US: Trump Administration restarts probes into foreign digital service taxes
The US President Donald Trump has signed a memorandum titled "Defending American Companies and Innovators From Overseas Extortion and Unfair Fines and Penalties” on 21 February 2025. The memorandum includes renewing Section 301 investigations
See More
US: Trump Administration unveils plan to reduce trade deficit
The Trump Administration has released a memorandum introducing the "Fair and Reciprocal Plan," aimed at reducing the trade deficit and promoting fairness in international trade on 13 February 2025. The letter states that for many years, the
See More
US: IRS updates practice units on partnership issues
The US Internal Revenue Service (IRS) has released updated practice units addressing specific issues related to partnerships. As part of the Large Business and International (LB&I) Division’s knowledge management efforts, practice units are
See More
US: IRS updates tax rules for partial building dispositions
The US Internal Revenue Service (IRS) has updated its practice units on 16 January 2025 to better identify and examine taxpayers who elect partial dispositions of buildings. Identifying a Taxpayer Electing a Partial Disposition of a
See More
US: FinCEN updates beneficial ownership information reporting rules
The US Department of Treasury’s Financial Crimes Enforcement Network (FinCEN) issued an update on beneficial ownership information (BOI) reporting requirements on its BOI webpage. The alert states that the Justice Department, on behalf of the
See More
US Congress revives bill to end tax incentives for outsourcing
US Senator Sheldon Whitehouse (D-RI) and Congressman Lloyd Doggett (D-TX) reintroduced the No Tax Breaks for Outsourcing Act on 5 February 2025. First introduced in 2018, this legislation would end tax incentives created during the first Trump
See More
US: North Carolina extends corporate tax deadline to 7 months starting 2025
The North Carolina Department of Revenue (NCDOR) released a notice on 29 January 2025, announcing that it has revised the filing deadline for franchise and corporate income tax returns. As per the notice, for tax years beginning on or after 1
See More
US: House Ways and Means Committee flags issues with OECD tax plan, backs counter measures
Republican members of the US House Ways and Means Committee have addressed a letter to President Donald Trump, outlining their concerns with Pillar 1 and Pillar 2 of the OECD's proposed two-pillar solution. The letter supports Trump’s recent
See More
EU Commission proposes changes to regulations on US import tariffs
The European Commission on 3 January 2025 has published a proposal for a Regulation Of The European Parliament And Of The Council amending Regulation (EU) 2018/196 of the European Parliament and of the Council of 7 February 2018 on additional
See More
US withdraws from UN global tax cooperation negotiations
The US has withdrawn from UN discussions on a new Framework Convention on International Tax Cooperation. The decision was announced by Jonathan Shrier, the Acting US Representative to the UN Economic and Social Council, during the meeting of the
See More
US: IRS shares key tips for easier tax filing
The US Internal Revenue Service (IRS) has released IR-2025-19 on 30 January 2025 providing taxpayers with six tips to make filing their 2024 tax return easier. Most of the information below is also available on the IRS.gov Let us help you
See More
US: IRS announces safe harbours for commercial clean vehicle credit
The US Internal Revenue Service (IRS) has issued Notice 2025-9 on the Section 45W Credit for Qualified Commercial Clean Vehicles and Incremental Cost for 2025. This notice provides safe harbours regarding the incremental cost and retail price
See More
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
See More
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
See More
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
See More
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
See More
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
See More
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
See More