US: California Governor suspends property tax for a year due to wildfires
California’s Governor Gavin Newsom has issued an executive order on 16 January 2025 to suspend penalties, costs, and any interest accrued on late property tax payments until 10 April 2026 for properties in areas affected by the firestorm. This
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US postpones new tariffs on Canada, Mexico for 30 days
US President Donald Trump has agreed on Monday, 3 February 2025, to halt tariffs on Canada and Mexico for 30 days – which was set to take effect Tuesday, 4 February 2025 – after both countries pledged to step up efforts to stop illicit drugs and
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US: MTC issues proposal to define digital products for state taxation
The Multistate Tax Commission (MTC) Workgroup issued a proposal on 23 January 2025 exploring the creation of a distinct tax classification for digital products. The intention is to separate digital goods from traditional classifications like
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US: Senate bill seeks to block tax credits and deductions for payments to Russia
US Senators Catherine Cortez Masto and John Cornyn have introduced bipartisan legislation on 30 January 2025 aimed at blocking businesses from claiming foreign tax credits or deductions for taxes paid to fund the Russian government's war
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US President Donald Trump’s tariffs spark retaliation from Canada, Mexico, China, and Taiwan escalating trade wars
Canada’s Prime Minister Justin Trudeau announced on Saturday, 1 February 2025, that the country will impose 25% tariffs on US goods, including orange juice, household appliances, and plastics, in response to US duties on Canadian imports. This
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US to impose 25% tariff on Canada and Mexico imports starting February says President Trump
US President Donald Trump has said he will follow through with his threat to impose a 25% border tax or tariffs on imports from Canada and Mexico starting tomorrow, 1 February 2025. However, Trump has said he is yet to decide whether oil imported
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US: Idaho joins IRS Direct File for 2025 tax season
The Idaho State Tax Commission has confirmed, on 23 January 2025, that Idaho will participate in the IRS Direct File Programme starting with the 2025 tax filing season. Idaho expects to process over 1.03 million income tax returns in 2025. An
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US: IRS begins accepting 2024 federal individual tax returns
The US Internal Revenue Service (IRS) has issued IR-2025-18 on 27 January 2025, announcing the opening of the 2025 tax filing season and is accepting and processing federal individual tax year 2024 returns. During the early morning opening, IRS
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Hungary to negotiate new tax treaty with US
Hungary’s Prime Minister Viktor Orbán has authorised negotiations for a new income tax treaty with the US. The new tax treaty between the two nations is aimed at avoiding and preventing double taxation in the field of income taxes. In July
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US: BOI reporting still voluntary after Supreme Court lifts injunction
The US Supreme Court on 23 January 2025 approved the government's request to lift a nationwide injunction previously issued by a federal judge in Texas. The US Treasury Department's Financial Crimes Enforcement Network (FinCEN) has issued an
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US: Supreme Court rejects Disney, IBM tax appeals on foreign royalties
The US Supreme Court has declined to review two notable cases from Disney on 21 January 2025, upholding a New York ruling that bars companies from deducting payments to foreign affiliates for intellectual property under a state law from 2003 to
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US: Treasury to probe foreign countries’ tax discrimination against American citizens, corporations
Republicans on the US House Ways and Means Committee have proposed new legislation on 22 January 2025, which aims to tighten oversight of foreign tax policies. The bill shall require the Treasury Department to identify extraterritorial and
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US: Senate Finance, Foreign Relations Committees propose Bill to expedite double-tax relief on US-Taiwan cross-border investment
US Senate Finance Committee Chairman Mike Crapo (R-Idaho) and Ranking Member Ron Wyden (D-Oregon), with US Senate Foreign Relations Committee Chairman Jim Risch (R-Idaho) and Ranking Member Jeanne Shaheen (D-New Hampshire) has introduced a
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US: IRS, Treasury revise rules for determination of taxable income or loss and foreign currency gain or loss for a qualified business unit
The US Internal Revenue Service (IRS) and Department of the Treasury has published a correction on 17 January 2025 concerning the final regulations on Taxable Income or Loss and Currency Gain or Loss with Respect to a Qualified Business Unit (QBU),
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US: IRS launches programmes to streamline alternative dispute resolution
The US Internal Revenue Service (IRS) issued IR-2025-14 on 15 January 2025 announcing three pilot programmes that will test changes to existing Alternative Dispute Resolution (ADR) programmes. IRS ADR programmes are designed to help taxpayers
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US: House of Representatives passes Taiwan Tax Relief Act
The US House of Representatives approved Bill H.R. 33 – also known as the United States-Taiwan Expedited Double-Tax Relief Act – on 15 January 2025. This legislation aims to relieve double taxation in Taiwan by authorising a tax treaty
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US: Trump Administration withdraws from OECD Global Tax Deal commitment
The Trump administration released a memorandum to the Treasury Secretary and the US Trade Representative instructing them to withdraw from the OECD’s “Global Tax Deal” on 20 January 2025. This initiative includes the Pillar One and Pillar Two
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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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