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We are pleased to enclose the May issue of Tax News and Developments, a publication of Baker McKenzie's North America Tax Practice Group. This month's edition features an update on CARES Act 2.0, Section 355’s Active Trade or Business Requirement and State and Local Tax COVID-19 updates.

In this issue:

  • Waiting for CARES Act 2.0? It May Be A While
  • IRS’s Increased Use of FAQs to Implement the CARES Act
  • The CARES Act and ASC 740
  • COVID-19 Practical and Timely Government Concession: Guidance on Permanent Establishments & Corporate Residency
  • CRA Provides Administrative Relief for International Tax Issues Arising from COVID-19 Travel Restrictions
  • Treasury Issues Final Section 901(m) Regulations
  • Putting a Spin on Section 355’s Active Trade or Business Requirement
  • Changing the Past: CARES Act Depreciation Method and Interest Deduction Opportunities
  • Benefits of Selling Foreign IP to a Related or Unrelated Foreign Party Under the FDII Tax Regime
  • Should Faxing Be This Taxing?
  • IRS’s FAQs Provide Insights on Transfer Pricing Documentation Best Practices in Extraordinary Circumstances
  • 2019 APMA APA Statistics Show Improvement
  • DAC 6 Reporting Deadlines Relaxed in Response to Pandemic
  • IRS Announces TCJA Compliance Campaign
  • Some Planning Opportunities For Families Amidst Crisis
  • IRS Provides COVID-19 Relief to Tax Deadlines and Tax Payments and 60-Day Relief for Foreign Nationals’ Days of Presence
  • State and Local Tax - COVID-19 Updates
  • OECD Races Toward Completing Final Report on Digital Economy
  • IRS Private Ruling: Modifications to Trust Agreement and Creation of Successor Trusts Did Not Cause Trust to Lose GST Tax Exemption
  • COVID-19: Saudi Arabia Triples VAT Rate to 15 percent 
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