- The IRS will return sequestered funds to businesses that were affected by a recent Office of Management and Budget (OMB) determination. The IRS will restore certain amounts sequestered since 2013 under section 168(k)(4).
- OMB’s Office of Information and Regulatory Affairs (OIRA) received for review proposed regulations concerning short-term capital gain with respect to applicable partnership interests—that is, the measures often referred to as the “carried interest” rules.
- OIRA completed its review of final regulations concerning special rules under section 468A for nuclear decommissioning costs.
- A public hearing is scheduled for 11 February 2020 on proposed regulations regarding the classification of cloud transactions for purposes of the U.S. tax law’s international provisions.
- Notice 2020-8 provides guidance for making a one-time claim for payment of the credits and payments allowable for biodiesel—including renewable diesel—mixtures and alternative fuels sold or used during calendar years 2018 and 2019.
- Guidance in Alabama and Ohio concerns tax law changes affecting financial institutions. The measures are effective beginning in 2020.
- The U.S. Court of Appeals for the Tenth Circuit affirmed a federal district court’s conclusion that there are no rights of redemption by a delinquent taxpayer following court-ordered sales to enforce federal tax liens pursuant to section 7403.
- A report from KPMG provides examples of comments about accounting for income taxes recently issued by the U.S. Securities and Exchange Commission (SEC) to registrants.
- In response to the U.S. Supreme Court’s decision in South Dakota v. Wayfair, Inc.:
- The Alaska Remote Seller Sales Tax Commission approved a uniform ordinance addressing the sales tax obligations of remote sellers and marketplace facilitators.
- The Illinois Department of Revenue issued guidance addressing the use tax obligations of marketplace facilitators.
- A Colorado appeals court denied a taxpayer’s claim for refund of use tax paid to a city with regard to master licensing agreements that the taxpayer (a movie theatre) entered into with film distributors.
- A Michigan appeals court remanded to a lower court a case concerning whether a passive holding company formed to hold an investment was subject to Detroit’s city income tax.
- Missouri’s high court held that a telecommunications company owed local license taxes to several Missouri cities.
Read TaxNewsFlash-United States
- The staff of the Joint Committee on Taxation (JCT) released a report that lists federal tax provisions (other than those providing time-limited transaction relief after the modification of an underlying rule) that are currently scheduled to expire during the period 2020-2029.
Read TaxNewsFlash-Legislative Updates