May 25, 2023 U.S. Tax This Week for May 26 Ernst & Young's U.S. Tax This Week newsletter for the week ending May 26 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.
————————————————————————— QUEST Economic Update highlights key US and global economic trends - May 23, 2023 ————————————————————————— Domestic tax quarterly webcast series: A focus on state tax matters (June 7) BEPS 2.0: Pillar Two implementation and practical considerations (June 7) Private equity and private capital quarterly tax webcast (June 8) Tax in a time of transition: Legislative, economic, regulatory and IRS developments (June 16) Accounting for income taxes: A quarterly perspective (June 20) ————————————————————————— Internal Revenue Service — May 24: IRS releases Health Savings Account limits for 2024 (Tax Alert 2023-0936) — May 24: IRS determines that healthcare sharing organization is not tax-exempt (Tax Alert 2023-0935) — May 18: IRS issues guidance on domestic content bonus for clean energy project credits (Tax Alert 2023-0908) International — May 24: UK announces new restrictions to the Student visa route (Tax Alert 2023-0934) — May 24: Qatar amends Executive Regulations to the Income Tax Law (Tax Alert 2023-0932) — May 23: Hong Kong passes bill on tax concessions for Family-owned Investment Holding Vehicles (Tax Alert 2023-0927) — May 22: Final regulations published for new EU Carbon Border Adjustment Mechanism (CBAM) and EU Emission Trading System revisions; CBAM transition period begins 1 October 2023 (Tax Alert 2023-0925) — May 22: Israel's Tax Authority explains its stance on classification of SAFE instruments (Tax Alert 2023-0924) — May 18: EU customs reform proposal embraces modern approach to e-commerce (Tax Alert 2023-0906) — May 18: Italian Tax Authority rules effects of UK VAT groups not recognized for Italian VAT purposes (Tax Alert 2023-0905) — May 18: Serbia to introduce Single Permits for work and residence authorization (Tax Alert 2023-0904) Legislation — May 24: What to expect in Washington (May 24) (Tax Alert 2023-0933) — May 19: Senate Health, Education, Labor and Pensions Subcommittee on primary health and retirement security hearing on mental health and substance use disorder care (Tax Alert 2023-0918) — May 19: What to expect in Washington (May 19) (Tax Alert 2023-0915) — May 18: House Ways and Means Committee hearing on health care price transparency (Tax Alert 2023-0902) — May 18: House Energy and Commerce Health Subcommittee markup of bills to lower health care costs and expand care access (Tax Alert 2023-0901) States — May 23: Montana repeals tax haven provisions (Tax Alert 2023-0931) — May 22: Montana becomes the 35th jurisdiction to enact an elective pass-through entity tax (Tax Alert 2023-0926) — May 22: Montana law gives nonresident income tax and withholding relief for short-term business travelers and their employers (Tax Alert 2023-0919) — May 19: Arkansas law lowers unemployment insurance rate for new employers and makes other changes affecting employer SUI tax costs (Tax Alert 2023-0916) — May 18: Idaho releases revised 2023 withholding tables reflecting new flat income tax (Tax Alert 2023-0907) ————————————————————————— State and Local Tax Weekly — New York governor signs budget legislation that includes various tax changes affecting businesses and individuals On May 3, 2023, New York's Governor signed into law the budget's revenue bill (A.3009-C/S.4009-C) and transportation bill (A.3008-C/S.4008-C). Of note, the final revenue bill extends the 7.25% business income base tax and the 0.1875% capital base tax for an additional three years, through tax year 2026. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property ————————————————————————— Revenue Rulings
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. | |||||||
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