The Ernst & Young ITTS Washington Dispatch brings you a monthly review of US international tax-related developments. In this edition: US infrastructure legislation, FY 2022 budget resolution move forward – Senate Finance Committee Chairman, members release international tax discussion draft – Finance Committee Chairman introduces bill to amend tax treatment of financial derivative transactions – Senate-passed infrastructure bill would impose information-reporting requirements on sales of cryptocurrency, other digital assets – IRS extends to 1 January 2023 date for W/H on certain transfers, distributions related to PTP interests – US, Germany agree on exchange of CbC reports – IRS financial services campaign will not target specific transactions – OECD releases 2021 peer review update of preferential tax regimes – OECD releases corporate tax statistics publication, including anonymized/aggregated CbC report stats.
This week we look at:
- High low per diem and related guidance for FY 2021/2022 released
- Rules for reporting COVID-19 credit related leave on Forms W-2 for 2021
- Is the client required to amend a return? And, if so, when?
Copyright 2021, Kaplan, Inc.
The House Ways and Means Committee approved its portion of a multi-trillion dollar economic and social spending plan this week. But despite this latest victory, Democrats still have a lot of work to do before their aspirations become law.
The House tax plan doesn’t include some of President Joe Biden’s notable proposals, including an overhaul of the way unrealized capital gains are treated at death. The tax plan advanced by Ways and Means also aims for more modest hikes to the corporate and capital gains rates than Biden has been seeking.
On this week’s episode of our weekly Talking Tax podcast, senior reporter Colin Wilhelm discusses the state of play with two Bracewell LLP lobbyists who have a depth of knowledge on the issues: Yasmin Nelson, former senior policy advisor to then-Sen. Kamala Harris,, and colleague Liam Donovan, a former Republican campaign operative who now works on tax and energy issues as well as providing multi-platform political commentary.
Nelson and Donovan break down the opposition to the capital gains overhaul, how a troubled prescription drug pricing proposal impacts the overall revenue picture, and what is happening over on the Senate side of the Capitol.
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