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