US announces FY 2025 revenue proposals with corporate tax rate hikes and reforms

March 14, 2024

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 

March 07, 2024

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

February 28, 2024

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

February 23, 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

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US: Taxpayers Given Greater Access to Energy Tax Credits

February 12, 2024

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

February 06, 2024

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

February 02, 2024

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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US issues revised report on international tax proposals addressing profit shifting pillars 1 and 2 

February 01, 2024

On 31 January 2024, the U.S. Congressional Research Services (CRS) published the revised "In Focus" report on International Tax Proposals Addressing Profit Shifting: Pillars 1 and 2. On June 5, 2021, finance ministers of the Group of 7 (G7)

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US: IRS announces the start of filing season

January 30, 2024

On 29 January  2024, the US Internal Revenue Service (IRS) in a notice announced that the filing season has started. The RS also reminded employers of the 31 January deadline to file  Forms W-2 and other wage statements with the Social Security

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US issues tax relief for American families and workers act of 2024

January 26, 2024

On 25 January 2024, the U.S. Congressional Budget Office (CBO) released its cost estimate report concerning the Tax Relief for American Families and Workers Act of 2024 (Bill H.R. 7024). The main measures of the bill are as follows: The bill

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US: IRS announces official date for 2024 tax filing season 

January 09, 2024

On 8 January 2024, the US Internal Revenue Service (IRS) declared the official start date of the 2024 tax season set at 29 January 2024. The IRS expects more than 128.7 million individual tax returns to be filed by the April 15, 2024, tax

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US passes tax relief act for American families and workers 

January 01, 2024

On 31 January 2024, the US House of Representatives passed the Tax Relief for American Families and Workers Act of 2024 (Bill H.R. 7024).  The main tax provisions for companies are: The deduction for domestic research and experimental

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US announces termination date of tax treaty with Hungary 

December 30, 2023

On 29 December 2023, the U.S. IRS declared in the ‘Announcement 2024-05’ the effective date of the termination of the 1979 tax treaty with Hungary. The Government of the United States provided a diplomatic notification, dated 8 July 2022, to

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US: IRS evaluating group membership to fix arm’s length interest rate

December 30, 2023

On 29 December 2023, the Office of Chief Counsel Memorandum announced that the IRS is considering group membership to determine the arm's length interest rate chargeable for intragroup loans and make a section 482 adjustment. The memorandum provides

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US: IRS declares new penalty relief for taxpayers for  2020 and 2021 tax returns 

December 21, 2023

On 19 December 2023, the U.S. IRS declared it is providing new penalty relief for approximately 4.7 million individuals, businesses, and tax-exempt organizations that were not sent automated collection reminder notices during the pandemic. The

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US: IRS releases draft form for corporate AMT 

December 21, 2023

The U.S. IRS has released the draft Form 4626 - Alternative Minimum Tax—Corporations concerning Corporate Alternative Minimum Tax (CAMT), The Inflation Reduction Act introduced CAMT, which enforces a minimum tax of 15% on the adjusted financial

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US Treasury signs income tax treaty with Chile

December 20, 2023

On 19 December 2023, the U.S. Department of the Treasury announced the entry into force of a comprehensive income tax treaty between the United States and Chile. The Chile tax treaty is the first new comprehensive bilateral tax treaty signed by the

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US: IRS publishes guidance regarding the foreign tax credit and dual consolidated losses in relation to the GloBE model rules

December 15, 2023

The U.S. IRS has published Notice 2023-80, which outlines the guidance regarding the foreign tax credit and dual consolidated losses in relation to the GloBE Model Rules. The Notice also includes the Extension and Modification of the Temporary

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