January 5, 2023 U.S. Tax This Week for January 6 Ernst & Young's U.S. Tax This Week newsletter for the week ending January 6 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.
————————————————————————— BEPS 2.0: New OECD releases and ongoing implementation activity (January 12) Tax in a time of transition: Legislative, economic, regulatory and IRS developments (January 20) How life sciences tax departments are preparing for sustainability (January 24) ————————————————————————— Internal Revenue Service — Jan 04: IRS delays $600 reporting threshold for third-party settlement organizations until 2023 (Tax Alert 2023-0028) — Jan 04: IRS issues additional guidance for brokers on transfers of interests in publicly traded partnerships (Tax Alert 2023-0026) — Jan 03: IRS limits audit protection for the treatment of specified research or experimental expenditures paid or incurred in tax years beginning after December 31, 2021 (Tax Alert 2023-0015) — Jan 03: IRS issues final revised qualified intermediary agreements effective beginning in 2023 (Tax Alert 2023-0011) — Dec 22: EY publication highlights accounting implications of 2022 Q4 income tax developments (Tax Alert 2022-1941) International — Jan 04: UK announces new COVID-19 testing requirements for travelers arriving from China Mainland (Tax Alert 2023-0024) — Jan 04: Argentina implements new mandatory disclosure regime for international transactions (Tax Alert 2023-0023) — Jan 04: Uruguay's Ministry of Economy and Finance sets minimum non-taxable amount of Net Wealth Tax (Tax Alert 2023-0022) — Jan 04: Uruguay updates list of countries or jurisdictions deemed low or no taxation (Tax Alert 2023-0021) — Jan 04: Pre-arrival molecular COVID-19 test required to enter Canada for those traveling from China, Hong Kong or Macao (Tax Alert 2023-0020) — Jan 04: US announces suspension of routine visa services and imposition of COVID-19 testing requirement affecting travel from People's Republic of China (Tax Alert 2023-0019) — Jan 04: Hong Kong implements new immigration policies to attract overseas and mainland Chinese talent (Tax Alert 2023-0018) — Jan 04: Peru extends temporary capital gain tax exemption for securities transferred through Lima Stock Exchange subject to certain restrictions (Tax Alert 2023-0017) — Jan 04: Europe | A review of three key environmental tax changes to take place in 2023 (Tax Alert 2023-0012) — Jan 03: Uruguay Government proposes tax incentives to attract IT professionals (Tax Alert 2023-0009) — Jan 03: Uruguay introduces zero VAT rate on hotel-related services to resident tourists for the summer season (Tax Alert 2023-0008) — Jan 03: Brazilian Government publishes Provisional Measure adopting arm’s-length principle (Tax Alert 2023-0006) — Jan 03: Saudi Arabia Ministry of Finance issues Zakat Collection Rules for Investment Funds (Tax Alert 2023-0005) — Jan 03: Saudi Arabia announces second wave of Phase 2 e-invoicing integration (Tax Alert 2023-0004) — Jan 03: China Mainland to lift additional COVID-19-related restrictions on January 8 (Tax Alert 2023-0003) — Jan 03: China Mainland further relaxes COVID-19-related travel restrictions (Tax Alert 2023-0002) — Dec 23: Hong Kong introduces bill on tax concessions for family-owned investment holding vehicles (Tax Alert 2022-1950) — Dec 23: OECD releases public consultation document on Pillar One Amount A and Digital Services Taxes (Tax Alert 2022-1948) — Dec 22: Spain implements EU Country-by-Country Reporting Directive applicable as of 22 June 2024 (Tax Alert 2022-1944) — Dec 22: Poland experiences increase in withholding tax collection due to introduction of "pay and refund" regime (Tax Alert 2022-1943) — Dec 22: Canada introduces new Labor Market Impact Assessment exemption codes under International Mobility Program (Tax Alert 2022-1940) — Dec 22: Canada passes prohibition on the purchase of residential property by non-Canadians (Tax Alert 2022-1939) — Dec 22: UK issues updated technical note and draft legislation on Electricity Generator Levy (Tax Alert 2022-1938) — Dec 22: OECD releases consultation document on tax certainty for the Pillar Two GloBE rules (Tax Alert 2022-1936) Legislation — Jan 04: What to expect in Washington (January 4) (Tax Alert 2023-0016) States — Jan 04: 2023 state supplemental, flat tax and highest income tax withholding rates with hyperlinks to the latest withholding tables/instructions (as of January 4, 2023) (Tax Alert 2023-0027) — Jan 04: State corporate income and franchise tax developments in the fourth quarter of 2022 (Tax Alert 2023-0025) — Dec 22: Massachusetts exclusion amounts for transportation fringe benefits to conform to the federal limits starting in 2023 (Tax Alert 2022-1942) ————————————————————————— State and Local Tax Weekly — EY-COST study: state and local government tax revenue surge. Businesses paid more than $951 billion in state and local taxes in fiscal year 2021, an increase of 13.6% from fiscal year 2020, according to a study prepared by Ernst & Young LLP (EY US) for the Council On State Taxation (COST) and its affiliate, the State Tax Research Institute (STRI). The report, titled "Total State and Local Business Taxes: State-by-State Estimates for Fiscal Year 2021," shows that in 2021, business tax revenue accounted for 43.6% of all state and local tax revenue. — Income/Franchise, Sales & Use, Payroll & Employment Tax, Miscellaneous Tax, Global Trade ————————————————————————— Final Regulations
Proposed Regulations
Corrections
Revenue Procedures
Announcements
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. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||