October 6, 2023 U.S. Tax This Week for October 6 Ernst & Young's U.S. Tax This Week newsletter for the week ending October 6 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.
————————————————————————— Spotlight on BEPS 2.0: developments and practical implications for US MNEs (October 11) How to energize a workforce in the great rebalance (October 17) How transferable tax credits are changing the tax landscape (October 17) Business impacts of sustainability and ESG tax policies (October 18) EY Tax.Tech™ Ecosystem series: Finance and Tax convergence - the next transformation frontier (October 19) Tax in a time of transition: legislative, economic, regulatory and IRS developments (October 20) US corporate income tax compliance: Insights from Tax Year 2022 and considerations for the future (October 25) Realizing the full potential of your tax and finance function: Insights and leading practices for financial services institutions (November 7) ————————————————————————— Internal Revenue Service — Oct 04: Taxpayers can begin applying for allocations under Low-Income Communities Bonus Credit Program on October 19, 2023 (Tax Alert 2023-1647) — Oct 02: IRS issues guidance on leave-based donation programs to support Hawaii wildfire victims (Tax Alert 2023-1634) — Oct 02: IRS continues to focus on the proper entity to take into account sell-side transaction costs in a ruling granting target's request to make a late success-based fee election (Tax Alert 2023-1632) International — Oct 05: Argentine Tax Authority establishes new income tax prepayment for financial entities, insurance companies, payment service providers (Tax Alert 2023-1657) — Oct 05: Pakistan | Sindh issues rules for collecting sales tax on IT and advertisement services remitted abroad (Tax Alert 2023-1654) — Oct 05: EY Canada's Tax Matters @ EY for October 2023 (Tax Alert 2023-1652) — Oct 05: UK's Migration Advisory Committee publishes its review of the Shortage Occupation List (Tax Alert 2023-1651) — Oct 04: El Salvador's Tax Authority publishes list of tax havens for 2024 (Tax Alert 2023-1646) — Oct 03: Portugal enacts legislation introducing public country-by-country reporting for multinational enterprises (Tax Alert 2023-1642) — Oct 03: Egypt issues transfer pricing Explanatory Instructions (Tax Alert 2023-1641) — Oct 03: Norway's pilot program to expedite work permit processing times (Tax Alert 2023-1640) — Oct 03: Denmark announces extension of Special Act on displaced persons from Ukraine until March 2025 (Tax Alert 2023-1639) — Oct 03: Pakistan | Punjab modifies Sales Tax on Services Act 2012, changing descriptions, rates and more (Tax Alert 2023-1638) — Oct 02: Costa Rica enacts law making reforms to achieve exclusion from EU's list of non-cooperative jurisdictions in tax matters (Tax Alert 2023-1636) — Oct 02: Kenya Revenue Authority enforces VAT and DST compliance for electronic, internet and digital marketplace supplies (Tax Alert 2023-1633) — Sep 29: Kenya's new anti-money laundering law adds compliance obligations for companies, branches, limited liability partnerships and foreign LLPs (Tax Alert 2023-1625) — Sep 29: French Government releases draft Finance Bill for 2024, including OECD Pillar Two rules (Tax Alert 2023-1624) — Sep 29: Saudi Arabia proposes amendments to the Income Tax Law (Tax Alert 2023-1623) — Sep 29: USCIS work authorization and travel program updates end fiscal year 2023 on a positive note (Tax Alert 2023-1622) Legislation — Oct 04: What to expect in Washington (October 4) (Tax Alert 2023-1645) States — Oct 05: Massachusetts governor signs bill that adopts single sales factor apportionment, reduces short-term capital gains tax rate, makes other tax changes (Tax Alert 2023-1655) — Oct 04: State corporate income and franchise tax developments in the third quarter of 2023 (Tax Alert 2023-1644) — Oct 03: New York Division of Tax Appeals finds in favor of taxpayer for sourcing of certain financial services receipts based on reasonable approximation, investment capital election and certain tax credits (Tax Alert 2023-1643) — Oct 02: New Jersey Division of Taxation issues additional guidance on new convenience of the employer rule (Tax Alert 2023-1637) — Sep 29: Ohio Board of Tax Appeals addresses construction of CAT situsing rule for sales of tangible personal property (Tax Alert 2023-1628) — Sep 29: Montana law lowers the maximum number of weeks that claimants can receive unemployment insurance benefits (Tax Alert 2023-1621) ————————————————————————— State and Local Tax Weekly — Ohio Board of Tax Appeals addresses construction of CAT situsing rule for sales of tangible personal property. The Ohio Board of Tax Appeals (BTA) recently issued decisions in two cases — VVF Intervest, LLC and Jones Apparel Group/Nine West Holdings — that involved refund claims focused on the application of ORC 5751.033(E), the Commercial Activity Tax (CAT) rule governing situsing sales of tangible personal property. — Nebraska district court denies dividend received deduction for IRC § 965(a) inclusion income. In Precision Castparts v. Nebraska Department of Revenue, the Lancaster County District Court (court) upheld a determination from the Nebraska Department of Revenue (Department) denying a taxpayer's state dividend received deduction (DRD) for IRC § 965(a) inclusion income. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Compliance & Reporting, Payroll & Employment Tax, Miscellaneous Tax, Value Added Tax, Upcoming Webcasts ITS/Washington Dispatch Legislation
IRS news
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Proposed Regulations
Revenue Procedures
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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