US: IRS consults tax form for reporting Partner’s Report of Property Distributed by a Partnership
The US Internal Revenue Service (IRS) issued a news release (IR-2024-249) on 30 September 2024 requesting public comments on draft Form 7217 and Instructions for draft Form 7217. On 28 August 2024, the IRS posted a revised draft Form 7217 with
See MoreUS: IRS Appeals launches corporate group mailbox pilot for large businesses with multiple representatives
The US Internal Revenue Service (IRS) Independent Office of Appeals (Appeals) has announced that it launched a pilot programme as part of the IRS' ongoing transformation efforts to expand online tools and improve user experiences on 30 September
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Uruguay, US ratify exchange of information agreement
Uruguay has ratified the US-Uruguay Exchange of Information Agreement (2023) through Law No. 20351. The legislation is currently pending publication in the Official Gazette. Signed on 24 October 2023, under the agreement Uruguay and the US will
See MoreUS: IRS publishes guidance for tax-exempt bond issuers to claim refunds
The IRS published a guidance (Rev. Proc. 2024-37) for issuers of tax-exempt and other tax-advantaged bonds for claiming refunds of any overpayment of certain amounts paid to the US government on 18 September 2024. The guidance pertains to issuers
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US proposes new regulations for electric vehicle charging stations
The Department of Treasury and Internal Revenue Service released IR-2024-240 on 18 September 2024, announcing proposed regulations to provide guidance for the Alternative Fuel Vehicle Refueling Property Credit. The Inflation Reduction Act amended
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US: Congressional Research Service reviews possible changes to estate tax
The Congressional Research Service (CRS) of the US Library of Congress has explored options for reforming estate taxation as per the R48183 report on 16 September 2024. The estate tax is imposed on bequests at death, whereas the gift tax applies
See MoreUS: IRS publishes updated tax treaty guidance
The US Internal Revenue Service (IRS) has published guidance for taxpayers regarding whether a tax treaty between the US and a specific country provides a reduced tax rate or possibly a total exemption from US income tax for residents of that
See MoreUS: Treasury announces USD 5 billion in New Markets Tax Credits
The US Department of the Treasury’s Community Development Financial Institutions (CDFI) Fund announced a USD 5 billion in New Markets Tax Credits (NMTCs) on 19 September 2024. The latest development brings the total awards granted through the NMTC
See MoreUS: House Republican leaders, Ways and Means members oppose Pillar Two deal in letter to OECD
Key Republican leaders in the US House of Representatives, including Speaker Mike Johnson and House Majority Leader Steve Scalise, House Majority Whip Tom Emmer, House Ways and Means Committee Chairman Jason Smith, and and all other Republican
See MoreUS: IRS proposes new corporate alternative minimum tax (CAMT) rules
The US Internal Revenue Service (IRS) issued IR-2024-235 on 12 September 2024, proposing regulations to provide guidance on the Corporate Alternative Minimum Tax (CAMT). The Inflation Reduction Act created the CAMT, which imposes a 15% minimum
See MoreUS, Thailand FATCA enters into force
The US Department of the Treasury announced on 6 September 2024 that the Intergovernmental Agreement (IGA) between the US and Thailand for implementing FATCA came into effect on 28 April 2024. However, Thailand is considered to have had the IGA in
See MoreUS, Croatia tax treaty likely by 2025, says US ambassador to Croatia
At a recent seminar on Croatian companies entering the US market, the US Ambassador to Croatia, Nathalie Rayes, announced that the anticipated tax treaty between Croatia and the US could be ratified within 2025. “More than a hundred American
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IMF: Increased Research and Development Spending is not Boosting US productivity
An article in the IMF’s Finance and Development Magazine for September 2024 by Ufuk Akcigit, the Arnold C. Harberger Professor of Economics at the University of Chicago, looks at the reason why research and development (R&D) spending does not
See MoreUS: TIGTA urges IRS to review procedures on MNCs tax avoidance strategies
The Treasury Inspector General for Tax Administration (TIGTA) has recommended the Internal Revenue Service (IRS) to reassess its examination procedures to effectively address the tax avoidance strategies employed by large multinational corporations
See MoreUS: Washington exempts child care businesses from business and occupation tax
The Washington State Department of Revenue published a special notice introducing a new business and occupation (B&O) tax exemption for child care businesses on 26 August 2024. This new exemption goes into effect on 1 October 2024, and aims
See MoreUS seeks USMCA dispute settlement talks over Canada’s digital services tax
The US Trade Representative Katherine Tai announced that the US has requested dispute settlement consultations with Canada under the United States-Mexico-Canada Agreement (USMCA) regarding Canada’s recently enacted digital service tax (DST) on 30
See MoreUS: Maine joins IRS direct file for 2025 tax season
The US Department of the Treasury and Internal Revenue Service (IRS) announced, on 27 August 2024, that Maine will be the latest state to join the IRS Direct File for Filing Season 2025. Following a successful Pilot Program in 12 states that saw
See MoreUS: IRS struggles to tackle tax avoidance by multinational corporations
The US Treasury Inspector General for Tax Administration (TIGTA) issued a partially redacted report on 26 August 2024, highlighting the challenges the US Internal Revenue Service (IRS) encounters in tackling tax avoidance strategies deployed by
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