May 11, 2023 U.S. Tax This Week for May 12 Ernst & Young's U.S. Tax This Week newsletter for the week ending May 12 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.
————————————————————————— Asean Mobility Spotlight (May 2023) ————————————————————————— The current environment for R&D credit claims: A review of the latest guidance (May 17) Tax in a time of transition: Legislative, economic, regulatory and IRS developments (May 19) Private equity and private capital quarterly tax webcast (June 8) ————————————————————————— Courts — May 05: Tax Court holds that deadline for electronic filing is according to time zone where it is located (Tax Alert 2023-0829) Internal Revenue Service — May 08: IRS addresses taxation of digital currency (Tax Alert 2023-0839) International — May 10: Deadline extended for UK nationals to apply for right to reside in Denmark (Tax Alert 2023-0858) — May 09: Hong Kong launches consultation to revise foreign-sourced disposal gain rule (Tax Alert 2023-0851) — May 09: Costa Rica establishes new inspection procedures for goods at Nicaragua border (Tax Alert 2023-0850) — May 09: Egypt introduces VAT guidelines for nonresident providers of remote digital and electronic services (Tax Alert 2023-0848) — May 08: Costa Rica Independent Worker Law published in the Official Gazette (Tax Alert 2023-0844) — May 08: South Africa | New reporting requirements for trusts (Tax Alert 2023-0842) — May 08: Poland's implementation of the Single-Use-Plastics Directive getting closer (Tax Alert 2023-0841) — May 08: Saudi Arabia issues amendments to the Zakat Implementing Regulations (Tax Alert 2023-0834) — May 05: Netherlands updates guidance on mandatory disclosure regime (Tax Alert 2023-0827) — May 05: Panama introduces further changes to work permit regulations (Tax Alert 2023-0826) — May 04: Dutch Finance Ministry proposes changes to Tax Arrangement between the Netherlands and Curaçao (Tax Alert 2023-0818) — May 04: Panama's Tax Authority issues new guidance on obtaining installments arrangements due to the State of National Emergency (Tax Alert 2023-0817) — May 04: Cyprus implements major changes to immigration regulations for investors (Tax Alert 2023-0815) — May 04: South Africa's Department of Home Affairs invites comments on the upcoming Trusted Employers Scheme pilot (Tax Alert 2023-0813) — May 04: UK updates sponsor and compliance duties regarding remote and hybrid working reporting requirements (Tax Alert 2023-0812) — May 04: Poland to lift COVID-19 suspension for MDR deadlines by end of June 2023 (Tax Alert 2023-0811) Legislation — May 10: What to expect in Washington (May 10) (Tax Alert 2023-0856) — May 08: Senate Health, Education, Labor and Pensions Committee hearing on PAHPA reauthorization (Tax Alert 2023-0837) — May 05: House Energy & Commerce Subcommittee examines gaps in federal data privacy laws (Tax Alert 2023-0825) — May 05: Senate Finance Committee hearing on improving mental health provider directories (Tax Alert 2023-0824) States — May 11: Utah issues revised 2023 income tax withholding guide reflecting lower personal income tax rate (Tax Alert 2023-0861) — May 10: Maryland Supreme Court dismisses taxpayer challenge to state's Digital Advertising Services Tax (Tax Alert 2023-0857) — May 09: California law changes civil rights pay data reporting requirements; pay data reports now due the second Wednesday of May (Tax Alert 2023-0853) — May 09: North Dakota law lowers personal income tax rates retroactive to January 1, 2023 (Tax Alert 2023-0849) — May 08: New York law increases the Metropolitan Commuter Transportation Mobility Tax for certain New York counties effective July 1, 2023 (Tax Alert 2023-0840) — May 05: Colorado Department of Revenue adopts and amends income tax rules (Tax Alert 2023-0833) — May 05: Colorado makes Retail Delivery Fee collection optional for retailers, increases small-seller threshold (Tax Alert 2023-0832) ————————————————————————— State and Local Tax Weekly — Colorado Department of Revenue adopts and amends income tax rules The Colorado Department of Revenue (CO DOR) has amended three administrative rules and adopted one new rule related to corporate income tax. These rules, which were adopted April 5, 2023, relate to (1) NOLs for corporations, individuals, estates and trusts, (2) Colorado's unique foreign source income exclusion and (3) IRC §78 dividends. The new, and amended, rules take effect May 30, 2023. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property ITS/Washington Dispatch Legislation
IRS news
Transfer pricing
Courts
OECD developments
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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. | ||||||||||