April 2020

Tax law developments

• US Federal
  • CARES Act signed into law
  • Qualified Opportunity Fund Final Treasury Regulations released
  • Final Treasury Regulations released under IRC section 721(c) for contributions to partnerships with foreign partners
  • Proposed Treasury Regulations on meals, entertainment, and fringe benefits released
  • Final Treasury Regulations covering covered asset acquisitions released
• US Multistate
  • New state administrative/judicial/legislative updates 
    • Colorado, Florida, Idaho, Indiana, Iowa, Louisiana, Maine, Maryland, Michigan, Mississippi, Montana, New Jersey, New Mexico, New York, North Carolina, Oregon, Rhode Island, Texas, Utah, Virginia, West Virginia and Wisconsin
  • Multistate tax considerations related to the Tax Act
    • Iowa, Massachusetts, Michigan and New Hampshire
• International
  • India 2020 tax amnesty scheme enacted
  • Italy 2020 budget law enacted 
  • Luxembourg ATAD 2 implemented into law 
  • Mexico 2020 tax reform enacted
  • Netherlands Tax Plan 2020 package and ATAD 2
• Controversy
  • Revenue Procedure 2019-42: IRS Updates Penalty Guidance for Return Disclosures

Accounting Developments

• Financial reporting considerations related to COVID-19 and an economic downturn
• FASB Board Meets to Discuss Proposed ASU on Income Tax Disclosures 

Additional Resources and Other Interesting Developments

• Report on transfer pricing of financial transactions released 

Did You Know?

• 2019 proposed BEAT regulations
• Key measures from the 2020 UK Spring Budget
  

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