US releases expiring federal tax provisions list 2024-2034
The US Joint Committee on Taxation has published the List of Expiring Federal Tax Provisions for 2024-2034 on 9 January 2025. This document lists Federal tax provisions that expired in 2024 or are scheduled to expire in the future. Years in which
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US: Treasury, IRS finalise rules on micro-captive transactions
The US Department of the Treasury and the Internal Revenue Service (IRS) released the final regulations (TD 10029) identifying transactions that are the same as, or substantially similar to, certain micro-captive transactions as listed transactions,
See MoreIMF: Briefing on the World Economic Outlook
In the briefing on the latest World Economic Outlook on 17 January 2024, the Director of the IMF’s Research Department confirmed that global growth is projected to remain steady at 3.3% in 2025 and 2026. Globally, inflation is expected to decline
See MoreIMF Updates World Economic Outlook
On 17 January 2025 the IMF published the update to the World Economic Outlook, with the subtitle Global Growth: Divergent and Uncertain. The update notes that global growth is expected to remain stable at 3.3% in both 2025 and 2026, below the
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Czech Republic posts CAA text for CbC reporting with the US
The Czech Republic’s Ministry of Finance has published the text of a Competent Authority Agreement (CAA) concerning the exchange of country-by-country (CbC) reports with the United States on 9 January 2025. This agreement between the two
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US: IRS, Treasury finalise rules on dual consolidated losses and disregarded payments
The US Department of Treasury and the Internal Revenue Service (IRS) have released the final Rules on Dual Consolidated Losses and the Treatment of Certain Disregarded Payments, which were officially published in the Federal Register on 14 January
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US: Michigan enacts R&D credit law
Michigan’s governor has approved the legislation (2023-HNB-5100) on 13 January 2025, which introduces a research and development (R&D) tax credit in Michigan. This new incentive will take effect for tax years beginning on or after 1 January
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US, France announce spontaneous exchange of CbC reports for 2024-2025
The US Internal Revenue Service (IRS) in collaboration with France's competent authority, has issued a joint statement outlining plans for the spontaneous exchange of country-by-country (CbC) reports. This initiative will apply to fiscal years
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US: IRS, Treasury finalise rules on digital and cloud transactions
The US Internal Revenue Service (IRS) and the Treasury Department have released final regulations addressing the Classification of Digital Content Transactions and Cloud Transactions. The regulation was published in the Federal Register on 14
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US: California grants tax relief for Los Angeles wildfire victims
California Governor Newsom announced that the California Franchise Tax Board (FTB) will provide state disaster tax relief for taxpayers and businesses affected by the recent wildfires in Los Angeles on 11 January 2025. “California is taking
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US: Treasury and IRS publish guidance on tax dispute resolution under 2019 Taxpayer First Act
The US Treasury Department and Internal Revenue Service (IRS) have issued final regulations (T.D. 10030) that offer detailed guidance on resolving federal tax disputes through the IRS Independent Office of Appeals in accordance with the Taxpayer
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US: IRS announces tax filing season date for 2025
The US Internal Revenue Service (IRS) issued IR-2025-08 on 10 January 2025, announcing that the nation’s 2025 tax season will start on 27 January 2025. The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed
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US: Treasury publishes guidance on clean fuels
The US Department of the Treasury has released new guidance on the Clean Fuels Production Credit (section 45Z) on 10 January 2025. Section 45Z provides a tax credit for the production of transportation fuels with lifecycle greenhouse gas (GHG)
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US: Treasury, IRS request comments on proposed regulations and a draft form for certain corporate separations and reorganisations
The US Department of the Treasury and the Internal Revenue Service (IRS) issued IR-2025-11 on 13 January 2025 in which it proposed regulations for corporate separations and reorganisations, including reporting requirements for multi-year corporate
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US: New York joins IRS direct file for 2025 tax season
New York Governor Kathy Hochul announced on 3 January 2024 that the state will participate in the IRS Direct File program starting with the 2025 tax filing season. The joint project with the Internal Revenue Service (IRS) allows taxpayers to file
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US: Treasury, IRS update rules on intragroup transactions and consolidated federal returns
The US Department of Treasury and the Internal Revenue Service (IRS) have issued proposed regulations (RIN 1545-BJ87) to provide clarity on the treatment of certain liabilities in intragroup transactions under IRC Section 351. This document
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US: Treasury, IRS finalise digital asset reporting rules
The US Treasury Department and Internal Revenue Service (IRS) has published a document (TD 10021) finalising final regulations regarding information reporting by brokers that regularly provide services effectuating certain digital asset sales and
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US: Treasury reissues list of countries requiring international boycott participation
The US Treasury Department reissued its list of countries that mandate cooperation with, or participation in, an international boycott as a prerequisite for conducting business. It includes Iraq, Lebanon, Syria, Kuwait, Qatar, Saudi Arabia, Libya
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