US: Treasury, IRS offers safe harbour for taxpayers claiming carbon capture credit
The US Department of the Treasury and the Internal Revenue Service provided guidance on 19 December 2025 for taxpayers claiming the tax credit for carbon capture and sequestration, which was expanded and modified in the One, Big, Beautiful
See More
US: IRS-CI releases 2025 annual report highlighting key investigations
The US IRS Criminal Investigation released its Fiscal Year 2025 Annual Report PDF on 11 December 2025, showcasing banner investigative results fueled by new partnerships and innovative financial investigative techniques. The report details how
See More
US to introduce gradual tariffs on Nicaragua following labour rights violations
The US will introduce new tariffs on selected Nicaraguan imports starting 1 January 2026, citing ongoing labour and human rights issues. According to the US Trade Representative (USTR), the duties will be phased in gradually, rising to 10% in
See More
US to reduce Swiss tariffs under new trade deal
The US will reduce tariffs on Swiss goods from 39% to 15% under a new trade framework, the Swiss government announced today. The agreement also includes a commitment by Swiss companies to invest USD 200 billion in the US by 2028. The framework
See More
US: IRS, Treasury issue guidance on enhanced health savings account tax benefits under the One, Big, Beautiful Bill
The Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2026-05 on 9 December 2025, announcing new guidance on tax benefits for Health Savings Account participants under the One, Big, Beautiful Bill. These changes
See More
US: New Hampshire introduces one-time tax amnesty regime
New Hampshire’s Department of Revenue (DRA) announced that its one-time tax amnesty program, enacted under H.B. 2 in June, began on 1 December 2025 and will continue until 15 February 2026. Amnesty is available to any taxpayer who has a
See More
US: Florida updates rules on corporate income tax conformity, addbacks
The Florida Department of Revenue has released TIP 25C01-01 on 1 December 2025, providing explanation on how Florida’s updated static conformity to the federal Internal Revenue Code, now effective from 1 January 2025, affects corporate income tax,
See More
US: New Jersey clarifies exclusion of OBBBA deductions
New Jersey’s Division of Taxation has clarified that it will not adopt the new federal deductions introduced by the "One Big Beautiful Bill Act" (OBBBA) for Gross Income Tax (GIT) purposes. The state also clarified that the OBBBA’s changes to
See More
Cyprus: Tax Department clarifies bilateral agreement with US for exchange of CbC reports
The Cyprus Tax Department has issued a notice, on 25 November 2025, regarding the anticipated effective date of the agreement for the exchange of Country-by-Country (CbC) reports with the US and the related local filing requirements. The Tax
See More
US: IRS issues guidance on elimination of one-month deferral for specified foreign corporations
The US Internal Revenue Service (IRS) issued Notice 2025-72 on 25 November 2025, stating that the Treasury Department and IRS plan to issue proposed regulations under section 70352 of the "One Big Beautiful Bill Act" (OBBBA), which repeals section
See More
US: Treasury, IRS provide guidance on Trump Accounts under working families tax cuts ahead of new regulations
The Department of the Treasury and the Internal Revenue Service (IRS) issued a notice on 2 December 2025, announcing upcoming regulations and providing guidance regarding Trump Accounts, which are a new type of individual retirement account (IRA)
See More
US maintains tariff exemptions on select Chinese industrial products
The US has announced a one-year extension of tariff exemptions on certain Chinese industrial and medical goods, including equipment used to produce solar-energy products, following a recent US-China trade agreement. These exemptions, originally
See More
US, UK strike agreement for tariff free pharmaceuticals
The US and the UK reached an agreement on 1 December 2025 that eliminates tariffs on British pharmaceutical products and medical technology. In exchange, the UK has committed to increasing its spending on medicines and reforming how it determines
See More
US reduces tariffs on Korea (Rep.) vehicles to 15%
The US will reduce import duties on Korea (Rep.) automobiles to 15%, retroactive to 1 November, aligning with the tariffs applied to Japan and the EU, Commerce Secretary Howard Lutnick announced on 2 December 2025. The measure follows last
See More
US: IRS urges taxpayers to prepare early for 2026 filing season as major new tax law takes effect
The US Internal Revenue Service is encouraging taxpayers to begin preparing now for the 2026 tax filing season, highlighting key steps individuals can take to file accurate returns and avoid delays. In its first “Get Ready” reminder of the
See More
Argentina, US customs agencies establish cooperation agreement
Argentina’s tax and customs agency (ARCA) has signed a cooperation agreement with US Customs and Border Protection (CBP) on 26 November 2025. The framework agreement aims to continue modernising and automating processes in bilateral trade and
See More
US: Treasury and IRS consult on implementing new federal tax credit for donations to scholarship organisations
The US Department of the Treasury and the Internal Revenue Service (IRS) issued Notice 2025-70 on 25 November 2025, stating that it is requesting comments on the implementation of a new tax credit for individuals established under the One, Big,
See More
US: IRS, Treasury publishes 2025 tax guidance for tip, overtime income for individuals
The US IRS and the Department of the Treasury issued guidance on 21 November 2025 for individuals eligible to claim the deduction for tips and overtime compensation for the tax year 2025. Notice 2025-69 clarifies for workers how to determine the
See More