Letter listing current TE/GE priorities, which align with the IRS Strategic Plan FY2022—2026 Goals & Objectives and the IRS's four strategic goals — Service, Enforcement, People and Transformation. EY Tax Alert 2022-1693 has details.

Upcoming Webcasts

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.

Global Treasury: Key tax trends and topics to consider for 2023 (December 8)
During this EY Webcast, a global EY panel will discuss key tax trends and topics that will affect global treasury activity in 2023. This session will cover, in particular, multinationals’ cash management and risk management activities, as well as the potential effect of Pillar Two and the trends in financial transaction transfer pricing controversy.

Omnishoring: Recent trends in supply chain, tax and global trade (December 13)
During this EY Webcast, a global EY panel will discuss the current factors that affect supply chain. This session will cover the macroeconomic, geopolitical and operational trends driving multinationals to reconsider the resilience of their supply chain across the manufacturing, logistics, distribution and sales functions.

Recent Tax Alerts

Internal Revenue Service

— Nov 04: IRS Appeals Office releases 'Focus Guide' for FY23 (Tax Alert 2022-1667)


— Nov 10: UK implements new policy regarding the reporting of foreign workers’ employment start dates (Tax Alert 2022-1691)

— Nov 10: US DHS implements Deferred Action for Childhood Arrivals Final Rule (Tax Alert 2022-1690)

— Nov 10: Turkey enacts new law amending various tax laws (Tax Alert 2022-1689)

— Nov 10: EU Finance Ministers agree on Code of Conduct mandate reform (Tax Alert 2022-1687)

— Nov 10: UAE issues new Tax Procedures Decree Law (Tax Alert 2022-1686)

— Nov 09: UK announces changes to multiple visitor and worker categories (Tax Alert 2022-1683)

— Nov 09: Paraguay publishes new immigration law (Tax Alert 2022-1680)

— Nov 08: German Government releases draft legislation for a Single-Use Plastics levy in Germany (Tax Alert 2022-1676)

— Nov 08: Italy publishes guidance regarding taxation of trusts in Italy (Tax Alert 2022-1675)

— Nov 07: El Salvador's Tax Code reforms to implement electronic invoicing are approved (Tax Alert 2022-1670)

— Nov 04: OECD releases outcomes of fifth peer review on BEPS Action 13 and updates CbCR guidance (Tax Alert 2022-1666)

— Nov 04: Uruguay's Government enacts law for accountability for 2021 (Tax Alert 2022-1664)

— Nov 04: Canada's Federal Fall Economic Statement 2022 discussed (Tax Alert 2022-1662)


— Nov 07: CMS issues physician, outpatient/ASC, home health, and ESRD final 2023 payment rules (Tax Alert 2022-1672)


— Nov 10: Inflation Reduction Act does not trigger 15% income tax rate on industrial development income in Puerto Rico (Tax Alert 2022-1688)

Recent Newsletters

ITS/Washington Dispatch
   Highlights of this edition include:

Treasury and IRS news

  • Proposed FTC regs release expected soon, PTEP regs in first half of 2023
  • Treasury official says proposed crypto regs coming before year end

Transfer pricing news

  • IRS may be more selective on APAs given availability of ICAP in transfer pricing disputes
  • IRS to reconsider APA revenue procedure guidance

Tax treaty news

  • Treasury developing measures for future treaties to address new tax regimes, new US-Croatia treaty before year end

OECD developments

  • G20 Finance Ministers welcomed progress made on BEPS 2.0, called for swift implementation
  • OECD releases public consultation document on administration and tax certainty aspects of Amount A of Pillar One
  • OECD releases report on interaction of Tax Incentives and Pillar Two
  • OECD/G20 Inclusive Framework held 14th plenary meeting and published 6th annual progress report

IRS Weekly Wrap-Up

Final Regulations

 TD 9967Section 42, Low-Income Housing Credit Average Income Test Regulations; Correction

Proposed Regulations

 REG–100719–21User Fees Relating to Enrolled Actuaries; Correction

Revenue Procedures

 2022-4026 CFR § 601.201: Rulings and determination letters


 2022-23Renewable Electricity Production Credit Amounts for Calendar Year 2022


 2022-41Additional Permitted Election Changes for Health Coverage under Section 125 Cafeteria Plans

Internal Revenue Bulletin

 2022-46Internal Revenue Bulletin of November 14, 2022

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.