March 2, 2023 U.S. Tax This Week for March 3 Ernst & Young's U.S. Tax This Week newsletter for the week ending March 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.
————————————————————————— The outlook for global tax policy and controversy in 2023 (March 7) REIT Sector Trends and Economic Outlook (March 7) Are you Pillar Two-ready? | Banking and Capital Markets: Current industry insights (March 8) Pillar Two administrative guidance and safe harbors: implications for US multinationals (March 9) State & local tax developments in the real estate industry (March 10) Latest clean-energy and manufacturing incentives and grants from the US and Europe (March 14) EY Tax.Tech™ Ecosystem series: unlocking the power of data with tax function analytics (March 16) Tax in a time of transition: legislative, economic, regulatory and IRS developments (March 17) Accounting for income taxes: A quarterly perspective (March 21) ————————————————————————— Internal Revenue Service — Mar 01: IRS allows private foundation to set aside funds for a construction project to meet qualifying distribution requirement (Tax Alert 2023-0389) — Feb 28: IRS provides welcome interim guidance for insurance providers on CAMT and invites comments (Tax Alert 2023-0384) — Feb 24: CBO releases updated budget and economic projections (Tax Alert 2023-0373) — Feb 23: New IRS regulations on electronic filing requirements apply for 2024 returns (Tax Alert 2023-0356) International — Mar 01: Portugal proposes to discontinue issuance of new Golden Visas (Tax Alert 2023-0388) — Mar 01: Czech Republic extends Temporary Protection status for Ukrainian citizens and residents until March 31, 2024 (Tax Alert 2023-0386) — Feb 28: UK opens India Young Professionals Scheme visa ballot on February 28 (Tax Alert 2023-0383) — Feb 28: Japan expands immigration routes for highly skilled professionals and top international graduates (Tax Alert 2023-0381) — Feb 27: Pakistan to become a signatory to the Apostille Convention on March 9 (Tax Alert 2023-0375) — Feb 24: Supreme Court of Mauritius rules on timing of deduction for passage benefits and application of deemed interest income on interest free loans (Tax Alert 2023-0366) — Feb 24: Costa Rica implements Law for Attracting Foreign Investors, Rentiers and Pensioners (Tax Alert 2023-0365) — Feb 24: Nicaragua's Ministry of Finance publishes new lists of products exempt from VAT (Tax Alert 2023-0363) — Feb 24: Cyprus Tax Authority issues FAQs on new transfer pricing legislation (Tax Alert 2023-0362) — Feb 24: Vietnam implements new online system for obtaining Entry Visa approval letters (Tax Alert 2023-0361) — Feb 24: Singapore plans to implement GloBE Rules and Domestic Top-up Tax as of 1 January 2025 (Tax Alert 2023-0359) — Feb 23: Hong Kong announces 2023/24 Budget (Tax Alert 2023-0358) — Feb 23: OECD publishes Manual on Handling of Multilateral Mutual Agreement Procedures and Advance Pricing Arrangements (Tax Alert 2023-0355) — Feb 23: Israel implements new online processes and electronic issuance of B-1 Work Visas (Tax Alert 2023-0354) — Feb 23: ECOFIN removes Uruguay from Annex II list of pending commitments for tax purposes (Tax Alert 2023-0353) Legislation — Mar 01: What to expect in Washington (March 1) (Tax Alert 2023-0387) States — Mar 01: Montana water's-edge election due March 31, 2023, for calendar-year taxpayers (Tax Alert 2023-0392) — Feb 27: IRS extends tax filing/payment deadline to October 16 for disaster-area taxpayers in California, Alabama and Georgia (Tax Alert 2023-0378) — Feb 23: St. Louis payroll earnings tax does not apply to remote work outside the city, Missouri Circuit Court rules (Tax Alert 2023-0351) ————————————————————————— State and Local Tax Weekly — IRS and Treasury outline application process and other requirements for claiming IRC § 48C credits for qualifying advanced energy projects. In Notice 2023-18, the IRS and Treasury provided initial guidance establishing the IRC § 48C(e) program, which will eventually allocate $10 billion of credits for investments in eligible qualifying advanced energy projects, of which at least $4 billion will be for projects located in certain energy communities. — Income/Franchise, Sales & Use, Business Incentives, Compliance & Reporting, Payroll & Employment Tax, Value Added Tax, Upcoming Webcasts ————————————————————————— Final Regulations
Proposed Regulations
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. | |||||||||||||