February 2, 2023 U.S. Tax This Week for February 3 Ernst & Young's U.S. Tax This Week newsletter for the week ending February 3 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.
————————————————————————— What India’s 2023-24 Budget could mean for its economy (February 9) Tax in a time of transition: legislative, economic, regulatory and IRS developments (February 17) ————————————————————————— Internal Revenue Service — Jan 30: IRS addresses deductions involving cryptocurrency in two Chief Counsel Advice memos (Tax Alert 2023-0175) — Jan 27: IRS examiners must consult IRS counsel before applying the economic substance doctrine in transfer pricing audits (Tax Alert 2023-0161) International — Feb 01: Korea's National Assembly passes significant 2022 tax reform bills (Tax Alert 2023-0189) — Feb 01: Chile postpones increase in the amounts of mining patents (Tax Alert 2023-0188) — Feb 01: Portugal publishes guidance regarding contribution on single-use packaging made of plastic or aluminum (or multi-material) for ready-to-eat meals (Tax Alert 2023-0187) — Feb 01: Panama’s Ministry of Economy and Finance extends term for implementation of electronic invoicing system (Tax Alert 2023-0186) — Feb 01: Cambodia implements new online application procedure for Type E Visa (Tax Alert 2023-0185) — Feb 01: Costa Rican Tax Authority publishes new update to Catalogue of Goods and Services (Tax Alert 2023-0183) — Jan 31: Peru extends tax incentives applicable for Real Estate Investment Funds (Tax Alert 2023-0181) — Jan 31: Lithuania allows submission of Blue Card and Temporary Residence Permit applications from the applicant's home country (Tax Alert 2023-0179) — Jan 31: Costa Rican General Directorate of Treasury establishes new procedure to request tax exemptions through Exonet system (Tax Alert 2023-0177) — Jan 31: Dominican Republic’s Executive Branch publishes General Regulations to new Customs Law (Tax Alert 2023-0176) — Jan 27: Updated US list of foreign currency futures contracts - starting point for IRC Section 1256 (Tax Alert 2023-0167) — Jan 27: Updated 2022 US IRC Section 1256 qualified board or exchange list (Tax Alert 2023-0166) — Jan 27: Uruguay’s Executive Branch increases income limit to apply for simplified regime for Personal Income Tax (Tax Alert 2023-0160) — Jan 26: Argentina issues new regulations on normalization program of local and foreign currency for construction investments and the incentive regime for Argentine investment and production (Tax Alert 2023-0156) Legislation — Feb 01: CMS issues final rule updating Medicare Advantage Risk Adjustment Data Validation program (Tax Alert 2023-0191) — Feb 01: CMS issues proposed rule on ACA's contraceptive coverage requirements (Tax Alert 2023-0190) — Feb 01: What to expect in Washington (February 1) (Tax Alert 2023-0184) — Jan 30: Enactment of the SECURE Act 2.0 brings some important changes for certain charities and donors (Tax Alert 2023-0172) States — Jan 31: Idaho State Tax Commission to update withholding formula by July 2023 to reflect new flat tax effective January 1, 2023 (Tax Alert 2023-0182) — Jan 27: Minnesota updates IRC conformity and enacts other tax changes (Tax Alert 2023-0164) ————————————————————————— State and Local Tax Weekly — Minnesota updates IRC conformity and enacts other tax changes. On Jan. 12, 2023, Governor Tim Walz signed HF 31, which, among other changes, updates Minnesota's date of conformity to the Internal Revenue Code (IRC) as amended through Dec. 15, 2022. HF 31 is generally effective as of Jan. 1, 2023. Changes that conform to federal provisions with retroactive effective dates, however, are retroactively effective to the date of the federal provision. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Compliance & Reporting, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Value Added Tax ————————————————————————— Proposed Regulations
Revenue Procedures
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. | ||||||||||