US: IRS updates practice unit on deductions and credits for late corporate tax returns
The US Internal Revenue Service (IRS) has released an updated practice unit on the Allowance of Deductions and Credits for 1120-F Delinquent Returns on 25 March 2025. Form 1120-F serves as the US income tax return specifically for foreign
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US: Trump administration grants reciprocal tariff exceptions for smartphones, computers, and electronics from China
The Trump Administration released a memorandum titled “Clarification of Exceptions Under Executive Order 14257 of April 2, 2025, as Amended” on 11 April 2025. The clarification broadens the reciprocal tariff exception for "semiconductors" to
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Trade war escalades: China imposes 125% tariffs on US imports
Beijing announced it has increased its tariffs on US imports to 125% earlier today, 11 April 2025. "The US side's imposition of excessively high tariffs on China seriously violates international economic and trade rules, runs counter to basic
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Canada: Countermeasures against auto imports from the US enters into force
Canada’s finance minister François-Philippe Champagne confirmed on 8 April 2025 that Canada’s new countermeasures, announced on 2 April 2025, in response to the unjustified tariffs imposed by the US on the Canadian auto industry came into force
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US: IRS announces Q1 deadline for estimated tax payments for 2025
The US Internal Revenue Service (IRS) issued IR-2025-45 on 10 April 2025 reminding self-employed individuals, retirees, investors, businesses and corporations that 15 April is the deadline for first quarter estimated tax payments for tax year
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US: Trump pauses tariffs for 90 days for all countries, hits China harder with 125%
US President Donald Trump announced a three-month suspension of all “reciprocal” tariffs that took effect on 9 April 2025, excluding those applied to China. The sweeping tariffs will remain for China, the world’s second largest economy and
See MoreUS: IRS updates guidance on branch-level interest tax
The US Internal Revenue Service (IRS) has released an updated practice unit on Branch-Level Interest Tax Concepts. Below is a general overview of the key points covered in this publication: Note: This Practice Unit was updated to remove
See MoreUS: Michigan, Texas offer state tax relief after disasters
In response to recent natural disasters that have heavily impacted communities, Michigan and Texas have announced tax filing and payment relief for individuals and businesses. Michigan: Relief for people and businesses hit by severe winter
See MoreUS: IRS extends 2024 tax deadline for disaster victims in 12 states
The US Internal Revenue Service (IRS) issued IR-2025-41 on 4 April 2025, in which it reminded individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are
See MoreCanada announces new countermeasures to US tariffs
Canada’s Government has published a statement on 3 April 2025 outlining new countermeasures in response to the tariffs introduced by the US President Donald Trump on 2 April 2025. The statement claims that the United States administration
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China responds with additional tariffs on imports from US
China's Ministry of Finance announced the implementation of additional tariffs as a direct response to the reciprocal tariffs previously imposed by the Trump Administration on 4 April 2025. “This practice of the US is not in line with
See MoreUS: Taxpayers living and working abroad have until 16 June to file their 2024 federal income tax return
The US Internal Revenue Service (IRS) issued IR-2025-39 on 2 April 2025, in which it reminded taxpayers living and working abroad that they have until Monday, 16 June 2025, to file their 2024 federal income tax return and pay any tax due. This
See MoreUS: Utah reduces corporate franchise tax rates
The Governor of Utah, Spencer Cox, signed House Bill (HB) 106 on 26 March 2025, cutting corporate franchise tax rates to 4.50% from 4.55% for taxable years starting on or after 1 January 2025. The USD 100 minimum tax remains
See MoreUS: USTR details reciprocal tariff calculation formula
The Office of the United States Trade Representative (USTR) has released a detailed explanation outlining the methodology behind the reciprocal tariff calculations announced by President Donald Trump on 2 April 2024. This includes a 10% baseline
See MoreUS: Trump introduces ‘reciprocal tariffs’, rattles global trade relations
Appearing in the White House Rose Garden, where large US flags were draped along the colonnades, President Trump signed an executive order implementing a 10% baseline tariff on imports from all countries on Wednesday, 2 April 2025. The move is
See MoreUS: USTR releases 2025 national trade estimate report
The Office of the United States Trade Representative (USTR) submitted the 2025 National Trade Estimate (NTE) to President Trump and Congress on 31 March 2025. The NTE is an annual report detailing foreign trade barriers faced by U.S. exporters
See MoreUS: Trump directs Treasury to issue tax refunds electronically
US President Donald Trump issued an executive order on 25 March 2025 to modernise the Department of Treasury’s payment systems. In the executive order “Modernizing Payments To and From America’s Bank Account,” Trump instructed the
See MoreUS: IRS report shows decline in APA executions and completion times in 2024
The US Internal Revenue Service (IRS) released Announcement 2025-13 - Announcement and Report Concerning Advance Pricing Agreements on 27 March 2025. The report outlines the experience, structure, and activities of the Advance Pricing and Mutual
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