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.

TaxNewsFlash No. 2021-221 (PDF)

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.

TaxNewsFlash No. 2021-224 (PDF)

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.  

TaxNewsFlash No. 2021-197 (PDF)

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."

TaxNewsFlash No. 2021-187 (PDF)

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.

TaxNewsFlash No. 2021-172 (PDF)

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.

TaxNewsFlash No. 2021-155 (PDF)

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.”

TaxNewsFlash No. 2021-151 (PDF)

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.

TaxNewsFlash No. 2021-141 (PDF)

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.

TaxNewsFlash No. 2021-137 (PDF)

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.

TaxNewsFlash No. 2021-107 (PDF)

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.

Notice 2021-20 provides much anticipated guidance regarding the employee retention credit for 2020 (PDF)

For more information, please contact:

Tai Kimura | +1 408 367 2204 |