US: IRS issues guidelines on inventory valuation methods
The US Internal Revenue Service (IRS) has released an updated practice unit on inventory valuation methods, specifically addressing the Lower of Cost or Market (LCM) approach. The practice unit's general overview comprises the following: There
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US: California’s Senate Bill 167 introduces revenue raising measures
The US state of California’s Senate Bill 167 proposes several revenue raising measures. The bill, which is still pending signature, pertains to corporate income tax and suspends net operating losses (NOLs) for the 2024, 2025, and 2026 tax
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US: Treasury confirms suspension of tax treaty with Russia
On 17 June 2024, the US Department of Treasury announced that the United States had provided formal notice to the Russian Federation to confirm the suspension of the operation of Paragraph 4 of Article 1 and Articles 5-21 and 23 of the Convention
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US: IRS and Treasury issues guidance to tackle abusive basis shifting in partnerships
On 17 June, 2024, the U.S. Department of the Treasury and the Internal Revenue Service (IRS), in a release, announced a new regulatory initiative to close a major tax loophole exploited by large, complex partnerships. This initiative is one step
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US: IRS and Treasury issue guidelines on partnership basis shifting transactions
On 17 June 2024, the Department of the Treasury and the Internal Revenue Service (IRS) in a release—FS-2024-21 issued a guidance on the inappropriate use of partnership rules to inflate the basis of the underlying assets without causing any
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US schedules FATCA IDES testing for July
The FATCA (Foreign Account Tax Compliance Act) International Data Exchange Service (IDES) will undergo its next testing phase, as announced by the IRS yesterday, 13 June 2024. FATCA IDES will be migrating to an updated system and vendor on
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US: IRS extends tax relief for Arkansas taxpayers impacted by severe weather
The US Internal Revenue Service (IRS), in a release – AR-2024-01 – published on 6 June 2024, announced tax relief for individuals and businesses in parts of Arkansas that were affected by severe storms, straight-line winds, tornadoes, and
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US: Bernie Sanders urges Biden administration to back G20 initiative for a global minimum tax on the ultrawealthy
US Senator Bernie Sanders, along with his colleagues from both the Senate and the House, issued a statement urging President Biden and Treasury Secretary Janet Yellen, on 11 June, 2024, to back Brazil's G20 initiative for a global minimum tax on the
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US: Treasury unveils FY 2025 tax proposals in “Green Book”
The US Department of the Treasury released the Fiscal Year 2025 Budget and the “General Explanations of the Administration’s Fiscal Year 2025 Revenue Proposals”, or the ‘Green Book’, today, 11 June, 2024. In the fiscal year 2025 budget,
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US: IRS extends tax relief for West Virginia taxpayers impacted by severe weather
The US Internal Revenue Service (IRS), in a release – IR-2024-160 – published on 7 June 2024, announced tax relief for individuals and businesses in parts of West Virginia affected by severe storms, straight-line winds, tornadoes, landslides and
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US: IRS extends tax relief for Iowa taxpayers impacted by storms and floods
The US Internal Revenue Service (IRS), in a release – IA-2024-04 – published on 6 June, 2024, announced tax relief for individuals and businesses in Iowa affected by severe storms, tornadoes, and flooding that occurred on 20 May, 2024. The
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US: IRS extends tax relief for Kentucky taxpayers impacted by severe weather
The US Internal Revenue Service (IRS), in a release – IR-2024-159 – published on 7 June 2024, announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and
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US, Bulgaria sign CbC exchange agreement
Bulgaria's Ministry of Finance signed a country-by-country (CbC) exchange agreement with the US on 30 May, 2024. The automatic exchange of CbC reports will enhance international tax transparency and aid tax administrations in targeting resources
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US: FY 2025 State and Foreign Operations Appropriations Bill defunds several international programmes
The US House Appropriations Committee released the Fiscal Year 2025 State and Foreign Operations Appropriations Bill on 3 June, 2024. It proposes terminating several programmes including funding for the Organisation for Economic Cooperation and
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US: Washington updates regulation on apportionable income calculation
US state Washington’s Department of Revenue has updated a regulation concerning the calculation of the portion of a business’s apportionable income generated within Washington State. Introduced on 15 May, 2024, this rule will go into force on
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US: Tennessee implements destination sourcing under the Tennessee Works Tax Act
Tennessee’s Department of Revenue has issued Notice 24-08, outlining the sales and use tax sourcing changes introduced in the "Tennessee Works Tax Act". On 11 May, 2023, Governor Lee signed into law the Tennessee Works Tax Act (TWTA), Public
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US: IRS revises automatic accounting methods
The US Internal Revenue Service (IRS) announced revising its automatic accounting method procedures In April, 2024. As per the new method, taxpayers must obtain formal IRS consent through a letter ruling to alter any aspect of their tax
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Bulgaria signs AEOI agreement with USA
The Bulgarian Ministry of Finance announced, on 30 May 2024, the signing of an agreement with the United States for the automatic exchange of information (AEOI). Lyudmila Petkova, Deputy Prime Minister and Minister of Finance, Bulgaria, alongside
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