- KPMG reports provide initial analysis of the section 163(j) regulations and of related IRS guidance, and include specific reports considering implications for domestic corporations, passthrough entities, and foreign corporations (among others).
- A KPMG report provides a set of “frequently asked questions” (FAQs) about Joe Biden’s federal tax agenda ahead of the November election.
- A KPMG report examines COVID-19-related tax issues that are currently affecting banks and their customers, including the impact of the “Coronavirus Aid, Relief, and Economic Security Act” (CARES Act).
- Proposed regulations under section 1061, the "carried interest" provisions, were released to the Federal Register.
- Notice 2020-62 provides modifications to two safe harbor explanations that plan administrators may use to satisfy the requirement under section 402(f) that certain information be provided to recipients of an eligible rollover distribution.
- Notice 2020-61 provides guidance—in “question and answer” (Q&A) format—concerning the special rules relating to funding of single-employer defined benefit pension plans, and related benefit limitations, as enacted by the CARES Act.
- Final regulations under section 59A—the “base erosion and anti-abuse tax” or “BEAT” provisions—were received for review by OMB’s Office of Information and Regulatory Affairs (OIRA).
- Other regulations still pending OIRA review concern section 954 and coordinating rules under sections 245A and 951A.
- Treasury released a set of FAQs addressing loan forgiveness issues under the Paycheck Protection Program (PPP).
- The IRS posted FAQs concerning the tax treatment of leave-sharing plans—guidance issued in response to the COVID-19 pandemic.
- The IRS updated a set of FAQs regarding the implementation of certain retirement plan relief measures enacted in response to the COVID-19 pandemic. A new FAQ addresses partial plan termination determinations.
State and local tax
- A ballot measure in California would, if approved by the voters, revise the state’s property tax regime.
- Tax authorities in Maryland, New Jersey, and Oregon released guidance to provide tax relief from the COVID-19 pandemic.
- The Iowa Department of Revenue issued revised guidance reflecting an exclusion for “global intangible low-taxed income” (GILTI). Under the revised law, corporate taxpayers are allowed an exclusion for the amount included in income under IRC section 951A net of the IRC section 250 deduction. The exclusion applies retroactively to tax years beginning on or after 1 January 2019.
- The North Carolina Department of Revenue announced a voluntary initiative to expedite the resolution of corporate intercompany pricing issues beginning 1 August 2020 and generally concluding by 1 December 2020.
- A Pennsylvania appellate court upheld the Department of Revenue’s benefits-received, market-based interpretation of the cost of performance method for sourcing sales of services—a position that was in effect for the tax year at issue.
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