US: Georgia enacts tax cuts for individuals and corporations
On 18 April 2024, the Governor of Georgia announced the enactment of a tax reduction package. The package features House Bill (HB) 1015, which amends the individual income tax rate adjustment plan initially set forth by HB 1437 in 2022. Under HB
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US: IRS offers penalty relief for underpaid estimated income tax due to corporate alternative minimum tax (CAMT)
The US Internal Revenue Service (IRS) has published Notice 2024-33, providing relief from penalties for underpayment of estimated income tax due to a portion of a corporation's Corporate Alternative Minimum Tax (CAMT) liability. This penalty relief
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US: Idaho reduces tax rates for companies and individual taxpayers
On 29 March 2024, the governor of Idaho, the 43rd state of the US, approved House Bill 521. This law includes reducing the corporate and individual income tax rates from 5.8% to 5.695%. This tax rate reduction goes into effect retroactively from 1
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US: IRS proposes regulations for excise tax for stock repurchases
On 9 April 2024, the US Internal Revenue Service (IRS) released the proposed regulations offering guidance on the new excise tax on corporate stock repurchases made after 31 December 2022. The Inflation Reduction Act imposed a new excise tax on
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US: IRS offers tax relief for Rhode Island taxpayers impacted by storms and floods
On 4 April 2024, the US Internal Revenue Service announced a tax relief for individuals and businesses in parts of Rhode Island affected by severe storms and flooding that began on 9 January 2024. These taxpayers now have until 15 July 2024, to file
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US: IRS offers tax relief for Maine taxpayers impacted by storms and floods
On 4 April 2024, the US Internal Revenue Service (IRS) announced a tax relief for individuals and businesses in parts of Maine affected by severe storms and flooding that began on 9 January 2024. These taxpayers now have until 15 July 2024, to file
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US: IRS extends tax relief for Hawaii taxpayers impacted by wildfires
On 27 March 2024, the US Internal Revenue Service, in a release—IR-2024-82—announced various tax-filing and tax-payment deadlines for individuals and businesses affected by the 8 August 2023 wildfires in Hawaii had been postponed until 7 August
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US: IRS announces tax relief for Alaska taxpayers impacted by storms
On 25 March 2024, the US Internal Revenue Service (IRS) announced tax relief for individuals and businesses in the Wrangell Cooperative Association of Alaska Tribal Nation that were affected by severe storms, landslides, and mudslides that began on
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US: IRS reminds expats of tax return deadline and offers extension for Israel attack victims
On 22 March 2024, the US Internal Revenue Service (IRS) issued a release in which it reminded taxpayers residing and working outside the US that they must file their 2023 federal income tax return by 17 June 2024. This deadline applies to U.S.
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US: Utah reduces individual and corporate franchise tax rates
On 14 March 2024, the Governor of Utah, the 45th state of the US, approved the Senate Bill (SB) 69. This Bill reduces the individual (personal) income tax and corporate franchise tax rates, effective retroactively from 1 January 2024. The individual
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US: IRS issues guidelines to prevent mistakes in federal tax returns
On 18 March 2024, the U.S. IRS released guidelines for preventing errors during the filing of federal tax returns. As the April 15 filing deadline approaches, the Internal Revenue Service issued a reminder to taxpayers on ways to prevent typical
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US announces FY 2025 revenue proposals with corporate tax rate hikes and reforms
On 11 March 2024, the U.S. Department of the Treasury declared that it published the General Explanations of the Administration's Fiscal Year 2025 Revenue Proposals or the "Greenbook," in which it detailed the revenue proposals included in
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US joint committee issues report on multinational taxation and pillar 1 taxing rights reallocation
On 5 March 2024, the US Joint Committee on Taxation published a report - Background And Analysis Of The Taxation Of Multinational Enterprises And The Potential Reallocation Of Taxing Rights Under the OECD's Pillar One. The report was released
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US: IRS announces tax relief for California taxpayers impacted by storms and floods
On 27 February 2024, the US Internal Revenue Service (IRS) announced that it is providing tax relief for individuals and businesses in parts of California affected by severe storms and flooding that began on 21 January 2024. According to the IRS
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US: IRS announces unchanged interest rates for overpaid and underpaid tax for 2024
On 21 February 2024, the US Internal Revenue Service (IRS) declared the interest rates for overpayments and underpayments. As per the announcement, the interest rates will remain the same for the calendar quarter beginning 1 April 2024. For
See MoreUS: Taxpayers Given Greater Access to Energy Tax Credits
Under the provisions of the Inflation Reduction Act of 2022 (IRA) taxpayers have been given greater access to the benefit of the energy tax credits even if they have no federal tax liability. The Act aims to support the expansion of the renewable
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US: IRS announces tax relief for taxpayers in Maine
On 5 February 2024, the US Internal Revenue Service (IRS) declared tax relief for taxpayers in Maine affected by severe storms and flooding that began on 17 December 2023. As per the new announcement, these taxpayers now have until 17 June 2024 to
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US: House Passes Bill to Extend Business Tax Provisions
On 1 February 2024 the House of Representatives voted to approve a Bill to expand the child tax credit and extend some business tax provisions. The legislation, which required a two thirds majority in the House, was passed in a vote of 357 to 70.
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