August 25, 2023 U.S. Tax This Week for August 25 Ernst & Young's U.S. Tax This Week newsletter for the week ending August 25 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.
————————————————————————— Insights into New York’s proposed Article 9-A corporate franchise tax regulations (August 30) BorderCrossings ... With EY transfer pricing and tax professionals (August 31) Domestic tax quarterly webcast series: A focus on state tax matters (September 7) International tax talk quarterly series with the EY Global Tax Desk Network (September 12) ————————————————————————— Courts — Aug 24: Seventh Circuit agrees basketball team owner may not deduct unpaid deferred compensation in tax year ending with team's sale (Tax Alert 2023-1446) — Aug 22: Third Circuit upholds Tax Court's ruling that pharmaceutical company may deduct legal fees incurred in defending against patent infringement lawsuits (Tax Alert 2023-1437) Internal Revenue Service — Aug 24: ACA affordability percentage is reduced again, putting some plans at risk of noncompliance (Tax Alert 2023-1444) — Aug 22: Tax M&A Update for July 2023 (Tax Alert 2023-1435) — Aug 18: Senators urge IRS and Treasury to increase oversight of tax-exempt hospitals (Tax Alert 2023-1425) — Aug 18: QUEST Economic Update highlights key US and global economic trends - August 18, 2023 (Tax Alert 2023-1424) International — Aug 24: Nigeria | Federal High Court upholds the Tax Appeal Tribunal's judgment on the taxation of non-freight income of foreign shipping companies in Nigeria (Tax Alert 2023-1445) — Aug 24: Saudi Arabia announces eighth wave of Phase 2 e-invoicing integration (Tax Alert 2023-1443) — Aug 24: Canada | Legislative update for the CCUS investment tax credit (Tax Alert 2023-1442) — Aug 24: Hong Kong tax authority updates proposed asset disposal gain regimes (Tax Alert 2023-1441) — Aug 23: Vietnam extends e-visa eligibility to nationals of all countries (Tax Alert 2023-1438) — Aug 22: El Salvador's Congress approves bills to reform International Services Law and Free Trade Zones Law (Tax Alert 2023-1434) — Aug 21: Spanish Supreme Court issues taxpayer-favorable decisions on domestic dividend withholding exemption with respect to EU holding structures (Tax Alert 2023-1432) — Aug 21: Canada | Legislative details released for the new clean technology investment tax credit (Tax Alert 2023-1431) — Aug 21: Costa Rica's Tax Authority issues resolution on declaring income from movable and immovable capital under the corporate income tax regime (Tax Alert 2023-1430) — Aug 21: Australia considers CBAM to address carbon leakage (Tax Alert 2023-1428) — Aug 18: Luxembourg enacts new reporting regime to combat VAT fraud (Tax Alert 2023-1423) — Aug 18: European Commission adopts final Implementing Regulation for transitional phase of CBAM (Tax Alert 2023-1422) — Aug 18: Canada releases further revisions to EIFEL proposals (Tax Alert 2023-1421) — Aug 18: Dominican Republic establishes special transitional treatment for audit, management and recovery of tax debt (Tax Alert 2023-1420) Legislation — Aug 22: House Ways and Means Committee seeks comments on tax-exempt organizations' political activities (Tax Alert 2023-1436) States — Aug 23: Nebraska law changes deadline for submitting unemployment insurance voluntary contributions (Tax Alert 2023-1439) — Aug 22: New Jersey will display public list of employers that do not comply with state wage, benefit and tax obligations (Tax Alert 2023-1433) — Aug 21: Connecticut budget includes middle-class income tax cuts effective January 1, 2024 (Tax Alert 2023-1429) ————————————————————————— State and Local Tax Weekly — New York's proposed regulations implementing corporate franchise tax reform from 2014 are largely the same as prior drafts and include some notable changes. On Aug. 9, 2023, the New York State (NYS) Department of Taxation and Finance (Department), in accordance with the NYS State Administration and Procedures Act (SAPA), proposed regulations under Article 9-A corporate franchise tax (Parts 1-9) and Article 33 insurance corporation franchise tax (Part 32). — Texas approved property tax relief and increased franchise tax exemption require voter approval in order to take effect. On July 22, 2023, Texas Governor Greg Abbott signed into law two bills — SB 3, which would increase the franchise tax exemption, and SB 2, which would provide property tax relief. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Compliance & Reporting, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Global Trade, Upcoming Webcasts ————————————————————————— Proposed Regulations
Revenue Procedures
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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