Tax News Update    Email this document    Print this document  

Ernst & Young's U.S. Tax This Week newsletter for the week ending September 8 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.

—————————————————————————
EY Guides, Surveys, and Reports

Asean Mobility Spotlight (August 2023)
In this edition of EY’s Asean Mobility Spotlight, we focus on the compliance considerations and areas of risk for remote workers in selected Asean jurisdictions. As organizations define their stance on international remote working arrangements, understanding what is required and who is responsible is key. Organizations need to adopt a forward-looking approach and develop a robust framework to manage the growing complexities and risks associated with international remote working arrangements.

—————————————————————————
Upcoming Webcasts

International tax talk quarterly series with the EY Global Tax Desk Network (September 12)
Recent proposed tax changes across the globe may have significant implications for companies in the next quarter and beyond. Some of these changes are complex, so it is important that businesses understand them and try to prepare now – particularly for those that take effect in 2024. Please join our EY webcast for insights on recent developments in Australia, Brazil, Hong Kong, Mexico, Switzerland, and the United States and an analysis of how they might affect your businesses.

BEPS 2.0 recent developments and practical considerations (September 14)
During this EY Webcast, Ernst & Young professionals will discuss the additional Administrative Guidance on the Global Anti-Base Erosion (GloBE) rules, including the new safe harbors.

Tax in a time of transition: legislative, economic, regulatory and IRS developments (September 15)
During this EY Webcast, Ernst & Young professionals will provide updates on: (i) The US economy and tax policy; (ii) What's happening at the IRS; (iii) Breaking developments.

Accounting for income taxes: a quarterly perspective (September 26)
During this EY Webcast, a panel of experienced Ernst & Young LLP professionals, moderated by Angela Evans, Partner, Tax Accounting and Risk Advisory Services (TARAS), will discuss ongoing issues and regulatory trends in the tax accounting arena. Topics will include recent tax legislation with tax accounting implications and a review of current income tax accounting concepts.

—————————————————————————
Recent Tax Alerts

Internal Revenue Service

— Sep 07: LB&I announces new 2024 CAP program application period with some program changes (Tax Alert 2023-1485)

— Sep 06: LB&I announces new application period for 2024 CAP program (Tax Alert 2023-1479)

— Sep 06: IRS rules that D&O insurance proceeds will be excluded from gross income for purposes of REIT income tests (Tax Alert 2023-1478)

— Aug 31: Proposed regulations on prevailing wage and apprenticeship requirements fill in details for obtaining bonus renewable energy tax credits (Tax Alert 2023-1469)

— Aug 25: IRS rules payments to REIT for subsurface storage of carbon dioxide are qualifying income (Tax Alert 2023-1449)

International

— Sep 07: Peruvian Supreme Court holds Peruvian branches may not offset past losses when distributing dividends to nonresident parent (Tax Alert 2023-1486)

— Sep 07: Iceland introduces new benefits for residence permit holders (Tax Alert 2023-1484)

— Sep 07: EY Canada's Tax Matters @ EY for September 2023 (Tax Alert 2023-1483)

— Sep 07: New Zealand introduces draft Digital Services Tax legislation (Tax Alert 2023-1482)

— Sep 06: German government issues revised draft Growth Opportunities Act bill on corporate tax reform (Tax Alert 2023-1481)

— Sep 06: Brazilian Government proposes the elimination of interest on net equity deduction (Tax Alert 2023-1477)

— Sep 05: Guatemala's Superintendency of Tax Administration introduces a new tax inspection risk model (Tax Alert 2023-1475)

— Sep 05: Israeli tax authority issues updated guidance on Mutual Agreement Procedures, in line with BEPS principles (Tax Alert 2023-1473)

— Sep 05: Canada moves ahead with its own digital services tax, releasing draft legislation (Tax Alert 2023-1472)

— Sep 05: Brazil modifies how investment funds will be taxed (Tax Alert 2023-1471)

— Sep 05: Japan implements new system to expedite the employment of foreign IT professionals (Tax Alert 2023-1470)

— Aug 29: Brazil's visa requirement for nationals of Australia, Canada and the United States postponed to January 2024 (Tax Alert 2023-1460)

— Aug 29: China Mainland eliminates pre-travel COVID-19 test requirement (Tax Alert 2023-1459)

— Aug 28: Canada's Global Minimum Tax Act released for public comment (Tax Alert 2023-1456)

— Aug 28: Italy's Enabling Law 2023 makes VAT changes (Tax Alert 2023-1455)

— Aug 28: Nepal Inland Revenue Department amends VAT and DST procedures relating to digital service (Tax Alert 2023-1454)

— Aug 25: Italy approves framework for major tax reform, including BEPS Pillar Two principles (Tax Alert 2023-1451)

States

— Sep 06: Indiana Form WH-4 is now updated to reflect eligibility for one-time dependent child tax exemption (Tax Alert 2023-1480)

— Aug 29: Illinois law requires employers to provide paid leave effective January 1, 2024 (Tax Alert 2023-1463)

—————————————————————————
Recent Newsletters

ITS/Washington Dispatch
   Highlights of this edition include:

Legislation

• US Congress to take up appropriations bills, consider US-Taiwan tax relationship

IRS news

• IRS proposes updating regulations on consolidated returns, discarding unnecessary guidance
• IRS issues proposed regs on broker reporting requirements for digital asset sales and exchanges
• Cryptocurrency stakers must include rewards in gross income upon gaining control

Tax treaties

• Russia suspends US-Russia, other tax treaties

OECD developments

• Progress reported on BEPS Amount A, Pillar One, further work on Pillar Two safe harbors
• Global minimum tax filing simplification possible, OECD official says

United Nations

• UN releases final report on international tax cooperation

—————————————————————————
IRS Weekly Wrap-Up

Proposed Regulations

Corrections

Revenue Rulings

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.