In this section, we provide a summary of brief updates from the previous quarter on legislative, judicial, and administrative developments in tax that may impact Japanese companies operating in the United States.
Tax reform proposals—BEAT down, SHIELD up
May 20, 2021
The Biden Administration in early April 2021 released a description of its “Made in America” tax plan.
Treasury officials participate in OECD meetings, proposal for global corporate minimum tax rate
May 20, 2021
The U.S. Treasury Department issued a release regarding discussions with representatives from other countries of a proposal for a global corporate minimum tax rate.
Outlook for what's ahead for energy tax incentives (updated)
May 3, 2021
Coming off year-end extensions, the tax incentives for various renewable and clean energy sources and technologies could see an additional boost from Congress in the coming months.
This report briefly describes the potential for additional extensions and enhancements as proposals from the Biden Administration and Congress take shape.
Treasury proposals for tax administration reforms
April 28, 2021
The U.S. Treasury Department today issued a release proposing increased IRS funding and improved tax compliance including, in part, by addressing the "tax gap."
IRS allows temporary relief from handwritten signature requirement for more tax forms (COVID-19)
April 19, 2021
The IRS Deputy Commissioner for Services and Enforcement released a memorandum to all Services and Enforcement employees, announcing temporary relief from the requirement for a handwritten signature for more tax returns and forms by allowing the identified returns and forms to be signed electronically.
Notice 2021-25: Temporary 100% deduction for certain business meal expenses
April 8, 2021
The IRS released an advance version of Notice 2021-25 as guidance regarding the temporary 100% deduction for expenses that are paid or incurred after December 31, 2020, and before January 1, 2023, for food or beverages provided by a restaurant.
U.S. Treasury releases report "Made in America Tax Plan"
April 7, 2021
The U.S. Treasury Department today released a report providing additional information about the plan as announced last week as part of President Biden’s “American Jobs Plan.”
President Biden announces plans with major business tax proposals
March 31, 2021
President Biden today delivered a speech unveiling part of his "Build Back Better" recovery plan.
Announcement 2021 6: APMA program, APA statistics for 2020
March 30, 2021
The IRS released an advance version of Announcement 2021-6 providing the Advance Pricing and Mutual Agreement (APMA) program's annual report on advance pricing agreements (APAs) for 2020.
President Biden signs COVID relief legislation
March 11, 2021
President Joe Biden signed into law H.R. 1319, the "American Rescue Plan Act of 2021" thus making March 11, 2021, the date of enactment.
Notice 2021-20 provides much anticipated guidance regarding the employee retention credit for 2020
March 5, 2021
The IRS on March 1, 2021, released an advance version of Notice 2021-20 as guidance regarding the employee retention credit (ERC) with respect to the 2020 calendar year.
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