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December 15, 2022

U.S. Tax This Week for December 16

Ernst & Young's U.S. Tax This Week newsletter for the week ending December 16 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

FinCEN continues to extend certain signature authority reporting (FBAR, Form 114)

In Notice 2022-1 (the Notice), released December 9, 2022, the Financial Crimes Enforcement Network (FinCEN) further extended the filing deadline for certain individuals who previously qualified for an extension of time to file the Report of Foreign Bank and Financial Accounts (FBAR) regarding signature authority under Notice 2021-1 and previous guidance. EY Tax Alert 2022-1877 has details.

EY resources are now available to assist you with your payroll year-end activities

During our December 8, 2022, webcast, 2022 Employment tax year in review, panelists discussed numerous federal and state employment tax topics to consider for year-end 2022 and 2023. EY Tax Alert 2022-1862 has details.

EY Guides, Surveys, and Reports

Who pays the tax: Carbon pricing by sector and country under alternative climate scenarios
Given the global focus on climate change and the range of possible policy paths that can be taken by governments worldwide, it is important that businesses formulate long-term strategies to adjust to the policies employed to make progress in the global transition toward a green economy. As part of this, businesses need to consider a variety of possible future scenarios.

TTC/EY Business Tax Policy Barometer (November 2022)
The Tax Council (TTC) and Ernst & Young LLP periodically produce the Business Tax Policy Barometer, providing insights on the business community's perceptions on a variety of business tax and other key policy issues. This 21st Barometer tracks the views reported from October 25 through November 8, 2022.

Upcoming Webcasts

BEPS 2.0: New OECD releases and ongoing implementation activity (January 12)
During this EY Webcast, Ernst & Young professionals will examine the latest OECD releases on both Pillars and explore the growing legislative activity as jurisdictions begin to incorporate global minimum tax rules into their domestic law. Please join EY professionals for this webcast.

Recent Tax Alerts

Internal Revenue Service

— Dec 14: IRS permanently extends Affordable Care Act reporting deadline 30 days and eliminates good faith relief (Tax Alert 2022-1881)

— Dec 12: Congressional report on college coaches' compensation evidences continued scrutiny of tax-exempt organizations and importance of diligent documentation (Tax Alert 2022-1857)


— Dec 14: Global Tax Policy and Controversy Watch | December 2022 edition (Tax Alert 2022-1880)

— Dec 14: EY TradeWatch | Issue 3, 2022 (Tax Alert 2022-1878)

— Dec 14: FinCEN continues to extend certain signature authority reporting (FBAR, Form 114) (Tax Alert 2022-1877)

— Dec 14: European Parliament and European Council reach provisional agreement on EU Carbon Border Adjustment Mechanism (Tax Alert 2022-1872)

— Dec 13: Hong Kong issues trade consultation paper proposing enhancements to aircraft leasing tax concession regime (Tax Alert 2022-1871)

— Dec 13: Hong Kong and Mauritius sign comprehensive double taxation arrangement (Tax Alert 2022-1870)

— Dec 13: Managing your personal taxes 2022-23 | A Canadian perspective (Tax Alert 2022-1869)

— Dec 13: Ireland's immigration authorities announce travel, work and residence exemptions for non-EEA nationals holding expired Irish Residence Permits (Tax Alert 2022-1868)

— Dec 12: EU says member states reach agreement on Pillar Two minimum tax directive (Tax Alert 2022-1865)

— Dec 13: UAE Ministry of Finance releases Corporate Tax Law (Tax Alert 2022-1861)

— Dec 12: Belgium implements new corporate income tax rules starting 1 January 2023 (Tax Alert 2022-1860)

— Dec 09: Colombia's Tax Reform includes key provisions on individual taxation (Tax Alert 2022-1854)

— Dec 09: EU publishes Directive proposal on tax transparency rules for crypto-assets (Tax Alert 2022-1852)

— Dec 09: European Commission publishes proposals for VAT in the Digital Age (Tax Alert 2022-1848)

— Dec 09: UAE Ministry of Finance releases Corporate Tax Law (Tax Alert 2022-1847)

— Dec 09: PE Watch | Latest developments and trends, December 2022 (Tax Alert 2022-1843)

— Dec 08: Italy releases initial draft of 2023 Budget Law (Tax Alert 2022-1842)

— Dec 08: UK Border Force strike announced from December 23 to 31 (Tax Alert 2022-1840)

— Dec 08: Brazil and United Kingdom sign comprehensive double tax treaty (Tax Alert 2022-1839)

— Dec 08: Switzerland's Service Mobility Agreement with UK extended until December 31, 2025 (Tax Alert 2022-1836)

— Dec 08: OECD releases corporate tax statistics and the 2022 revenue statistics and consumption tax trends (Tax Alert 2022-1831)

— Dec 08: Kenya Court of Appeal upholds decision of the High Court of Kenya and declares minimum tax unconstitutional (Tax Alert 2022-1830)


— Dec 14: What to expect in Washington (December 14) (Tax Alert 2022-1876)

— Dec 08: CMS issues "Advancing Interoperability and Improving Prior Authorization Processes" proposed rule (Tax Alert 2022-1838)


— Dec 13: Pennsylvania law gives retroactive SUI tax relief to employers whose operations were temporarily shut down due to COVID-19 and adds flexibility to the state's Shared Work program (Tax Alert 2022-1874)

— Dec 12: EY resources are now available to assist you with your payroll year-end activities (Tax Alert 2022-1862)

Recent Newsletters

ITS/Washington Dispatch
   Highlights of this edition include:

Treasury and IRS news

  • IRS proposed foreign tax credit regulations offer relief from cost recovery and source-based attribution rules, include other key changes
  • IRS moving forward on cryptoasset issues
  • Section 367(d) regs coming early next year, official says
  • No delay or transition period for final Section 1446(f) regs implementation date

Tax treaty news

  • Congressional Republicans urge Administration to not terminate US-Hungary treaty

Transfer pricing

  • IRS will consider applying economic substance doctrine and related penalties more frequently in transfer pricing audits
  • IRS 2022–2023 Priority Guidance Plan includes transfer pricing projects similar to last year

OECD developments

  • OECD holds Tax Certainty Day addressing MAP developments, tax certainty under BEPS Pillars One and Two
  • OECD updates guidance on implementation of CbC Reporting

IRS Weekly Wrap-Up

Final Regulations

 TD 9969Treatment of Special Enforcement Matters
 TD 9970Information Reporting of Health Insurance Coverage and Other Issues Under Sections 5000A, 6055, and 6056

Proposed Regulations

 REG-113839-22Single-Entity Treatment of Consolidated Groups for Specific Purposes

Revenue Procedures

 2023-0826 CFR 601.204: Changes in accounting periods and in methods of accounting
 2022-432023 Qualified Intermediary Agreement
 2022-42Submission of Information to IRS by Qualified Manufacturers of Clean Vehicles, Previously-Owned Clean Vehicles, and Commercial Clean Vehicles; Submission of Information to IRS by Sellers of Clean Vehicles and Previously-Owned Clean Vehicles

Internal Revenue Bulletin

 2022-50Internal Revenue Bulletin of December 12, 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.