September 15, 2023 U.S. Tax This Week for September 15 Ernst & Young's U.S. Tax This Week newsletter for the week ending September 15 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.
————————————————————————— Payroll Month in Review | August 2023 Our US employment tax rates and limits report for 2023 is updated through August 25, 2023 ————————————————————————— Accounting for income taxes: a quarterly perspective (September 26) Crypto and digital asset information reporting (September 27) BorderCrossings with EY transfer pricing and tax professionals ... OECD BEPS 2.0 transfer pricing update (September 28) Metaverse event: Charitable giving with appreciated assets and cryptocurrency (September 29) Refocusing on the global trade functional organization ... A global trade perspective (October 5) Spotlight on BEPS 2.0: developments and practical implications for US MNEs (October 11) ————————————————————————— Internal Revenue Service — Sep 13: IRS announces intent to issue proposed regulations for IRC Section 174 (Tax Alert 2023-1526) — Sep 12: IRS enforcement efforts will focus on large partnerships, high-income earners (Tax Alert 2023-1512) — Sep 08: IRS announces new compliance initiative focusing on large partnerships, high-income taxpayers (Tax Alert 2023-1491) International — Sep 13: Bahrain's Interior Ministry announces online service for renewal of residency and work permits from outside Bahrain (Tax Alert 2023-1532) — Sep 13: Dominican Republic signs Multilateral Competent Authority Agreement for automatic exchange of transfer pricing information (Tax Alert 2023-1524) — Sep 13: Italy launches BEPS 2.0 Pillar Two draft law for public consultation (Tax Alert 2023-1517) — Sep 12: Nigeria Tax Appeal Tribunal judgment partially voids Income Tax Country-by-Country Reporting Regulations 2018 (Tax Alert 2023-1511) — Sep 12: Kenya revamps Transfer Pricing rules (Tax Alert 2023-1509) — Sep 12: Costa Rican Congress approves bill to counter exclusion from the European Union's list of non-cooperative jurisdictions in tax matters (Tax Alert 2023-1508) — Sep 12: Hong Kong introduces new patent-box tax incentive; accepting comments until 30 September (Tax Alert 2023-1507) — Sep 11: Italian Supreme Court decision extends capital gains participation exemption to nonresident entities (Tax Alert 2023-1505) — Sep 11: Brazil introduces individual income tax bill affecting taxation of foreign investment income (Tax Alert 2023-1504) — Sep 11: Canada joins Apostille Convention (Tax Alert 2023-1503) — Sep 11: Uruguay enacts new initiative to attract IT professionals using tax incentives (Tax Alert 2023-1502) — Sep 11: UK publishes Statement of Changes to Immigration Rules (Tax Alert 2023-1499) — Sep 11: Ireland announces new visa requirement for Bolivian nationals (Tax Alert 2023-1498) — Sep 08: Peruvian Supreme Court establishes guidelines to determine Peruvian-source income for nonresident entities (Tax Alert 2023-1494) — Sep 08: Australia employers under the compliance spotlight (Tax Alert 2023-1493) — Sep 08: Costa Rican Tax Authority issues a private letter ruling related to the tax treatment of crypto assets (Tax Alert 2023-1492) Legislation — Sep 13: What to expect in Washington (September 13) (Tax Alert 2023-1519) — Sep 12: US proposed digital asset rules would redefine key terms and introduce new standards (Tax Alert 2023-1513) — Sep 12: Finance Committee sets Taiwan tax markup, releases mark (Tax Alert 2023-1510) — Sep 11: Congress returns to deadlines (Tax Alert 2023-1506) — Sep 08: Tax-exempt organizations could be impacted by state law developments (Tax Alert 2023-1490) States — Sep 13: New Jersey issues corporate income tax nexus guidance, adds various internet and financial activities to lists of protected and unprotected activities under P.L. 86-272 (Tax Alert 2023-1527) — Sep 11: Texas trial court holds law preempting local employment practice ordinances unconstitutional; law remains in effect during litigation (Tax Alert 2023-1501) — Sep 08: Puerto Rico's Treasury Department issues guidance on reporting foreign financial accounts for individuals (Tax Alert 2023-1496) ————————————————————————— State and Local Tax Weekly — Ohio Supreme Court takes new approach to statutory construction in applying a sales and use tax exemption statute to fracking activities In Stingray Pressure Pumping, LLC v. Harris, the Supreme Court of Ohio took a new approach to construing tax statutes, particularly exemptions, and allowed most of a taxpayer's claimed Ohio sales/ use tax exemptions for oil and gas production for certain equipment it purchased for fracking activities. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Controversy, Payroll & Employment Tax, Miscellaneous Tax, Unclaimed Property, Value Added Tax, Unclaimed Property ————————————————————————— Revenue Procedures
Notices
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. | |||||||