On March 31, 2021, the Biden administration announced the American Jobs Plan which calls for investment of about $2 trillion this decade. To pay for these expenditures, Biden also proposed the Made in America Tax Plan (the “Tax Plan”). Although the proposed statutory language for the plans have not yet been released, here are some key takeaways:

Corporate Tax Rate: corporate tax rate will be increased from 21% to 28%.

Global Intangible Low Taxed Income (GILTI): the GILTI tax rate will be increased to 21% and GILTI will be calculated on a country-by-country basis. The Tax Plan will also eliminate the rule which allows 10% of qualified business asset investment (“QBAI”) deduction on GILTI inclusion.

Global Agreement on Minimum Tax: the Tax Plan proposes to encourage other countries to adopt strong minimum taxes on corporations. The Tax Plan also denies deductions to foreign corporations on payments that could allow them to shift profit out of the United States if they are based in a country that does not adopt a strong minimum tax.

Inversions and Tax Havens: the Tax Plan will make it harder for U.S. corporation to invert.

Offshoring and Onshoring Jobs: the expenses coming from offshoring jobs will not be deductible. The Tax Plan will also provide a tax credit to support onshoring jobs.

Foreign Derived Intangible Income (FDII): FDII deductions will be eliminated. The revenue from repealing the FDII deduction will be used to expand R&D investment incentives.

Minimum Tax on Large Corporation’s Book Income: the Tax Plan will impose a 15% minimum tax on the book income, which would apply only to the “very largest corporations.” The Tax Plan does not include a definition for the “very largest corporations”.

Elimination Tax Preferences for Fossil Fuels: the Tax Plan will eliminate the tax preferences for fossil fuel industry. The Tax Plan also proposes to restore payments from polluters into the Superfund Trust Fund to pay for environmental clean up.

Ramping up Enforcement: the Tax Plan will make it harder for the largest corporations to avoid or evade taxes by eliminating parts of the tax code that are too easily abused. The Tax Plan will also allow the government to invest in enforcement; the Internal Revenue Service will have the resources it needs to enforce the tax laws against corporations.

For details, please refer to the White House Fact sheet: https://www.whitehouse.gov/briefing-room/statements-releases/2021/03/31/fact-sheet-the-american-jobs-plan/

2021년 3월 29일, IRS에서 납세자들의 세금보고 기한을 연장하는 내용을 발표하였다.

• 해당 납세자 조건:

• Form 1040 series 세금 보고자
• Form 5498 series 세금 보고자
• 세금 환급 요청 소멸 시효 날짜가 2021년 4월 15일 이후 2021년 5월 17일 이내인 납세자

• 2021년 기존 4월 15일에서 5월 17일로 마감일이 연장된 세금보고는 다음과 같다:
  • Form 1040 series 관련 세금 보고 및 납부

(5월 17일로 마감일 연장은 특별히 서류를 준비할 필요 없이 자동 연장)

• 2020년도 은퇴연금(IRAs and Roth IRAs), 건강 저축 계좌(HSAs), 아처 의료저축계좌(Archer MSAs), 그리고 코버넬 교육저축계좌(Coverdell ESAs)에 지불하는 개인 부담금
• 은퇴연금 및 회사 기반 퇴직금으로 받은 금액 중 총수입에 포함되는 금액의 10%에 대한 추가세금 보고 및 납부

• 세금 보고 마감일이 2021년 6월 30일로 연장된 세금보고는 다음과 같다:
  • Form 5498 series 관련 보고 및 납부

• 새로 발표된 세금 보고 마감일 연장에 해당되지 않는 세금 보고들은 다음과 같다:
  • Form 1040 series를 제외한 다른 개인 세금 보고 및 비지니스관련 세금 보고
  • 앞서 언급된 연방세를 제외한 다른 연방세 (연방 예납세 등)
  • 2020 년 Form 1040 series 및 Form 5498 series 관련된 세금 보고를 제외한 다른 연방 세금 보고
  • Form 1040 series 및 Form 1040-X 가 아닌 다른 세금 환급 요청 소멸 시효 날짜가 2021년 4월 15일 이후 2021년 5월 17일 이내인 납세자

또한, California에서도 개인세금보고 (Form 540, 540EZ, 및 540NR)의 기한을 2021년 5월 17일로 연장하였다.

The IRS issued new notice 2021-21 as of March 29, 2021. This notice provides relief from tax deadlines to the individuals. A summary of this notice is as follows:

• Affected taxpayers are:
  • Any person with a Federal income tax return filed on Form 1040 series, or a Federal income tax payment reported on one of these forms.
  • Any person who are required to file and furnish Form 5498 series.
  • Any individual with a period of limitations to file a claim for credit or refund of Federal income tax that absent this notice would expire on or after April 15, 2021, and before May 17, 2021.

• The due date postpones to May 17, 2021 for following:
  • Filing Federal income tax returns in the Form 1040 series and making Federal income tax payments in connection with one of these forms having an original due date of April 15, 2021.

(No necessary to file any form to obtain this relief)

• 2020 contributions to their individual retirement arrangements (IRAs and Roth IRAs), health savings accounts (HSAs), Archer Medical Savings Accounts (Archer MSAs), and Coverdell education savings accounts (Coverdell ESAs).
• Reporting and payment of the 10-percent additional tax on amounts includible in gross income from 2020 distributions from IRAs or workplace-based retirement plans.

• The due date postpones to June 30, 2021 for following:
  • Filing and furnishing the Form 5498 series.

• This due date postponement is not affected on:
  • Businesses and any other type of taxpayer who file Federal income tax returns on forms outside of the Form 1040 series.
  • The payment or deposit of any other type of Federal tax, including Federal estimated income tax payments.
  • Filing of any Federal return other than the Form 1040 series and the Form 5498 series for the 2020 taxable year.
  • Individuals with a period of limitations to file a claim for credit or refund of Federal income tax for tax forms other than the Form 1040 series and the Form 1040-X expiring on or after April 15, 2021, and before May 17, 2021.

California has also postponed the income tax filing and payment due date for individuals (those who file forms 540, 540EZ, and 540NR) for the tax year 2020 tax year from April 15, 2021, to May 17, 2021.

멕시코에서 제조활동을 하는 다국적 기업들에게 영향을 끼칠 만한 세법이 발효될 것으로 보여 관련사항에 대해서 관심을 기울일 필요가 있겠다. 멕시코에서는 회사의 수익 중 10%를 직원에게 나누는 이익분배제도가 있다. 다만, 외부용역자 및 하청계약을 통한 인건비에 대해서는 이익분배가 적용되지 않았는데, 이를 통해 이익분배를 최소화 하는 업체들을 방지하기 위해서 멕시코의 대통령인 Andres Manual Lopez Obrador이 이와 같은 외부용역 및 하청계약 비용은 세무상 비용으로 인정받지 못하는 법안을 제시하였다. 관련 법안은 아직 정부 내외로의 토론이 필요한 사항이지만 현재로써는 이 법안이 통과될 것으로 보인다.

자세한 내용은 멕시코 CPA법인인 Maurcio Monroy Contadores에서 발표한 뉴스레터를 참고하시기 바랍니다. Newsletter about outsourcing reform