November 3, 2023 U.S. Tax This Week for November 3 Ernst & Young's U.S. Tax This Week newsletter for the week ending November 3 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.
————————————————————————— Realizing the full potential of your tax and finance function: Insights and leading practices for financial services institutions (November 7) Tax considerations for asset managers and their families: The individual year-end tax matters you need to know (November 9) International tax talk quarterly series with the EY Global Tax Desk Network (November 14) Tax in a time of transition: Legislative, economic, regulatory and IRS developments (November 17) ————————————————————————— Courts — Nov 01: Tax Court holds taxpayer must include revenue from loyalty rewards program in gross income and casts uncertainty on the conduit approach (Tax Alert 2023-1821) Internal Revenue Service — Nov 02: IRS releases the qualified retirement plan limitations for 2024: 401(k) pretax limit increases to $23,000 (Tax Alert 2023-1825) — Nov 01: Proposed regulations outline reporting requirements for IRC Section 5000D excise tax on designated drugs, set December 1 deadline for comments (Tax Alert 2023-1822) — Oct 31: IRS rules private foundation's expenses for acquiring artwork to loan to tax-exempt organizations are qualifying distributions, and artwork's value may be excluded from distributable amount calculation (Tax Alert 2023-1811) — Oct 27: IRS allows certain employers to withdraw employee retention credit claims (Tax Alert 2023-1790) International — Nov 02: Costa Rica provides visa exemption for Honduran nationals (Tax Alert 2023-1826) — Nov 02: EY Canada's Tax Matters @ EY for November 2023 (Tax Alert 2023-1824) — Nov 02: Certain Canadian nationals now subject to entry fee when traveling to Colombia (Tax Alert 2023-1823) — Nov 01: Hong Kong introduces bills on asset disposal gain regimes (Tax Alert 2023-1820) — Nov 01: Italian Revenue Agency issue draft guidelines on asset management transfer pricing to support implementation of new Investment Management Exemption Regime (Tax Alert 2023-1819) — Nov 01: Malta will not be introducing any component of Pillar Two in 2024 (Tax Alert 2023-1818) — Nov 01: EU Council adopts new renewable energy rules and rules for promotion of sustainable aviation fuels under Fit for 55 (Tax Alert 2023-1817) — Nov 01: Kenya Revenue Authority issues guidelines on tax amnesty application process (Tax Alert 2023-1816) — Oct 31: Singapore's Economic Expansion Incentives (Relief from Income Tax) (Amendment) Bill 2023 proposes changes to the approved royalty incentive (Tax Alert 2023-1812) — Oct 31: Bulgaria | New energy contribution for transfers of natural gas of Russian origin (Tax Alert 2023-1810) — Oct 31: Monaco Legislature considers draft legislation to allow single-shareholder limited liability companies and innovation companies limited by shares; two new Double Tax Treaties signed (Tax Alert 2023-1809) — Oct 31: South Africa's application to terminate Zimbabwe Exemption Permits dismissed (Tax Alert 2023-1806) — Oct 30: OECD releases Multilateral Convention to implement Pillar One Amount A (Tax Alert 2023-1802) — Oct 30: European Union's implementation of EES and ETIAS delayed until 2024 and 2025, respectively (Tax Alert 2023-1799) — Oct 30: Australia's migration reform update provided (Tax Alert 2023-1798) — Oct 27: Hong Kong Chief Executive announces several upcoming immigration changes (Tax Alert 2023-1794) — Oct 27: Germany to lower reporting thresholds for energy and electricity tax subsidies (Tax Alert 2023-1792) — Oct 27: Chilean Congress asked to approve double tax treaty with United States (Tax Alert 2023-1791) Legislation — Nov 01: What to expect in Washington (November 1) (Tax Alert 2023-1814) — Oct 31: House Energy & Commerce Subcommittee holds hearing on long-term care (Tax Alert 2023-1808) — Oct 26: Senate Finance Committee examines need for Federal paid leave program, results from state programs (Tax Alert 2023-1807) — Oct 31: President Biden issues Executive Order on safe, secure and trustworthy Artificial Intelligence (Tax Alert 2023-1805) States — Nov 01: State law developments may impact tax-exempt organizations (Tax Alert 2023-1815) — Nov 01: Delaware law extends SUI tax rate relief to 2024, increases time to appeal SUI benefit determinations (Tax Alert 2023-1813) — Oct 30: Connecticut law eliminates additional SUI reporting requirements that were to go into effect third quarter 2024 (Tax Alert 2023-1801) — Oct 27: New Mexico tax department proposes rules clarifying when receipts from digital advertising services are taxable (Tax Alert 2023-1796) ————————————————————————— State and Local Tax Weekly — IRS releases guidance on transferring clean vehicle credits. The IRS and Treasury Department proposed regulations (REG-113064-23) and Revenue Procedure 2023-33 on how buyers can transfer clean vehicle credits under IRC §§ 30D (clean vehicles) and 25E (previously-owned vehicles) to eligible dealers at the time of purchase. — Colorado revenue department proposes rules on buyer’s claims for refund of sales tax paid. On Nov. 2, 2023, the Colorado Department of Revenue (CO DOR) will hold a public rulemaking hearing on sales tax rules to implement law enacted in 2022 (HB 22-1118), that impose significant new penalties on refund claims for sales and use taxes paid by a purchaser to a vendor. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Compliance & Reporting, Payroll & Employment Tax, Miscellaneous Tax, Value Added Tax Proposed Regulations
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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. | |||||||||||||