US: Michigan enacts R&D credit law
Michigan’s governor has approved the legislation (2023-HNB-5100) on 13 January 2025, which introduces a research and development (R&D) tax credit in Michigan. This new incentive will take effect for tax years beginning on or after 1 January
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US, France announce spontaneous exchange of CbC reports for 2024-2025
The US Internal Revenue Service (IRS) in collaboration with France's competent authority, has issued a joint statement outlining plans for the spontaneous exchange of country-by-country (CbC) reports. This initiative will apply to fiscal years
See MoreUS: IRS, Treasury finalise rules on digital and cloud transactions
The US Internal Revenue Service (IRS) and the Treasury Department have released final regulations addressing the Classification of Digital Content Transactions and Cloud Transactions. The regulation was published in the Federal Register on 14
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US: California grants tax relief for Los Angeles wildfire victims
California Governor Newsom announced that the California Franchise Tax Board (FTB) will provide state disaster tax relief for taxpayers and businesses affected by the recent wildfires in Los Angeles on 11 January 2025. “California is taking
See MoreUS: Treasury and IRS publish guidance on tax dispute resolution under 2019 Taxpayer First Act
The US Treasury Department and Internal Revenue Service (IRS) have issued final regulations (T.D. 10030) that offer detailed guidance on resolving federal tax disputes through the IRS Independent Office of Appeals in accordance with the Taxpayer
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US: IRS announces tax filing season date for 2025Â
The US Internal Revenue Service (IRS) issued IR-2025-08 on 10 January 2025, announcing that the nation’s 2025 tax season will start on 27 January 2025. The IRS expects more than 140 million individual tax returns for tax year 2024 to be filed
See MoreUS: Treasury publishes guidance on clean fuels
The US Department of the Treasury has released new guidance on the Clean Fuels Production Credit (section 45Z) on 10 January 2025. Section 45Z provides a tax credit for the production of transportation fuels with lifecycle greenhouse gas (GHG)
See MoreUS: Treasury, IRS request comments on proposed regulations and a draft form for certain corporate separations and reorganisations
The US Department of the Treasury and the Internal Revenue Service (IRS) issued IR-2025-11 on 13 January 2025 in which it proposed regulations for corporate separations and reorganisations, including reporting requirements for multi-year corporate
See MoreUS: New York joins IRS direct file for 2025 tax season
New York Governor Kathy Hochul announced on 3 January 2024 that the state will participate in the IRS Direct File program starting with the 2025 tax filing season. The joint project with the Internal Revenue Service (IRS) allows taxpayers to file
See MoreUS: Treasury, IRS update rules on intragroup transactions and consolidated federal returns
The US Department of Treasury and the Internal Revenue Service (IRS) have issued proposed regulations (RIN 1545-BJ87) to provide clarity on the treatment of certain liabilities in intragroup transactions under IRC Section 351. This document
See MoreUS: Treasury, IRS finalise digital asset reporting rules
The US Treasury Department and Internal Revenue Service (IRS) has published a document (TD 10021) finalising final regulations regarding information reporting by brokers that regularly provide services effectuating certain digital asset sales and
See MoreUS: Treasury reissues list of countries requiring international boycott participation
The US Treasury Department reissued its list of countries that mandate cooperation with, or participation in, an international boycott as a prerequisite for conducting business. It includes Iraq, Lebanon, Syria, Kuwait, Qatar, Saudi Arabia, Libya
See MoreUS: Treasury, IRS release final rules for clean hydrogen production tax credit
The US Department of the Treasury (Treasury) and Internal Revenue Service (IRS) released final rules for the section 45V Clean Hydrogen Production Tax Credit established by the Inflation Reduction Act on 3 January 2025, according to a press
See MoreUS: Department of the Treasury, IRS release final rules for technology-neutral clean electricity credits
The US Department of the Treasury (Treasury) and the IRS announced the released final rules for the Clean Electricity Investment and Production Tax Credits – also known as the technology-neutral credits – in tax code sections 45Y and 48E
See MoreUS partially suspends tax treaty with Belarus
The US Internal Revenue Service (IRS) has released Announcement 2025-5, confirming the partial suspension of the 1973 tax treaty with the former Soviet Union as it pertains to Belarus. The US provided formal notice to the Republic of Belarus on
See MoreUS: Treasury Department, IRS publish final regulations on the treatment of tax-exempt bonds as retired
The US Treasury Department and IRS released final regulations (T.D. 10020) regarding when tax-exempt bonds are treated as retired on 27 December 2024. The final regulations address when tax-exempt bonds are treated as retired for certain Federal
See MoreUS: IRS, Treasury propose rules for tax professionals who can practice before the IRS
The US Department of the Treasury and the Internal Revenue Service issued IR-2024-315 on 20 December 2024, in which it proposed regulations to update the rules for certain tax professionals who can practice before the IRS; these rules are contained
See MoreUS partially suspends tax treaty with Belarus
The US Department of the Treasury announced on 17 December 2024 that the United States has provided formal notice to the Republic of Belarus to confirm the suspension of the operation of paragraph 1, subparagraph (g), of Article III of the
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