IMF Report Assesses the US Economy
On 17 July 2024 the IMF issued a report following consultation with the US government under Article IV of the IMF’s articles of agreement. The US economy has performed strongly in the past few years. Economic activity and employment now exceed
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Bulgaria approves CbC exchange agreement with US
Bulgaria’s Council of Ministers approved the Bulgaria – United States Agreement on the Automatic Exchange of Country-By-Country (CbC) Reports on 17 July, 2024. This automatic exchange of CbC reports will enhance international tax transparency
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US: Pennsylvania passes tax bill to double net loss limit
The US State of Pennsylvania’s Governor Josh Shapiro signed a tax bill - Senate Bill 654 - into law on 11 July, 2024. This bill follows the state’s federal tax code that proposes to gradually increase the net operating loss carryover limit
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US: Oregon reportedly proposes higher taxes for corporations
The US State of Oregon, in its Initiative Petition 17 (IP 17), has reportedly proposed to raise minimum taxes for corporations in Oregon with sales over USD 25 million. Initiative Petition 17 proposes to increase state taxes paid by certain
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US: North Carolina ends sales tax threshold for remote sellers
The US state of North Carolina has phased out the 200-transaction sales tax threshold for retail merchants and marketplace facilitators under Session Law 2024-28, which was recently signed into law by Governor Roy Cooper (D). Effective 1 July
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US: Missouri to let pass-through entities bypass entity-level tax
The state of Missouri announced that it will permit members of pass-through entities (PTEs) to opt out of the elective entity-level tax under HB 1912, which was signed by Governor Mike Parson (R) on 10 July, 2024. The HB 1912 will take effect on
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US: Washington exempts carbon credits and allowances taxes
Washington has announced that it will exempt certain carbon credits and allowances under the cap and invest programme for greenhouse gas emissions from the state's business and occupation (B&O) tax and public utility tax (PUT). This update was
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US: IRS issues fact sheet on inflated tax refund claims due to inadequate social media advice
The US Internal Revenue Service (IRS), in a release FS-2024-24 in July 2024, issued alert IR-2024-139 on 14 May 2024, about a series of scams and inaccurate social media advice. Social media schemes led to thousands of inflated refund claims during
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US: FinCEN updates FAQs on beneficial ownership for pre-Corporate Transparency Act, defunct entities
The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has released new and revised FAQs concerning beneficial ownership reporting requirements, effective 1 January, 2024. The new FAQs were issued on 8 July 2024. FinCEN has
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US: Lawmakers urge treasury secretary to enforce 15% corporate minimum tax
US Senators Elizabeth Warren (D-MA), Angus King (I-ME), Michael Bennett (D-CO.), and Representative Don Beyer (D-VA) are urging to fully implement the 15% Corporate Alternative Minimum Tax (CAMT). A signed letter was sent to Treasury Secretary
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US: IRS releases FAQs on clean fuel production credit registration
The US Internal Revenue Service (IRS), on 10 July 2024, issued frequently asked questions (FAQs) in Fact Sheet 2024-25 related to which entities must apply for registration for the Clean Fuel Production Credit. The Inflation Reduction Act of 2022
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US: Washington finalises capital gains excise tax rules
Washington state’s Department of Revenue has issued clarification regarding the state's capital gains tax under WAC 458-20-301. The finalised regulations define and illustrate the capital gains tax, and provides explanation about the treatment of
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US: New Jersey approves highest corporate tax rate, potentially impacts 700 companies
New Jersey lawmakers passed a bill on 30 June, 2024, to implement the highest corporate tax rate for the state’s largest companies in the US. The bill is estimated to impact close to 700 companies in the state. The legislation proposes adding a
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US: IRS cautions taxpayers about clean energy tax credit scams
The Internal Revenue Service (IRS) issued a release, IR-2024-182, on 3 July 2024, cautioning taxpayers about a scam in which unscrupulous tax return preparers misrepresent the rules for claiming clean energy credits under the Inflation Reduction Act
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US proposes regulations for tax payments by commercially acceptable means
The Department of the Treasury and the IRS have proposed regulatory changes regarding the payment of taxes through commercially acceptable means on 2 July, 2024. These updates align with the legislative changes introduced by the Taxpayer First
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US: Texas finalises sales tax rules for micro and small businesses
The US state of Texas has finalised the regulations for the categorisation of micro-businesses and small businesses under its remote sales and use tax regulations for marketplace providers and remote sellers in accordance with the state's
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Thailand, US sign competent authority arrangement to FATCA agreement
The US Internal Revenue Service (IRS) released the official text of the competent authority arrangement (CAA) that the US government signed with Thailand under the Thailand—United States FATCA Model 1A Agreement (2016) (IGA) to implement the
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Switzerland, US sign new FATCA agreement
The Swiss Federal Council has announced that it signed a new FATCA agreement with the United States at Bern on 27 June, 2024. Switzerland currently provides financial account data to the United States on a unilateral basis. In the future, it will
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