November 17, 2023 U.S. Tax This Week for November 17 Ernst & Young's U.S. Tax This Week newsletter for the week ending November 17 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.
————————————————————————— Year-end US information reporting changes (November 29) Domestic tax quarterly webcast series: A focus on state tax matters (December 6) 2023 employment tax year in review (December 7) Accounting for income taxes: A quarterly perspective (December 12) Spotlight on BEPS 2.0: developments and practical implications for US MNEs (December 13) ————————————————————————— Internal Revenue Service — Nov 16: Tax M&A Update for October 2023 (Tax Alert 2023-1902) — Nov 13: IRS releases proposed rules on donor advised funds (Tax Alert 2023-1884) — Nov 13: IRS increases standard deductions and exclusions for 2024, including estate and gift tax (Tax Alert 2023-1883) — Nov 10: IRS releases 2024 inflation adjustments for fringe benefits and Form W-2/1099 information reporting penalties (Tax Alert 2023-1878) International — Nov 16: Kenya Tax Appeals Tribunal determines key role of management and control in determining residency (Tax Alert 2023-1908) — Nov 16: US IRS launches new initiative to strengthen transfer pricing enforcement (Tax Alert 2023-1907) — Nov 16: US IRS announces hiring for Advance Pricing and Mutual Agreement Program (Tax Alert 2023-1906) — Nov 15: United States | Proposed regulations on qualified business units include simplified elections for determining IRC Section 987 gain or loss, but restrict the recognition of losses (Tax Alert 2023-1898) — Nov 15: Kenya requires non-VAT-registered taxpayers to onboard on e-TIMS (Tax Alert 2023-1897) — Nov 15: U.S. - Chile tax treaty ratified by Chilean Congress closer to entering into force (Tax Alert 2023-1895) — Nov 15: Uruguay's Government enacts law for accountability for 2022, making some changes to tax regulations (Tax Alert 2023-1893) — Nov 15: Denmark confirms automatic extension of residence permits issued pursuant to the Ukraine Special Act (Tax Alert 2023-1892) — Nov 14: U.S. Federal Claims Court permits US citizens who are residents of France to claim a treaty-based foreign tax credit against US net investment income tax (Tax Alert 2023-1890) — Nov 14: Cyprus enacts law implementing tax transparency rules for digital platforms (DAC 7) (Tax Alert 2023-1888) — Nov 13: The Dutch House of Representatives further restricts Dutch 30%-facility (Tax Alert 2023-1885) — Nov 10: Salvadoran Congress approves brief tax amnesty program (Tax Alert 2023-1880) — Nov 10: Saudi Arabia issues drafts of new Income Tax Law and Zakat and Tax Procedures Law for public consultation (Tax Alert 2023-1877) — Nov 10: China Mainland becomes a signatory to the Apostille Convention (Tax Alert 2023-1876) — Nov 10: Kenya High Court ruling provides clarity on what constitutes manufactured tobacco (Tax Alert 2023-1875) — Nov 10: Italy implements major changes relating to EU Blue Cards (Tax Alert 2023-1873) Legislation — Nov 17: What to expect in Washington (November 17) (Tax Alert 2023-1915) — Nov 15: Senate Banking Committee grills banking regulators on Basel III, bank supervision, FDIC harassment scandal (Tax Alert 2023-1896) — Nov 10: Senate Health, Education, Labor and Pensions Committee hearing on AI policy considerations in health care (Tax Alert 2023-1879) States — Nov 16: Salem, Oregon voters strike down new Safe Salem payroll tax (Tax Alert 2023-1901) ————————————————————————— State and Local Tax Weekly — IRS allows certain employers to withdraw employee retention credit claims. The IRS announced (IR-2023-193) a process allowing certain employers to withdraw their employee retention credit (ERC) claims. — Income/Franchise, Sales & Use, Business Incentives, Property Tax, Compliance & Reporting, Controversy, Payroll & Employment Tax, Miscellaneous Tax ————————————————————————— 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. | ||||||||||||||||