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.

COVID-19 disaster relief payments under section 139

May 3, 2023

How the end of the emergency declaration has repercussions for how employers provide benefits and reimburse employees for pandemic-related expenses

COVID-19 disaster relief payments under internal revenue code section 139 (PDF)

Proposed regulations: Reinstated Superfund chemical tax and Superfund imported substance tax

March 27, 2023

Guidance on the application of the reinstated excise taxes imposed on certain chemicals and certain imported substances

TaxNewsFlash No. 2023-105  (PDF)

Stock repurchase excise tax and funding rule considerations for inbound taxpayers

March 27, 2023

Uncertainty regarding how the funding rule applies, how the government may attempt to resolve uncertainty in future guidance.

Stock repurchase excise tax and funding rule considerations for inbound taxpayers  (PDF)

Rev. Proc. 2023 19: Waiver for individuals electing to exclude foreign earned income

March 13, 2023

Information to individuals who failed to meet eligibility requirements of section 911(d)(1)

TaxNewsFlash No. 2023-087  (PDF)

Brazil: Guidance on new OECD-aligned transfer pricing rules

February 27, 2023

Normative Instruction No. 2,132 provides guidance on new transfer pricing rules

Brazil: Guidance on new OECD-aligned transfer pricing rules

Corporate Alternative Minimum Tax considerations and FAQs (updated after Notices 2023-7 and 2023-20)

February 27, 2023

Five things taxpayers need to know about the CAMT, and answers to frequently asked questions

TaxNewsFlash No. 2022-339  (PDF)

For more information, please contact:

Tai Kimura | +1 408 367 2204 | tkimura@kpmg.com

The information contained herein is of a general nature and based on authorities that are subject to change. Applicability of the information to specific situations should be determined through consultation with your tax adviser. This article represents the views of the authors only, and do not necessarily represent the views or professional advice of KPMG.