Trump Administration’s trade strategy marks shift in US approach to China
President Donald Trump's upcoming summit with Chinese President Xi Jinping in Beijing on 14-15 May 2026 is expected to introduce a fundamental change in how the US manages its economic relationship with China. The proposed Board of Trade
See More
US: IRS permits retroactive cost allocation refinement, setoff relief in transfer pricing case
In a Chief Counsel Advice memorandum dated 27 January 2026 and released publicly on 1 May 2026, the US Internal Revenue Service (IRS) ruled that a multinational corporation could retroactively adopt a more detailed cost allocation approach for
See MoreUS: Trade Court rules Trump’s temporary tariffs illegal
A US trade court has ruled against President Donald Trump's 10% temporary global tariffs, declaring them unlawful under a 1970s trade statute. However, the decision only blocks the duties for three specific parties, leaving them in effect for most
See More
Wall Street’s arrival at Bitcoin 2026: Bitcoin’s entrance into corporate treasury
If 2024 was the year Bitcoin discovered politics when then-candidate President Donald Trump gave the keynote address, 2026 was the year Wall Street declared total victory. Walking through The Venetian, the 40,000-strong crowd felt less like a
See MoreUS: House advances bipartisan tax administration and relief bills
The US House of Representatives has approved a bipartisan package of tax administration, disaster relief, and workforce-related bills aimed at modernising IRS operations, expanding taxpayer protections, strengthening the IRS whistleblower program,
See More
US: IRS launches significant issue ruling program for select transactions
The US Internal Revenue Service (IRS) has issued Revenue Procedure 2026-21, introducing a significant issue ruling program that allows taxpayers to request rulings on specific major legal issues under the jurisdiction of the Associate Chief Counsel
See MoreUS: IRS recognises the importance of small businesses, provides helpful resources
The US Internal Revenue Service (IRS) announced on 5 May 2026 a series of resources and events to support small businesses during National Small Business Week, which runs through 9 May. For over 60 years, the U.S. Small Business Administration
See MoreUS confirms 25% tariff on EU car imports as trade tensions escalate
The US is proceeding with plans to increase tariffs on European Union automobile imports to 25%, US Trade Representative Jamieson Greer confirmed during an interview with CNBC Monday, 4 May 2026. Greer said he had discussions with EU and German
See MoreUS: Trump tariff refunds to begin mid-May following Supreme Court ruling
American businesses and importers will begin receiving refunds from tariffs declared unconstitutional by the Supreme Court as early as 12 May 2026, according to US Customs and Border Protection (CBP). The federal agency announced on Monday, 4 May
See MoreUS: House passes FY 2026 budget resolution
The US House of Representatives, on 29 April 2026, approved the fiscal year 2026 budget resolution (S. Con. Res. 33) by a narrow vote of 215-211, launching the reconciliation process that allows Republicans to advance legislation with simple
See MoreUS: Treasury, IRS provide guidance on a new method for recovering federal excise tax paid on dyed fuel established under the One, Big, Beautiful Bill
The Department of the Treasury and the Internal Revenue Service on 30 April 2026 issued temporary regulations and the accompanying notice of proposed rulemaking on a new method for recovering federal excise tax paid on dyed fuel established under
See MoreUS: Trump Administration to raise EU auto tariffs to 25% amid trade deal dispute
US President Donald Trump announced on Friday, 1 May 2026, that he will increase tariffs on European Union automobiles and trucks to 25% next week, up from the previously agreed 15%, citing the bloc's failure to comply with their bilateral trade
See MoreUS, Croatia sign protocol to amend income tax treaty
The US and Croatia have signed an amending protocol to their income tax treaty, bringing the agreement closer to ratification. The protocol was signed on 28 April 2026 during the Three Seas Initiative Summit in Dubrovnik by US Ambassador to Croatia
See MoreUS: IRS announces new option for certain taxpayers to request more time after ERC claim disallowance
The US Internal Revenue Service (IRS) announced on 27 April 2026 a new, streamlined way for taxpayers to extend the period of time for the IRS and the IRS Independent Office of Appeals to review a taxpayer’s response to a disallowance of an
See MoreUS: Trump Administration to raise digital tax issue with King Charles during state visit
The US President Donald Trump has revealed that he will address several pressing bilateral issues with King Charles during the British monarch's upcoming state visit to Washington, including the UK's digital services tax. Speaking to Reuters on
See MoreUS: Taxpayer Advocacy Panel issues 2025 annual report highlighting taxpayer-focused recommendations to improve tax administration
The US IRS has announced that the Taxpayer Advocacy Panel has released its 2025 Annual Report on 24 April 2026, highlighting accomplishments and ongoing efforts to strengthen Internal Revenue Service delivery, improve communications with taxpayers,
See MoreUS: IRS revives controversial transfer pricing rule after decades of dormancy
The US Internal Revenue Service (IRS) is dusting off a 40-year-old tax provision that could dramatically reshape how multinational companies price transactions involving intellectual property, raising concerns among international tax practitioners
See MoreUS: New York Governor, Mayor propose tax on luxury second homes
New York Governor Kathy Hochul and Mayor Zohran Mamdani unveiled a joint proposal on 15 April 2026 to impose a new tax on second homes valued above USD 5 million. The measure specifically targets ultra-wealthy individuals who maintain expensive
See More